State of New Jersey Common Pension Fund D Decreases Stake in Starbucks Co. (NASDAQ:SBUX)

State of New Jersey Common Pension Fund D lessened its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 36.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 418,853 shares of the coffee company’s stock after selling 235,278 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Starbucks were worth $32,608,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Hazlett Burt & Watson Inc. boosted its holdings in Starbucks by 589.8% during the second quarter. Hazlett Burt & Watson Inc. now owns 3,663 shares of the coffee company’s stock worth $285,000 after buying an additional 3,132 shares in the last quarter. Trifecta Capital Advisors LLC boosted its stake in shares of Starbucks by 3.9% during the 2nd quarter. Trifecta Capital Advisors LLC now owns 28,925 shares of the coffee company’s stock worth $2,252,000 after acquiring an additional 1,099 shares in the last quarter. LPL Financial LLC grew its holdings in shares of Starbucks by 21.0% in the 2nd quarter. LPL Financial LLC now owns 1,863,431 shares of the coffee company’s stock worth $145,068,000 after acquiring an additional 323,114 shares during the period. Marco Investment Management LLC increased its stake in Starbucks by 7.7% in the 2nd quarter. Marco Investment Management LLC now owns 36,151 shares of the coffee company’s stock valued at $2,814,000 after purchasing an additional 2,600 shares in the last quarter. Finally, Studio Investment Management LLC raised its holdings in Starbucks by 15.8% during the second quarter. Studio Investment Management LLC now owns 10,051 shares of the coffee company’s stock worth $782,000 after purchasing an additional 1,371 shares during the last quarter. Institutional investors and hedge funds own 72.29% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on SBUX shares. BMO Capital Markets upped their target price on Starbucks from $100.00 to $110.00 and gave the company an “outperform” rating in a report on Monday. The Goldman Sachs Group started coverage on shares of Starbucks in a report on Thursday, June 13th. They set a “buy” rating and a $100.00 target price for the company. Evercore ISI raised shares of Starbucks from an “in-line” rating to an “outperform” rating and upped their price target for the company from $80.00 to $120.00 in a report on Wednesday, August 14th. Wedbush reissued a “neutral” rating and set a $80.00 price objective on shares of Starbucks in a research note on Tuesday, August 13th. Finally, DZ Bank lowered Starbucks from a “hold” rating to a “sell” rating and set a $85.00 target price on the stock. in a research note on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $99.83.

Insider Activity at Starbucks

In other news, CEO Michael Aaron Conway sold 3,250 shares of the 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 completion of the sale, the chief executive officer now owns 75,054 shares of the company’s stock, valued at $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 Michael Aaron Conway sold 3,250 shares of the stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $94.03, for a total value of $305,597.50. Following the completion of the sale, the chief executive officer now owns 75,054 shares in the company, valued at $7,057,327.62. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Rachel Ruggeri sold 3,290 shares of the firm’s stock in a transaction dated 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 in the company, valued at $5,697,682.32. The disclosure for this sale can be found here. 1.98% of the stock is currently owned by insiders.

Starbucks Stock Up 1.1 %

Shares of NASDAQ SBUX opened at $99.28 on Friday. The stock has a market capitalization of $112.50 billion, a PE ratio of 27.35, a P/E/G ratio of 2.18 and a beta of 0.96. The firm has a fifty day moving average of $83.94 and a 200-day moving average of $83.96. Starbucks Co. has a 52-week low of $71.55 and a 52-week high of $107.66.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings results on Tuesday, July 30th. The coffee company reported $0.93 EPS for the quarter, hitting the consensus estimate of $0.93. The company 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% on a year-over-year basis. During the same period in the prior year, the firm posted $1.00 earnings per share. Equities research analysts expect that Starbucks Co. will post 3.56 EPS for the current fiscal 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.