Kennon Green & Company LLC Cuts Stock Holdings in Starbucks Corporation (NASDAQ:SBUX)

Kennon Green & Company LLC reduced its stake in shares of Starbucks Corporation (NASDAQ:SBUX - Free Report) by 10.4% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 24,352 shares of the coffee company's stock after selling 2,813 shares during the period. Starbucks comprises approximately 1.9% of Kennon Green & Company LLC's portfolio, making the stock its 19th biggest position. Kennon Green & Company LLC's holdings in Starbucks were worth $2,389,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of SBUX. University of Texas Texas AM Investment Management Co. purchased a new stake in Starbucks in the 4th quarter valued at about $25,000. Graney & King LLC purchased a new stake in shares of Starbucks during the fourth quarter valued at approximately $26,000. Runnymede Capital Advisors Inc. bought a new stake in Starbucks during the fourth quarter worth $27,000. Noble Wealth Management PBC purchased a new position in Starbucks in the fourth quarter worth $30,000. Finally, Kapitalo Investimentos Ltda purchased a new position in Starbucks in the fourth quarter worth $32,000. 72.29% of the stock is owned by hedge funds and other institutional investors.

Starbucks Price Performance

SBUX stock traded up $0.26 during midday trading on Friday, reaching $94.44. The company had a trading volume of 3,557,273 shares, compared to its average volume of 10,930,626. The firm has a 50-day moving average price of $87.72 and a 200-day moving average price of $94.27. The company has a market capitalization of $107.32 billion, a P/E ratio of 34.22, a P/E/G ratio of 4.82 and a beta of 1.02. Starbucks Corporation has a 1 year low of $71.55 and a 1 year high of $117.46.

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

Analysts Set New Price Targets

SBUX has been the topic of a number of recent analyst reports. UBS Group lowered their target price on Starbucks from $105.00 to $90.00 and set a "neutral" rating on the stock in a research note on Monday, April 28th. Baird R W lowered shares of Starbucks from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 7th. Wells Fargo & Company reduced their target price on shares of Starbucks from $125.00 to $100.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Royal Bank Of Canada lifted their price target on shares of Starbucks from $95.00 to $100.00 and gave the stock an "outperform" rating in a report on Wednesday, June 11th. Finally, Evercore ISI reissued an "outperform" rating and set a $105.00 price objective (up from $95.00) on shares of Starbucks in a report on Tuesday, June 24th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average 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.