Banque Pictet & Cie SA Reduces Stock Holdings in Starbucks Corporation $SBUX

Key Points

• Banque Pictet & Cie SA reduced its stake in Starbucks Corporation by 6.8% in the second quarter, holding 56,834 shares valued at approximately $5.19 million.
• Starbucks reported $0.50 EPS for the last quarter, falling short of the consensus estimate of $0.64, while total revenue rose to $9.46 billion.
• Currently, Starbucks has an average analyst rating of "Moderate Buy" with a consensus price target set at $104.40.

Banque Pictet & Cie SA decreased its holdings in Starbucks Corporation (NASDAQ:SBUX - Free Report) by 6.8% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 56,834 shares of the coffee company's stock after selling 4,175 shares during the quarter. Banque Pictet & Cie SA's holdings in Starbucks were worth $5,188,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Napa Wealth Management purchased a new stake in Starbucks in the first quarter worth $1,435,000. Czech National Bank lifted its stake in Starbucks by 6.2% in the first quarter. Czech National Bank now owns 260,898 shares of the coffee company's stock worth $25,591,000 after acquiring an additional 15,132 shares during the period. Personal CFO Solutions LLC lifted its stake in Starbucks by 125.5% in the first quarter. Personal CFO Solutions LLC now owns 9,254 shares of the coffee company's stock worth $908,000 after acquiring an additional 5,151 shares during the period. First Manhattan CO. LLC. lifted its stake in Starbucks by 33.1% in the first quarter. First Manhattan CO. LLC. now owns 446,294 shares of the coffee company's stock worth $43,777,000 after acquiring an additional 111,015 shares during the period. Finally, Fox Run Management L.L.C. purchased a new stake in Starbucks in the first quarter worth $998,000. Hedge funds and other institutional investors own 72.29% of the company's stock.

Analyst Ratings Changes

Several equities analysts have commented on the company. TD Securities reissued a "hold" rating and set a $90.00 price objective on shares of Starbucks in a research report on Monday, June 23rd. BMO Capital Markets reissued an "outperform" rating and set a $115.00 price objective (up previously from $100.00) on shares of Starbucks in a research report on Wednesday, July 30th. Cowen reissued a "hold" rating on shares of Starbucks in a research report on Tuesday, June 24th. JPMorgan Chase & Co. raised their price objective on Starbucks from $100.00 to $105.00 and gave the company an "overweight" rating in a research report on Wednesday, July 30th. Finally, Citigroup lowered their price objective on Starbucks from $100.00 to $99.00 and set a "neutral" rating for the company in a research report on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $104.40.

Starbucks Stock Performance

Shares of SBUX stock opened at $83.39 on Friday. Starbucks Corporation has a one year low of $75.50 and a one year high of $117.46. The company's 50-day moving average is $88.48 and its 200 day moving average is $89.04. The company has a market capitalization of $94.79 billion, a price-to-earnings ratio of 35.94, a price-to-earnings-growth ratio of 5.01 and a beta of 1.00.

Starbucks (NASDAQ:SBUX - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The coffee company reported $0.50 EPS for the quarter, missing the consensus estimate of $0.64 by ($0.14). Starbucks had a net margin of 7.18% and a negative return on equity of 36.23%. The firm had revenue of $9.46 billion for the quarter, compared to analysts' expectations of $9.29 billion. During the same period last year, the company posted $0.93 earnings per share. The business's revenue for the quarter was up 3.8% compared to the same quarter last year. As a group, research analysts predict that Starbucks Corporation will post 2.99 earnings per share for the current fiscal year.

Starbucks 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.