AQR Capital Management LLC Sells 204,339 Shares of Starbucks Co. (NASDAQ:SBUX)

AQR Capital Management LLC decreased its position in shares of Starbucks Co. (NASDAQ:SBUX) by 48.3% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 218,559 shares of the coffee company’s stock after selling 204,339 shares during the quarter. AQR Capital Management LLC’s holdings in Starbucks were worth $17,010,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Vima LLC bought a new position in shares of Starbucks during the 4th quarter worth approximately $26,000. Scarborough Advisors LLC acquired a new stake in Starbucks in the fourth quarter worth $26,000. New Millennium Group LLC acquired a new stake in Starbucks in the second quarter worth $26,000. Stephens Consulting LLC raised its holdings in shares of Starbucks by 498.2% during the second quarter. Stephens Consulting LLC now owns 335 shares of the coffee company’s stock valued at $26,000 after purchasing an additional 279 shares during the period. Finally, Hobbs Group Advisors LLC bought a new position in shares of Starbucks during the 2nd quarter worth about $27,000. Institutional investors and hedge funds own 72.29% of the company’s stock.

Insider Activity at Starbucks

In related news, Director Jorgen Vig Knudstorp purchased 380 shares of the business’s stock in a transaction dated Friday, September 6th. The stock was purchased at an average cost of $91.50 per share, with a total value of $34,770.00. Following the completion of the acquisition, the director now directly owns 36,242 shares of the company’s stock, valued at $3,316,143. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Director Jorgen Vig Knudstorp purchased 380 shares of the stock in a transaction dated Friday, September 6th. The shares were purchased at an average cost of $91.50 per share, with a total value of $34,770.00. Following the completion of the acquisition, the director now owns 36,242 shares in the company, valued at approximately $3,316,143. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Michael Aaron Conway sold 3,250 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $94.03, for a total transaction of $305,597.50. Following the transaction, 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 company insiders.

Starbucks Price Performance

Shares of SBUX opened at $97.43 on Wednesday. Starbucks Co. has a 1 year low of $71.55 and a 1 year high of $107.66. The stock’s fifty day moving average price is $89.58 and its two-hundred day moving average price is $84.24. The firm has a market cap of $110.41 billion, a PE ratio of 26.84, a PEG ratio of 2.33 and a beta of 0.96.

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

Analyst Ratings Changes

A number of research firms recently weighed in on SBUX. BMO Capital Markets upped their price target on Starbucks from $100.00 to $110.00 and gave the stock an “outperform” rating in a research note on Monday, September 9th. The Goldman Sachs Group assumed coverage on Starbucks in a research report on Thursday, June 13th. They set a “buy” rating and a $100.00 target price on the stock. DZ Bank lowered shares of Starbucks from a “hold” rating to a “sell” rating and set a $85.00 price target for the company. in a research note on Wednesday, August 21st. Jefferies Financial Group lowered shares of Starbucks from a “hold” rating to an “underperform” rating and dropped their price objective for the company from $80.00 to $76.00 in a research note on Tuesday, September 24th. Finally, Morgan Stanley reissued an “overweight” rating and set a $98.00 target price 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 given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $101.12.

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.