Clearline Capital LP Buys Shares of 21,000 Starbucks Co. (NASDAQ:SBUX)

Clearline Capital LP acquired a new position in Starbucks Co. (NASDAQ:SBUX) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 21,000 shares of the coffee company’s stock, valued at approximately $1,635,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Versant Capital Management Inc lifted its position in shares of Starbucks by 7.9% in the first quarter. Versant Capital Management Inc now owns 1,659 shares of the coffee company’s stock worth $152,000 after buying an additional 122 shares during the last quarter. Astoria Portfolio Advisors LLC. lifted its holdings in Starbucks by 2.0% in the 1st quarter. Astoria Portfolio Advisors LLC. now owns 6,393 shares of the coffee company’s stock worth $544,000 after purchasing an additional 127 shares during the last quarter. Carolinas Wealth Consulting LLC boosted its position in Starbucks by 4.9% during the fourth quarter. Carolinas Wealth Consulting LLC now owns 2,862 shares of the coffee company’s stock worth $275,000 after purchasing an additional 133 shares during the period. Edge Capital Group LLC grew its holdings in Starbucks by 3.4% during the fourth quarter. Edge Capital Group LLC now owns 4,062 shares of the coffee company’s stock valued at $390,000 after purchasing an additional 134 shares during the last quarter. Finally, M&R Capital Management Inc. raised its position in shares of Starbucks by 30.9% in the second quarter. M&R Capital Management Inc. now owns 567 shares of the coffee company’s stock valued at $44,000 after purchasing an additional 134 shares during the period. 72.29% of the stock is currently owned by institutional investors and hedge funds.

Starbucks Stock Down 0.1 %

Shares of SBUX opened at $97.36 on Friday. Starbucks Co. has a 12 month low of $71.55 and a 12 month high of $107.66. The stock has a market cap of $110.28 billion, a price-to-earnings ratio of 26.82, a P/E/G ratio of 2.26 and a beta of 0.96. The company has a 50-day moving average price of $88.74 and a two-hundred day moving average price of $84.20.

Starbucks (NASDAQ:SBUX) last posted its earnings results on Tuesday, July 30th. The coffee company reported $0.93 EPS for the quarter, hitting the consensus estimate of $0.93. Starbucks had a negative return on equity of 49.38% and a net margin of 11.16%. The business had revenue of $9.11 billion during the quarter, compared to the consensus estimate of $9.25 billion. During the same quarter last year, the company earned $1.00 EPS. Starbucks’s revenue was down .6% on a year-over-year basis. Equities research analysts expect that Starbucks Co. will post 3.56 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on SBUX shares. Stifel Nicolaus raised shares of Starbucks from a “hold” rating to a “buy” rating and upped their price objective for the stock from $80.00 to $110.00 in a report on Wednesday, August 14th. The Goldman Sachs Group began coverage on shares of Starbucks in a report on Thursday, June 13th. They set a “buy” rating and a $100.00 price target for the company. DZ Bank lowered Starbucks from a “hold” rating to a “sell” rating and set a $85.00 price objective on the stock. in a research note on Wednesday, August 21st. Oppenheimer restated a “market perform” rating on shares of Starbucks in a research note on Monday, August 26th. Finally, Deutsche Bank Aktiengesellschaft raised Starbucks from a “hold” rating to a “buy” rating and raised their target price for the company from $85.00 to $118.00 in a report on Wednesday, August 14th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Starbucks currently has an average rating of “Moderate Buy” and an average price target of $100.52.

Insider Activity

In related news, CEO Rachel Ruggeri sold 3,290 shares of the stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $91.16, for a total transaction of $299,916.40. Following the completion of the sale, the chief executive officer now owns 62,502 shares in the company, valued at approximately $5,697,682.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Starbucks news, CEO Rachel Ruggeri sold 3,290 shares of the company’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $91.16, for a total transaction of $299,916.40. Following the sale, the chief executive officer now directly owns 62,502 shares of the company’s stock, valued at $5,697,682.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael Aaron Conway sold 3,250 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $94.03, for a total transaction of $305,597.50. Following the sale, the chief executive officer now directly owns 75,054 shares of the company’s stock, valued at approximately $7,057,327.62. The disclosure for this sale can be found here. 1.98% of the stock is owned by corporate insiders.

Starbucks Company Profile

Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of coffee worldwide. The company operates through three segments: North America, International, and Channel Development. Its stores offer coffee and tea beverages, roasted whole beans and ground coffees, single serve products, and ready-to-drink beverages; and various food products, such as pastries, breakfast sandwiches, and lunch items.