Covea Finance Buys 23,995 Shares of Starbucks Corporation (NASDAQ:SBUX)

Covea Finance increased its stake in shares of Starbucks Corporation (NASDAQ:SBUX - Free Report) by 25.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 118,994 shares of the coffee company's stock after purchasing an additional 23,995 shares during the quarter. Covea Finance's holdings in Starbucks were worth $11,672,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of SBUX. University of Texas Texas AM Investment Management Co. acquired a new position in Starbucks in the fourth quarter valued at approximately $25,000. Graney & King LLC acquired a new position in Starbucks in the fourth quarter valued at approximately $26,000. Runnymede Capital Advisors Inc. acquired a new position in Starbucks in the fourth quarter valued at approximately $27,000. Marshall Investment Management LLC acquired a new position in Starbucks in the fourth quarter valued at approximately $30,000. Finally, Noble Wealth Management PBC acquired a new position in Starbucks in the fourth quarter valued at approximately $30,000. 72.29% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on SBUX shares. Citigroup increased their price objective on shares of Starbucks from $84.00 to $95.00 and gave the company a "neutral" rating in a report on Thursday, June 12th. JPMorgan Chase & Co. cut their price objective on shares of Starbucks from $105.00 to $100.00 and set an "overweight" rating on the stock in a report on Wednesday, April 30th. Cowen lowered shares of Starbucks from a "buy" rating to a "hold" rating in a report on Thursday, May 29th. UBS Group cut their target price on shares of Starbucks from $105.00 to $90.00 and set a "neutral" rating on the stock in a report on Monday, April 28th. Finally, Stifel Nicolaus cut their target price on shares of Starbucks from $103.00 to $92.00 and set a "buy" rating on the stock in a report on Wednesday, April 30th. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $98.96.

Starbucks Trading Up 0.9%

Shares of SBUX stock opened at $93.12 on Friday. Starbucks Corporation has a 1 year low of $71.55 and a 1 year high of $117.46. The firm's fifty day moving average price is $85.88 and its two-hundred day moving average price is $94.61. The firm has a market capitalization of $105.82 billion, a P/E ratio of 33.74, a PEG ratio of 4.70 and a beta of 1.00.

Starbucks (NASDAQ:SBUX - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The coffee company reported $0.41 EPS for the quarter, missing analysts' consensus estimates of $0.51 by ($0.10). Starbucks had a net margin of 8.61% and a negative return on equity of 42.14%. The firm had revenue of $8.76 billion during the quarter, compared to the consensus estimate of $8.90 billion. During the same period last year, the business earned $0.68 EPS. The business's revenue was up 2.3% on a year-over-year basis. As a group, equities research analysts forecast that Starbucks Corporation will post 2.99 EPS 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.

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