ProShare Advisors LLC Sells 140,119 Shares of Starbucks Co. (NASDAQ:SBUX)

ProShare Advisors LLC trimmed its position in shares of Starbucks Co. (NASDAQ:SBUX) by 11.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,127,702 shares of the coffee company’s stock after selling 140,119 shares during the quarter. ProShare Advisors LLC owned 0.10% of Starbucks worth $87,792,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Ontario Teachers Pension Plan Board purchased a new position in Starbucks in the first quarter worth $415,167,000. Diamond Hill Capital Management Inc. bought a new position in Starbucks during the second quarter valued at about $243,910,000. Flossbach Von Storch AG increased its holdings in Starbucks by 106.7% during the first quarter. Flossbach Von Storch AG now owns 5,612,687 shares of the coffee company’s stock worth $512,943,000 after buying an additional 2,897,282 shares during the last quarter. Capital World Investors bought a new stake in Starbucks in the first quarter worth about $257,721,000. Finally, Van ECK Associates Corp boosted its stake 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 acquiring an additional 2,324,847 shares during the last quarter. Institutional investors own 72.29% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on SBUX. Wedbush restated a “neutral” rating and set a $80.00 price target on shares of Starbucks in a research note on Tuesday, August 13th. The Goldman Sachs Group assumed coverage on Starbucks in a research report on Thursday, June 13th. They issued a “buy” rating and a $100.00 target price for the company. Citigroup upped their price target on Starbucks from $82.00 to $98.00 and gave the company a “neutral” rating in a research report on Wednesday, August 14th. JPMorgan Chase & Co. decreased their price objective on Starbucks from $92.00 to $90.00 and set an “overweight” rating for the company in a report on Wednesday, July 10th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Starbucks from a “hold” rating to a “buy” rating and upped their price objective for the company from $85.00 to $118.00 in a report on Wednesday, August 14th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $100.08.

Starbucks Price Performance

Shares of NASDAQ SBUX opened at $96.05 on Friday. The stock has a market capitalization of $108.84 billion, a P/E ratio of 26.46, a PEG ratio of 2.31 and a beta of 0.96. Starbucks Co. has a one year low of $71.55 and a one year high of $107.66. The firm’s 50 day simple moving average is $86.67 and its two-hundred day simple moving average is $84.04.

Starbucks (NASDAQ:SBUX) last issued its earnings results on Tuesday, July 30th. The coffee company reported $0.93 EPS for the quarter, hitting analysts’ consensus estimates of $0.93. Starbucks had a net margin of 11.16% and a negative return on equity of 49.38%. The company had revenue of $9.11 billion for the quarter, compared to analysts’ expectations of $9.25 billion. During the same quarter last year, the company earned $1.00 EPS. The firm’s revenue was down .6% compared to the same quarter last year. As a group, equities analysts expect that Starbucks Co. will post 3.56 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Jorgen Vig Knudstorp purchased 380 shares of Starbucks stock in a transaction that occurred 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 transaction, the director now directly owns 36,242 shares in the company, valued at $3,316,143. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Starbucks news, CEO Rachel Ruggeri sold 3,290 shares of the firm’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $91.16, for a total value of $299,916.40. Following the sale, the chief executive officer now owns 62,502 shares of the company’s stock, valued at approximately $5,697,682.32. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Jorgen Vig Knudstorp acquired 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 purchase, the director now owns 36,242 shares of the company’s stock, valued at approximately $3,316,143. The disclosure for this purchase can be found here. 1.98% of the stock is currently 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.