LGT Fund Management Co Ltd. Purchases Shares of 7,071 Starbucks Co. (NASDAQ:SBUX)

LGT Fund Management Co Ltd. purchased a new stake in shares of Starbucks Co. (NASDAQ:SBUX) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 7,071 shares of the coffee company’s stock, valued at approximately $550,000.

A number of other hedge funds also recently bought and sold shares of SBUX. Scarborough Advisors LLC bought a new stake in shares of Starbucks in the fourth quarter valued at about $26,000. Vima LLC bought a new stake in shares of Starbucks in the fourth quarter valued at about $26,000. DSM Capital Partners LLC bought a new stake in shares of Starbucks in the fourth quarter valued at about $27,000. Fairman Group LLC bought a new stake in shares of Starbucks in the fourth quarter valued at about $30,000. Finally, Raleigh Capital Management Inc. lifted its stake in shares of Starbucks by 150.0% in the fourth quarter. Raleigh Capital Management Inc. now owns 330 shares of the coffee company’s stock valued at $32,000 after buying an additional 198 shares during the period. 72.29% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Bank of America raised their price target on shares of Starbucks from $108.00 to $112.00 and gave the stock a “buy” rating in a research note on Monday, June 10th. Morgan Stanley restated an “overweight” rating and set a $98.00 price target on shares of Starbucks in a research note on Wednesday, July 31st. Evercore ISI upgraded shares of Starbucks from an “in-line” rating to an “outperform” rating and raised their price target for the stock from $80.00 to $120.00 in a research note on Wednesday, August 14th. Barclays raised their price target on shares of Starbucks from $93.00 to $110.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 14th. Finally, Piper Sandler upgraded shares of Starbucks from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $85.00 to $103.00 in a research note on Tuesday, August 13th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $99.83.

Insiders Place Their Bets

In other Starbucks news, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction 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 completion of the sale, the chief executive officer now owns 75,054 shares of the company’s stock, valued at approximately $7,057,327.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Rachel Ruggeri sold 3,290 shares of Starbucks stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $91.16, for a total transaction of $299,916.40. Following the transaction, the chief executive officer now directly owns 62,502 shares of the company’s stock, valued at $5,697,682.32. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction on Thursday, August 15th. The stock was 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 in the company, valued at $7,057,327.62. The disclosure for this sale can be found here. In the last 90 days, insiders sold 9,790 shares of company stock valued at $865,514. Company insiders own 1.98% of the company’s stock.

Starbucks Price Performance

Shares of Starbucks stock opened at $93.34 on Wednesday. The firm has a market cap of $105.73 billion, a P/E ratio of 25.71, a P/E/G ratio of 2.18 and a beta of 0.96. The firm has a 50 day simple moving average of $83.04 and a 200 day simple moving average of $83.76. Starbucks Co. has a fifty-two week low of $71.55 and a fifty-two week high of $107.66.

Starbucks (NASDAQ:SBUX) last released 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 firm had revenue of $9.11 billion during the quarter, compared to analyst estimates of $9.25 billion. During the same quarter in the previous year, the business earned $1.00 EPS. The business’s quarterly revenue was down .6% compared to the same quarter last year. On average, sell-side analysts expect that Starbucks Co. will post 3.56 EPS 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.