Cardinal Capital Management increased its stake in shares of Starbucks Co. (NASDAQ:SBUX – Free Report) by 0.8% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 70,541 shares of the coffee company’s stock after acquiring an additional 561 shares during the quarter. Starbucks comprises about 1.4% of Cardinal Capital Management’s portfolio, making the stock its 25th largest holding. Cardinal Capital Management’s holdings in Starbucks were worth $6,988,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Sound Income Strategies LLC boosted its position in shares of Starbucks by 124.7% during the second quarter. Sound Income Strategies LLC now owns 1,618 shares of the coffee company’s stock worth $160,000 after acquiring an additional 898 shares during the last quarter. Resources Investment Advisors LLC. boosted its position in shares of Starbucks by 18.8% during the first quarter. Resources Investment Advisors LLC. now owns 16,102 shares of the coffee company’s stock worth $1,677,000 after acquiring an additional 2,548 shares during the last quarter. BMS Financial Advisors LLC boosted its position in shares of Starbucks by 4.8% during the first quarter. BMS Financial Advisors LLC now owns 5,108 shares of the coffee company’s stock worth $532,000 after acquiring an additional 234 shares during the last quarter. Aveo Capital Partners LLC raised its stake in Starbucks by 23.6% during the first quarter. Aveo Capital Partners LLC now owns 3,618 shares of the coffee company’s stock valued at $377,000 after purchasing an additional 691 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. raised its stake in Starbucks by 67.0% during the first quarter. Robeco Institutional Asset Management B.V. now owns 402,002 shares of the coffee company’s stock valued at $41,860,000 after purchasing an additional 161,295 shares in the last quarter. Institutional investors own 70.13% of the company’s stock.
Insider Activity at Starbucks
In other news, CFO Rachel Ruggeri sold 679 shares of the firm’s stock in a transaction that occurred on Wednesday, June 21st. The shares were sold at an average price of $100.60, for a total transaction of $68,307.40. Following the transaction, the chief financial officer now directly owns 54,761 shares in the company, valued at $5,508,956.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.98% of the stock is owned by corporate insiders.
Starbucks Trading Up 0.6 %
Starbucks (NASDAQ:SBUX – Get Free Report) last posted its earnings results on Tuesday, August 1st. The coffee company reported $1.00 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.05. The company had revenue of $9.17 billion for the quarter, compared to analysts’ expectations of $9.29 billion. Starbucks had a net margin of 10.81% and a negative return on equity of 44.46%. Starbucks’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.84 earnings per share. Equities research analysts predict that Starbucks Co. will post 3.45 earnings per share for the current fiscal year.
Analysts Set New Price Targets
A number of research firms recently issued reports on SBUX. Stephens reaffirmed an “equal weight” rating and set a $110.00 price target on shares of Starbucks in a research note on Wednesday, August 2nd. Wedbush decreased their price target on shares of Starbucks from $112.00 to $105.00 in a research note on Wednesday, August 2nd. Citigroup decreased their price target on shares of Starbucks from $117.00 to $112.00 and set a “neutral” rating on the stock in a research note on Monday, July 24th. TD Cowen downgraded shares of Starbucks from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $117.00 to $107.00 in a research note on Tuesday. Finally, StockNews.com initiated coverage on shares of Starbucks in a research note on Thursday, August 17th. They set a “buy” rating on the stock. Ten equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, Starbucks has an average rating of “Moderate Buy” and a consensus target price of $114.76.
Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty 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.
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