Covea Finance Purchases 20,000 Shares of Starbucks Corporation $SBUX

Key Points

• Covea Finance increased its stake in Starbucks Corporation by 16.8%, acquiring an additional 20,000 shares, bringing its total holdings to approximately 139,000 shares valued at $12.7 million.
• Starbucks reported earnings of $0.50 per share, missing expectations by $0.14, despite revenue of $9.46 billion for the quarter, which exceeded analysts' forecasts.
• Wall Street analysts have a consensus target price of $104.40 for Starbucks stock, with ratings ranging from Strong Buy to Sell on its shares.

Covea Finance boosted its stake in Starbucks Corporation (NASDAQ:SBUX - Free Report) by 16.8% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 138,994 shares of the coffee company's stock after purchasing an additional 20,000 shares during the period. Covea Finance's holdings in Starbucks were worth $12,736,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Brighton Jones LLC grew its stake in shares of Starbucks by 86.5% in the fourth quarter. Brighton Jones LLC now owns 176,722 shares of the coffee company's stock worth $16,126,000 after acquiring an additional 81,952 shares in the last quarter. Mackenzie Financial Corp grew its stake in shares of Starbucks by 153.4% in the fourth quarter. Mackenzie Financial Corp now owns 252,850 shares of the coffee company's stock worth $23,073,000 after acquiring an additional 153,078 shares in the last quarter. Putney Financial Group LLC acquired a new position in shares of Starbucks during the fourth quarter worth $67,000. Lakeshore Capital Group Inc. acquired a new position in shares of Starbucks during the fourth quarter worth $561,000. Finally, Pinnacle Wealth Planning Services Inc. grew its stake in shares of Starbucks by 3.9% during the fourth quarter. Pinnacle Wealth Planning Services Inc. now owns 5,767 shares of the coffee company's stock worth $526,000 after purchasing an additional 218 shares in the last quarter. Institutional investors and hedge funds own 72.29% of the company's stock.

Starbucks Stock Up 0.9%

NASDAQ:SBUX opened at $85.29 on Tuesday. The company has a market cap of $96.95 billion, a P/E ratio of 36.76, a P/E/G ratio of 5.05 and a beta of 1.00. Starbucks Corporation has a fifty-two week low of $75.50 and a fifty-two week high of $117.46. The firm's 50 day moving average is $89.17 and its two-hundred day moving average is $89.33.

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

Wall Street Analysts Forecast Growth

SBUX has been the subject of a number of research reports. Jefferies Financial Group cut shares of Starbucks from a "hold" rating to an "underperform" rating and set a $76.00 price target for the company. in a research report on Thursday, July 17th. BMO Capital Markets reissued an "outperform" rating and issued a $115.00 price target (up from $100.00) on shares of Starbucks in a research report on Wednesday, July 30th. JPMorgan Chase & Co. boosted their price target on shares of Starbucks from $100.00 to $105.00 and gave the company an "overweight" rating in a research report on Wednesday, July 30th. Sanford C. Bernstein boosted their price target on shares of Starbucks from $90.00 to $100.00 and gave the company an "outperform" rating in a research report on Wednesday, July 2nd. Finally, Bank of America upped their target price on shares of Starbucks from $101.00 to $110.00 and gave the company a "buy" rating in a report on Friday, July 18th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $104.40.

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.

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.