Merriman Wealth Management LLC Has $1.09 Million Stake in Starbucks Co. (NASDAQ:SBUX)

Merriman Wealth Management LLC reduced its position in Starbucks Co. (NASDAQ:SBUX) by 1.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 13,994 shares of the coffee company’s stock after selling 227 shares during the quarter. Merriman Wealth Management LLC’s holdings in Starbucks were worth $1,089,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Ontario Teachers Pension Plan Board acquired a new stake in Starbucks in the first quarter valued at about $415,167,000. Diamond Hill Capital Management Inc. bought a new stake in shares of Starbucks during the 2nd quarter valued at approximately $243,910,000. Flossbach Von Storch AG increased its position in Starbucks by 106.7% during the 1st quarter. Flossbach Von Storch AG now owns 5,612,687 shares of the coffee company’s stock worth $512,943,000 after purchasing an additional 2,897,282 shares in the last quarter. Capital World Investors bought a new position in Starbucks in the 1st quarter valued at approximately $257,721,000. Finally, Van ECK Associates Corp boosted its position in Starbucks by 108.1% in the second quarter. Van ECK Associates Corp now owns 4,475,156 shares of the coffee company’s stock valued at $348,391,000 after buying an additional 2,324,847 shares in the last quarter. 72.29% of the stock is currently owned by institutional investors and hedge funds.

Starbucks Trading Down 0.9 %

NASDAQ:SBUX opened at $96.05 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 capitalization of $108.84 billion, a price-to-earnings ratio of 26.46, a PEG ratio of 2.31 and a beta of 0.96. The firm has a fifty day simple moving average of $86.67 and a two-hundred day simple moving average of $84.09.

Starbucks (NASDAQ:SBUX) last issued its earnings results on Tuesday, July 30th. The coffee company reported $0.93 EPS for the quarter, meeting analysts’ consensus estimates of $0.93. The business 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 was down .6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.00 EPS. Equities analysts predict that Starbucks Co. will post 3.56 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Jorgen Vig Knudstorp acquired 380 shares of the company’s stock in a transaction on Friday, September 6th. The shares were acquired at an average cost of $91.50 per share, for a total transaction of $34,770.00. Following the purchase, the director now owns 36,242 shares in the company, valued at $3,316,143. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. In other Starbucks news, Director Jorgen Vig Knudstorp purchased 380 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The stock was bought at an average cost of $91.50 per share, with a total value of $34,770.00. Following the completion of the transaction, the director now owns 36,242 shares of the company’s stock, valued at approximately $3,316,143. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael Aaron Conway sold 3,250 shares of the firm’s stock in a transaction 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 sale, 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. Corporate insiders own 1.98% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on SBUX shares. Morgan Stanley reiterated an “overweight” rating and set a $98.00 price target on shares of Starbucks in a report on Wednesday, July 31st. Bank of America increased their target price on Starbucks from $112.00 to $118.00 and gave the company a “buy” rating in a research report on Wednesday. BMO Capital Markets boosted their price target on Starbucks from $100.00 to $110.00 and gave the stock an “outperform” rating in a report on Monday, September 9th. The Goldman Sachs Group began coverage on shares of Starbucks in a research report on Thursday, June 13th. They set a “buy” rating and a $100.00 target price on the stock. Finally, Robert W. Baird upgraded shares of Starbucks from a “neutral” rating to an “outperform” rating and upped their price target for the company from $81.00 to $110.00 in a research report on Tuesday, August 13th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $100.08.

Starbucks 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.