Anchor Investment Management LLC Trims Stake in Starbucks Co. (NASDAQ:SBUX)

Anchor Investment Management LLC reduced its position in shares of Starbucks Co. (NASDAQ:SBUX) by 10.5% in the second quarter, Holdings Channel reports. The firm owned 12,627 shares of the coffee company’s stock after selling 1,481 shares during the period. Anchor Investment Management LLC’s holdings in Starbucks were worth $983,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of Starbucks by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 108,403,768 shares of the coffee company’s stock valued at $9,907,020,000 after purchasing an additional 470,498 shares in the last quarter. Fisher Asset Management LLC grew its position in Starbucks by 2.3% in the fourth quarter. Fisher Asset Management LLC now owns 11,359,790 shares of the coffee company’s stock worth $1,090,654,000 after acquiring an additional 260,489 shares in the last quarter. Legal & General Group Plc grew its position in Starbucks by 2.6% in the second quarter. Legal & General Group Plc now owns 8,720,903 shares of the coffee company’s stock worth $678,923,000 after acquiring an additional 221,718 shares in the last quarter. Flossbach Von Storch AG grew its position in Starbucks by 106.7% in the first quarter. Flossbach Von Storch AG now owns 5,612,687 shares of the coffee company’s stock worth $512,943,000 after acquiring an additional 2,897,282 shares in the last quarter. Finally, Nordea Investment Management AB grew its position in Starbucks by 5.2% in the first quarter. Nordea Investment Management AB now owns 5,412,603 shares of the coffee company’s stock worth $495,145,000 after acquiring an additional 266,570 shares in the last quarter. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on SBUX shares. Baird R W upgraded shares of Starbucks from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 13th. Morgan Stanley reiterated an “overweight” rating and issued a $98.00 target price on shares of Starbucks in a research report on Wednesday, July 31st. Oppenheimer restated a “market perform” rating on shares of Starbucks in a research report on Monday, August 26th. Deutsche Bank Aktiengesellschaft upgraded shares of Starbucks from a “hold” rating to a “buy” rating and upped their price target for the company from $85.00 to $118.00 in a research report on Wednesday, August 14th. Finally, Citigroup upped their price target on shares of Starbucks from $82.00 to $98.00 and gave the company a “neutral” rating in a research report on Wednesday, August 14th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Starbucks currently has an average rating of “Moderate Buy” and an average price target of $101.12.

Starbucks Price Performance

SBUX stock opened at $95.56 on Friday. Starbucks Co. has a 1 year low of $71.55 and a 1 year high of $107.66. The company has a market cap of $108.24 billion, a P/E ratio of 26.33, a PEG ratio of 2.33 and a beta of 0.97. The firm has a 50-day moving average of $90.46 and a 200 day moving average of $84.40.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Tuesday, July 30th. The coffee company reported $0.93 earnings per share (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 during the quarter, compared to the consensus estimate of $9.25 billion. During the same period in the prior year, the firm earned $1.00 earnings per share. Starbucks’s revenue was down .6% on a year-over-year basis. On average, equities research analysts expect that Starbucks Co. will post 3.56 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Jorgen Vig Knudstorp purchased 380 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The stock was bought 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 directly owns 36,242 shares in the company, valued at $3,316,143. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Starbucks news, Director Jorgen Vig Knudstorp acquired 380 shares of the business’s stock in a transaction on Friday, September 6th. The shares were acquired at an average price of $91.50 per share, for a total transaction of $34,770.00. Following the completion of the acquisition, the director now owns 36,242 shares in the company, valued at $3,316,143. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Michael Aaron Conway sold 3,250 shares of the company’s stock in a transaction dated Thursday, August 15th. The stock was 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 in the company, valued at approximately $7,057,327.62. The disclosure for this sale can be found here. 1.98% of the stock is owned by 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.