Core Alternative Capital Decreases Position in Starbucks Co. (NASDAQ:SBUX)

Core Alternative Capital lessened its stake in Starbucks Co. (NASDAQ:SBUX) by 29.0% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 37,559 shares of the coffee company’s stock after selling 15,316 shares during the period. Core Alternative Capital’s holdings in Starbucks were worth $2,924,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in SBUX. Scarborough Advisors LLC acquired a new stake in Starbucks in the fourth quarter valued at $26,000. Vima LLC purchased a new position in Starbucks in the 4th quarter valued at about $26,000. Fairman Group LLC acquired a new stake in shares of Starbucks during the 4th quarter worth about $30,000. Raleigh Capital Management Inc. grew its holdings in shares of Starbucks by 150.0% during the fourth quarter. Raleigh Capital Management Inc. now owns 330 shares of the coffee company’s stock worth $32,000 after buying an additional 198 shares in the last quarter. Finally, New Millennium Group LLC acquired a new position in shares of Starbucks in the second quarter valued at approximately $26,000. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on SBUX shares. Wedbush reaffirmed a “neutral” rating and issued a $80.00 target price on shares of Starbucks in a research note on Tuesday, August 13th. JPMorgan Chase & Co. lowered their target price on shares of Starbucks from $92.00 to $90.00 and set an “overweight” rating for the company in a report on Wednesday, July 10th. Evercore ISI upgraded Starbucks from an “in-line” rating to an “outperform” rating and upped their price target for the stock from $80.00 to $120.00 in a research note on Wednesday, August 14th. Morgan Stanley reiterated an “overweight” rating and set a $98.00 price objective on shares of Starbucks in a research note on Wednesday, July 31st. Finally, BMO Capital Markets raised their target price on shares of Starbucks from $100.00 to $110.00 and gave the company an “outperform” rating in a research note on Monday, September 9th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Starbucks has a consensus rating of “Moderate Buy” and an average price target of $100.52.

Starbucks Stock Down 0.1 %

NASDAQ:SBUX opened at $97.36 on Monday. The company has a market cap of $110.28 billion, a PE ratio of 26.82, a P/E/G ratio of 2.26 and a beta of 0.96. The business’s 50 day moving average is $88.74 and its two-hundred day moving average is $84.15. Starbucks Co. has a 52 week low of $71.55 and a 52 week high of $107.66.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings data 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 the consensus estimate of $9.25 billion. During the same quarter in the previous year, the company posted $1.00 earnings per share. The firm’s revenue was down .6% on a year-over-year basis. As a group, sell-side analysts expect that Starbucks Co. will post 3.56 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Rachel Ruggeri sold 3,290 shares of the stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $91.16, for a total transaction of $299,916.40. Following the sale, the chief executive officer now directly owns 62,502 shares in the company, valued at approximately $5,697,682.32. The sale was disclosed in a legal filing 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 that occurred 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 in the company, valued at $5,697,682.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jorgen Vig Knudstorp purchased 380 shares of Starbucks stock in a transaction on Friday, September 6th. The shares were acquired at an average price of $91.50 per share, with a total value of $34,770.00. Following the transaction, the director now directly owns 36,242 shares in the company, 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.