Riverbridge Partners LLC Has $45.11 Million Stock Position in Starbucks Corporation $SBUX

Key Points

• Riverbridge Partners LLC has cut its Starbucks stock position by 2.6%, now holding approximately $45.11 million worth of shares after selling over 13,000 shares in the second quarter.
• Several analysts have raised their price targets for Starbucks, with estimates ranging from $95 to $115, reflecting a positive outlook for the company's stock.
• Starbucks reported earnings per share of $0.50 for the most recent quarter, missing analysts' expectations of $0.64, despite achieving revenue of $9.46 billion, exceeding estimates.

Riverbridge Partners LLC reduced its position in shares of Starbucks Corporation (NASDAQ:SBUX - Free Report) by 2.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 492,293 shares of the coffee company's stock after selling 13,226 shares during the quarter. Riverbridge Partners LLC's holdings in Starbucks were worth $45,109,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Harrell Investment Partners LLC purchased a new stake in shares of Starbucks in the second quarter worth approximately $1,020,000. Regatta Capital Group LLC raised its stake in shares of Starbucks by 1.5% in the second quarter. Regatta Capital Group LLC now owns 14,084 shares of the coffee company's stock worth $1,291,000 after purchasing an additional 203 shares during the last quarter. Pine Haven Investment Counsel Inc raised its stake in shares of Starbucks by 1.4% in the second quarter. Pine Haven Investment Counsel Inc now owns 42,646 shares of the coffee company's stock worth $3,908,000 after purchasing an additional 581 shares during the last quarter. Evanson Asset Management LLC raised its stake in shares of Starbucks by 62.2% in the second quarter. Evanson Asset Management LLC now owns 5,124 shares of the coffee company's stock worth $470,000 after purchasing an additional 1,964 shares during the last quarter. Finally, Northside Capital Management LLC raised its stake in shares of Starbucks by 23.0% in the second quarter. Northside Capital Management LLC now owns 2,955 shares of the coffee company's stock worth $271,000 after purchasing an additional 553 shares during the last quarter. 72.29% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on SBUX shares. TD Cowen increased their price objective on Starbucks from $90.00 to $95.00 and gave the stock a "hold" rating in a research note on Wednesday, July 30th. Morgan Stanley reissued an "overweight" rating and issued a $103.00 price objective (up from $95.00) on shares of Starbucks in a research note on Wednesday, July 30th. BMO Capital Markets reaffirmed an "outperform" rating and set a $115.00 price target (up from $100.00) on shares of Starbucks in a research report on Wednesday, July 30th. Royal Bank Of Canada increased their price target on Starbucks from $100.00 to $110.00 and gave the company an "outperform" rating in a research report on Wednesday, July 30th. Finally, Wells Fargo & Company increased their price target on Starbucks from $100.00 to $105.00 and gave the company an "overweight" rating in a research report on Wednesday, July 30th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, Starbucks presently has an average rating of "Moderate Buy" and a consensus price target of $104.40.

Starbucks Trading Down 1.7%

Shares of NASDAQ SBUX opened at $84.27 on Thursday. The stock has a fifty day simple moving average of $88.87 and a two-hundred day simple moving average of $89.27. Starbucks Corporation has a 1-year low of $75.50 and a 1-year high of $117.46. The firm has a market cap of $95.79 billion, a price-to-earnings ratio of 36.32, a price-to-earnings-growth ratio of 5.12 and a beta of 1.00.

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

Starbucks Company 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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