Welch & Forbes LLC Decreases Stock Holdings in Starbucks Co. (NASDAQ:SBUX)

Welch & Forbes LLC trimmed its position in shares of Starbucks Co. (NASDAQ:SBUX) by 2.4% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 103,539 shares of the coffee company’s stock after selling 2,500 shares during the quarter. Welch & Forbes LLC’s holdings in Starbucks were worth $9,155,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in SBUX. Nuveen Asset Management LLC grew its position in shares of Starbucks by 977.6% during the second quarter. Nuveen Asset Management LLC now owns 7,923,411 shares of the coffee company’s stock worth $664,219,000 after buying an additional 7,188,139 shares in the last quarter. Invesco Ltd. grew its position in shares of Starbucks by 18.4% during the second quarter. Invesco Ltd. now owns 17,382,380 shares of the coffee company’s stock worth $1,457,167,000 after buying an additional 2,706,533 shares in the last quarter. APG Asset Management N.V. grew its position in shares of Starbucks by 87.0% during the second quarter. APG Asset Management N.V. now owns 5,538,794 shares of the coffee company’s stock worth $407,725,000 after buying an additional 2,576,900 shares in the last quarter. Prudential Financial Inc. grew its position in shares of Starbucks by 166.3% during the second quarter. Prudential Financial Inc. now owns 3,901,446 shares of the coffee company’s stock worth $327,058,000 after buying an additional 2,436,385 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. grew its position in shares of Starbucks by 162.1% during the second quarter. Robeco Institutional Asset Management B.V. now owns 3,327,726 shares of the coffee company’s stock worth $278,964,000 after buying an additional 2,058,082 shares in the last quarter. 70.73% of the stock is owned by institutional investors and hedge funds.

In other news, CAO Jill Walker sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $95.80, for a total transaction of $191,600.00. Following the completion of the sale, the chief accounting officer now owns 39,999 shares in the company, valued at $3,831,904.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Kevin R. Johnson sold 23,390 shares of the company’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $98.32, for a total value of $2,299,704.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 142,767 shares of company stock valued at $13,730,357. 3.98% of the stock is owned by company insiders.

Shares of NASDAQ SBUX opened at $86.36 on Friday. Starbucks Co. has a twelve month low of $55.28 and a twelve month high of $99.72. The stock has a 50 day moving average of $91.35 and a two-hundred day moving average of $85.24. The stock has a market cap of $102.76 billion, a P/E ratio of 31.22, a P/E/G ratio of 2.10 and a beta of 0.53.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings data on Thursday, July 25th. The coffee company reported $0.78 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.72 by $0.06. Starbucks had a negative return on equity of 125.91% and a net margin of 13.63%. The company had revenue of $6.82 billion during the quarter, compared to analysts’ expectations of $6.67 billion. During the same quarter in the previous year, the business earned $0.62 earnings per share. The firm’s revenue for the quarter was up 8.1% on a year-over-year basis. Equities analysts predict that Starbucks Co. will post 2.83 EPS for the current year.

A number of equities analysts have recently commented on SBUX shares. ValuEngine downgraded Starbucks from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Telsey Advisory Group reaffirmed a “market perform” rating and issued a $90.00 price target (up from $80.00) on shares of Starbucks in a report on Friday, July 26th. Bank of America set a $100.00 price target on Starbucks and gave the company a “buy” rating in a report on Monday, September 30th. Barclays upped their price target on Starbucks from $75.00 to $90.00 and gave the company an “equal weight” rating in a report on Friday, July 26th. Finally, BTIG Research reaffirmed a “hold” rating on shares of Starbucks in a report on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating, eighteen have given a hold rating and thirteen have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $90.10.

About Starbucks

Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty coffee worldwide. The company operates in four segments: Americas; China/Asia Pacific; Europe, Middle East, and Africa; and Channel Development. Its stores offer coffee and tea beverages, roasted whole bean and ground coffees, single-serve and ready-to-drink beverages, iced tea, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.

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Institutional Ownership by Quarter for Starbucks (NASDAQ:SBUX)

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