Core Alternative Capital Decreases Stake in Starbucks Co. (NASDAQ:SBUX)

Core Alternative Capital cut its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 29.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 37,559 shares of the coffee company’s stock after selling 15,316 shares during the quarter. Core Alternative Capital’s holdings in Starbucks were worth $2,924,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Vima LLC purchased a new stake in Starbucks during the 4th quarter valued at about $26,000. Scarborough Advisors LLC acquired a new stake in shares of Starbucks during the fourth quarter worth about $26,000. New Millennium Group LLC purchased a new stake in Starbucks in the second quarter valued at approximately $26,000. Stephens Consulting LLC increased its holdings in Starbucks by 498.2% in the 2nd quarter. Stephens Consulting LLC now owns 335 shares of the coffee company’s stock worth $26,000 after buying an additional 279 shares during the period. Finally, Hobbs Group Advisors LLC purchased a new position in Starbucks during the 2nd quarter worth approximately $27,000. 72.29% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Starbucks

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

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. TD Cowen reaffirmed a “buy” rating and issued a $110.00 price objective on shares of Starbucks in a report on Thursday, September 12th. Deutsche Bank Aktiengesellschaft raised Starbucks from a “hold” rating to a “buy” rating and increased their price target for the stock from $85.00 to $118.00 in a research report on Wednesday, August 14th. Sanford C. Bernstein raised Starbucks from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $92.00 to $115.00 in a report on Thursday. Jefferies Financial Group downgraded Starbucks from a “hold” rating to an “underperform” rating and lowered their target price for the stock from $80.00 to $76.00 in a research note on Tuesday, September 24th. Finally, Morgan Stanley reiterated an “overweight” rating and set a $98.00 price target on shares of Starbucks in a research report on Wednesday, July 31st. 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 issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $100.52.

Starbucks Stock Down 0.1 %

Shares of NASDAQ:SBUX opened at $97.36 on Monday. Starbucks Co. has a 52-week low of $71.55 and a 52-week high of $107.66. The business has a fifty day moving average of $88.74 and a two-hundred day moving average of $84.15. The stock has a market cap of $110.28 billion, a P/E ratio of 26.82, a PEG ratio of 2.26 and a beta of 0.96.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings data on Tuesday, July 30th. The coffee company reported $0.93 earnings per share for the quarter, hitting the consensus estimate of $0.93. The company had revenue of $9.11 billion during the quarter, compared to analyst estimates of $9.25 billion. Starbucks had a negative return on equity of 49.38% and a net margin of 11.16%. The firm’s revenue for the quarter was down .6% compared to the same quarter last year. During the same period in the prior year, the business posted $1.00 earnings per share. On average, equities analysts anticipate that Starbucks Co. will post 3.56 earnings per share for the current year.

About Starbucks

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.