Park Place Capital Corp Has $419,000 Stock Holdings in Starbucks Corporation $SBUX

Key Points

• Park Place Capital Corp reduced its stake in Starbucks Corporation by 54.1% during Q2, holding shares worth $419,000 after selling 5,198 shares.
• Starbucks reported a missed earnings estimate with $0.50 EPS against a consensus of $0.64, though revenue increased by 3.8% year-over-year to $9.46 billion.
• Institutional investors now hold 72.29% of Starbucks stock, with various firms like Goldman Sachs and Wellington Management increasing their positions significantly in the first quarter.

Park Place Capital Corp cut its position in Starbucks Corporation (NASDAQ:SBUX - Free Report) by 54.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,413 shares of the coffee company's stock after selling 5,198 shares during the period. Park Place Capital Corp's holdings in Starbucks were worth $419,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the company. Nuveen LLC bought a new position in Starbucks in the 1st quarter valued at about $1,379,619,000. Jennison Associates LLC bought a new position in Starbucks in the 1st quarter valued at about $817,759,000. Polen Capital Management LLC bought a new position in Starbucks in the 1st quarter valued at about $503,539,000. Goldman Sachs Group Inc. lifted its position in Starbucks by 59.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 9,623,282 shares of the coffee company's stock valued at $943,948,000 after acquiring an additional 3,589,537 shares in the last quarter. Finally, Wellington Management Group LLP lifted its position in Starbucks by 22.3% in the 1st quarter. Wellington Management Group LLP now owns 19,414,472 shares of the coffee company's stock valued at $1,904,366,000 after acquiring an additional 3,545,655 shares in the last quarter. 72.29% of the stock is currently owned by institutional investors and hedge funds.

Starbucks Stock Down 1.2%

Starbucks stock opened at $84.60 on Wednesday. Starbucks Corporation has a 52 week low of $75.50 and a 52 week high of $117.46. The company's 50 day moving average price is $88.09 and its two-hundred day moving average price is $88.80. The stock has a market cap of $96.16 billion, a P/E ratio of 36.47, a P/E/G ratio of 5.15 and a beta of 1.00.

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

Analyst Ratings Changes

Several brokerages recently weighed in on SBUX. Bank of America raised their price target on shares of Starbucks from $101.00 to $110.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Royal Bank Of Canada raised their price target on shares of Starbucks from $100.00 to $110.00 and gave the company an "outperform" rating in a research report on Wednesday, July 30th. Wells Fargo & Company raised 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. Piper Sandler set a $105.00 price target on shares of Starbucks and gave the company an "overweight" rating in a research report on Wednesday, July 30th. Finally, Loop Capital set a $165.00 target price on shares of Starbucks in a research report on Tuesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $104.00.

Starbucks Profile

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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