Bank of New York Mellon Corp Sells 774,446 Shares of Starbucks Corporation (NASDAQ:SBUX)

Bank of New York Mellon Corp lessened its stake in shares of Starbucks Corporation (NASDAQ:SBUX - Free Report) by 8.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,219,261 shares of the coffee company's stock after selling 774,446 shares during the quarter. Bank of New York Mellon Corp owned 0.72% of Starbucks worth $806,227,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in shares of Starbucks by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 111,106,209 shares of the coffee company's stock worth $10,138,442,000 after acquiring an additional 784,432 shares in the last quarter. Capital World Investors lifted its stake in shares of Starbucks by 20.1% in the fourth quarter. Capital World Investors now owns 54,924,230 shares of the coffee company's stock worth $5,011,796,000 after acquiring an additional 9,174,682 shares in the last quarter. FMR LLC lifted its stake in shares of Starbucks by 27.0% in the fourth quarter. FMR LLC now owns 25,128,649 shares of the coffee company's stock worth $2,292,989,000 after acquiring an additional 5,348,790 shares in the last quarter. Geode Capital Management LLC raised its stake in Starbucks by 2.3% during the fourth quarter. Geode Capital Management LLC now owns 24,826,001 shares of the coffee company's stock valued at $2,259,516,000 after buying an additional 548,245 shares in the last quarter. Finally, Wellington Management Group LLP grew its holdings in shares of Starbucks by 4.7% during the fourth quarter. Wellington Management Group LLP now owns 15,868,817 shares of the coffee company's stock valued at $1,448,030,000 after purchasing an additional 718,880 shares during the last quarter. Institutional investors and hedge funds own 72.29% of the company's stock.

Starbucks Stock Up 1.4%

SBUX stock traded up $1.30 during trading on Tuesday, hitting $94.94. The company had a trading volume of 6,982,904 shares, compared to its average volume of 10,905,676. The firm has a 50-day moving average price of $88.13 and a 200-day moving average price of $94.39. Starbucks Corporation has a 12 month low of $71.55 and a 12 month high of $117.46. The stock has a market cap of $107.89 billion, a price-to-earnings ratio of 34.40, a PEG ratio of 4.80 and a beta of 1.02.

Starbucks (NASDAQ:SBUX - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The coffee company reported $0.41 EPS for the quarter, missing the consensus estimate of $0.51 by ($0.10). The company had revenue of $8.76 billion during the quarter, compared to the consensus estimate of $8.90 billion. Starbucks had a net margin of 8.61% and a negative return on equity of 42.14%. The company's revenue was up 2.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.68 earnings per share. Equities analysts expect that Starbucks Corporation will post 2.99 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have recently commented on SBUX. TD Securities reaffirmed a "hold" rating and set a $90.00 target price on shares of Starbucks in a report on Monday, June 23rd. Jefferies Financial Group raised Starbucks from an "underperform" rating to a "hold" rating and set a $76.00 price objective for the company in a report on Wednesday, April 9th. Guggenheim decreased their price objective on Starbucks from $95.00 to $83.00 and set a "neutral" rating for the company in a report on Tuesday, April 29th. Cowen reissued a "hold" rating on shares of Starbucks in a report on Tuesday, June 24th. Finally, Robert W. Baird reaffirmed a "neutral" rating and set a $85.00 price target (down from $114.00) on shares of Starbucks in a research note on Monday, April 7th. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $98.23.

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.