Columbia Asset Management Has $8 Million Position in Starbucks Corporation $SBUX

Key Points

• Columbia Asset Management significantly reduced its stake in Starbucks, cutting its shares by 79.9% during the second quarter, leaving it with 87,304 shares valued at $8 million.
• Starbucks reported quarterly earnings of $0.50 EPS, missing analysts' expectations of $0.64, despite revenue increasing by 3.8% year-over-year to $9.46 billion.
• The company's current market cap is $96.16 billion with a 1-year trading range between a low of $75.50 and a high of $117.46.

Columbia Asset Management cut its stake in shares of Starbucks Corporation (NASDAQ:SBUX - Free Report) by 79.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 87,304 shares of the coffee company's stock after selling 346,023 shares during the quarter. Starbucks makes up approximately 1.6% of Columbia Asset Management's portfolio, making the stock its 13th biggest position. Columbia Asset Management's holdings in Starbucks were worth $8,000,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SBUX. Hughes Financial Services LLC bought a new stake in shares of Starbucks during the 1st quarter valued at about $27,000. CBIZ Investment Advisory Services LLC lifted its stake in Starbucks by 125.2% in the first quarter. CBIZ Investment Advisory Services LLC now owns 286 shares of the coffee company's stock valued at $28,000 after buying an additional 159 shares during the period. McClarren Financial Advisors Inc. bought a new position in shares of Starbucks during the 1st quarter worth approximately $29,000. Nova Wealth Management Inc. boosted its holdings in shares of Starbucks by 285.4% during the 1st quarter. Nova Wealth Management Inc. now owns 316 shares of the coffee company's stock worth $31,000 after buying an additional 234 shares in the last quarter. Finally, Activest Wealth Management grew its position in shares of Starbucks by 78.0% during the 1st quarter. Activest Wealth Management now owns 331 shares of the coffee company's stock worth $32,000 after buying an additional 145 shares during the period. 72.29% of the stock is owned by institutional investors and hedge funds.

Starbucks Trading Down 1.2%

SBUX opened at $84.60 on Wednesday. The company's fifty day moving average price is $88.09 and its two-hundred day moving average price is $88.80. The company has a market cap of $96.16 billion, a price-to-earnings ratio of 36.47, a PEG ratio of 5.15 and a beta of 1.00. Starbucks Corporation has a 1-year low of $75.50 and a 1-year high of $117.46.

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

Wall Street Analyst Weigh In

A number of research firms recently issued reports on SBUX. CICC Research began coverage on shares of Starbucks in a research report on Monday, June 30th. They set an "outperform" rating and a $100.00 target price on the stock. Guggenheim lifted their price target on shares of Starbucks from $79.00 to $90.00 and gave the company a "neutral" rating in a research note on Thursday, July 31st. Royal Bank Of Canada upped their price objective on shares of Starbucks from $100.00 to $110.00 and gave the company an "outperform" rating in a report on Wednesday, July 30th. Jefferies Financial Group lowered Starbucks from a "hold" rating to an "underperform" rating and set a $76.00 target price for the company. in a research report on Thursday, July 17th. Finally, The Goldman Sachs Group reaffirmed a "neutral" rating and set a $95.00 price target (up from $85.00) on shares of Starbucks in a research note on Thursday, June 12th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Starbucks presently has a consensus rating of "Moderate Buy" and an average price target of $104.00.

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.

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.