Park Avenue Securities LLC Purchases New Position in Starbucks Corporation $SBUX

Key Points

• Park Avenue Securities LLC has acquired a new stake in Starbucks Corporation, purchasing 57,009 shares valued at approximately $5.2 million during the 2nd quarter.
• Starbucks reported earnings of $0.50 per share for the quarter, missing analysts' estimates of $0.64, while revenue increased by 3.8% year-over-year to $9.46 billion.
• Institutional investors own 72.29% of Starbucks' stock, with the average analyst rating currently reflecting a "Moderate Buy" and an average target price of $104.40.

Park Avenue Securities LLC purchased a new stake in Starbucks Corporation (NASDAQ:SBUX - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 57,009 shares of the coffee company's stock, valued at approximately $5,224,000.

Several other institutional investors have also bought and sold shares of SBUX. Brighton Jones LLC raised its position in Starbucks by 86.5% in the 4th quarter. Brighton Jones LLC now owns 176,722 shares of the coffee company's stock valued at $16,126,000 after purchasing an additional 81,952 shares during the last quarter. Mackenzie Financial Corp raised its position in Starbucks by 153.4% in the 4th quarter. Mackenzie Financial Corp now owns 252,850 shares of the coffee company's stock valued at $23,073,000 after purchasing an additional 153,078 shares during the last quarter. Putney Financial Group LLC bought a new position in Starbucks in the 4th quarter valued at $67,000. Lakeshore Capital Group Inc. bought a new position in Starbucks in the 4th quarter valued at $561,000. Finally, Pinnacle Wealth Planning Services Inc. raised its position in Starbucks by 3.9% in the 4th quarter. Pinnacle Wealth Planning Services Inc. now owns 5,767 shares of the coffee company's stock valued at $526,000 after purchasing an additional 218 shares during the last quarter. Institutional investors and hedge funds own 72.29% of the company's stock.

Starbucks Trading Up 0.9%

NASDAQ:SBUX opened at $85.29 on Tuesday. Starbucks Corporation has a 1 year low of $75.50 and a 1 year high of $117.46. The stock has a market cap of $96.95 billion, a price-to-earnings ratio of 36.76, a PEG ratio of 5.05 and a beta of 1.00. The stock has a 50-day moving average price of $89.17 and a two-hundred day moving average price of $89.33.

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

Analysts Set New Price Targets

SBUX has been the subject of several research analyst reports. TD Securities reiterated a "hold" rating and issued a $90.00 price objective on shares of Starbucks in a research report on Monday, June 23rd. Morgan Stanley restated an "overweight" rating and set a $103.00 target price (up previously from $95.00) on shares of Starbucks in a research report on Wednesday, July 30th. BMO Capital Markets restated an "outperform" rating and set a $115.00 target price (up previously from $100.00) on shares of Starbucks in a research report on Wednesday, July 30th. Loop Capital set a $165.00 target price on Starbucks in a research report on Tuesday, August 12th. Finally, The Goldman Sachs Group restated a "neutral" rating and set a $95.00 target price (up previously from $85.00) on shares of Starbucks in a research report on Thursday, June 12th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average 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.

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