NorthCrest Asset Manangement LLC Acquires 5,289 Shares of Starbucks Co. (NASDAQ:SBUX)

NorthCrest Asset Manangement LLC boosted its position in Starbucks Co. (NASDAQ:SBUX - Free Report) by 3.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 176,154 shares of the coffee company's stock after acquiring an additional 5,289 shares during the quarter. NorthCrest Asset Manangement LLC's holdings in Starbucks were worth $17,279,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. University of Texas Texas AM Investment Management Co. bought a new position in Starbucks in the fourth quarter valued at approximately $25,000. Graney & King LLC bought a new position in Starbucks in the fourth quarter valued at approximately $26,000. Runnymede Capital Advisors Inc. bought a new position in Starbucks in the fourth quarter valued at approximately $27,000. Marshall Investment Management LLC bought a new position in Starbucks in the fourth quarter valued at approximately $30,000. Finally, Noble Wealth Management PBC bought a new position in Starbucks in the fourth quarter valued at approximately $30,000. 72.29% of the stock is owned by institutional investors.

Starbucks Stock Down 1.1%

SBUX traded down $1.06 during midday trading on Friday, hitting $93.26. The company had a trading volume of 7,115,975 shares, compared to its average volume of 11,035,453. Starbucks Co. has a 52 week low of $71.55 and a 52 week high of $117.46. The company has a market capitalization of $105.98 billion, a price-to-earnings ratio of 30.08, a PEG ratio of 3.59 and a beta of 1.00. The stock's 50 day moving average price is $84.89 and its 200 day moving average price is $94.98.

Starbucks (NASDAQ:SBUX - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The coffee company reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.10). Starbucks had a net margin of 9.73% and a negative return on equity of 44.97%. The company 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 firm posted $0.68 earnings per share. The company's revenue for the quarter was up 2.3% on a year-over-year basis. Research analysts predict that Starbucks Co. will post 2.99 EPS for the current year.

Analyst Upgrades and Downgrades

SBUX has been the topic of a number of research analyst reports. Citigroup raised their target price on shares of Starbucks from $84.00 to $95.00 and gave the company a "neutral" rating in a research report on Thursday. TD Cowen restated a "hold" rating and issued a $90.00 target price on shares of Starbucks in a research report on Thursday, May 29th. 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 research report on Tuesday, March 18th. Guggenheim cut their target price on shares of Starbucks from $95.00 to $83.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 29th. Finally, Robert W. Baird restated a "neutral" rating and issued a $85.00 target price (down previously from $114.00) on shares of Starbucks in a research report on Monday, April 7th. 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 company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $98.96.

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.