Ledyard National Bank Decreases Holdings in Starbucks Corporation (NASDAQ:SBUX)

Ledyard National Bank cut its stake in Starbucks Corporation (NASDAQ:SBUX - Free Report) by 32.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,480 shares of the coffee company's stock after selling 4,038 shares during the quarter. Ledyard National Bank's holdings in Starbucks were worth $832,000 at the end of the most recent reporting period.

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

Starbucks Price Performance

Shares of NASDAQ SBUX traded down $0.84 during mid-day trading on Tuesday, hitting $91.50. The company had a trading volume of 9,501,326 shares, compared to its average volume of 10,926,821. The company has a market capitalization of $103.98 billion, a PE ratio of 33.15, a price-to-earnings-growth ratio of 4.74 and a beta of 1.00. The business's 50-day simple moving average is $86.02 and its 200 day simple moving average is $94.48. 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 quarterly earnings data 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 net margin of 8.61% and a negative return on equity of 42.14%. The company had revenue of $8.76 billion during the quarter, compared to analysts' expectations of $8.90 billion. During the same quarter in the previous year, the business posted $0.68 EPS. The business's quarterly revenue was up 2.3% compared to the same quarter last year. On average, analysts expect that Starbucks Corporation will post 2.99 EPS for the current year.

Wall Street Analysts Forecast Growth

SBUX has been the subject of a number of recent research reports. UBS Group cut their target price on Starbucks from $105.00 to $90.00 and set a "neutral" rating for the company in a research note on Monday, April 28th. Wall Street Zen cut shares of Starbucks from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Argus upgraded shares of Starbucks from a "hold" rating to a "buy" rating and set a $115.00 target price on the stock in a report on Tuesday, March 18th. Guggenheim dropped their price target on shares of Starbucks from $95.00 to $83.00 and set a "neutral" rating for the company in a research note on Tuesday, April 29th. Finally, Stifel Nicolaus reduced their price target on shares of Starbucks from $103.00 to $92.00 and set a "buy" rating on the stock in a research report on Wednesday, April 30th. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $98.36.

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.