SKY Mountain Capital Management Inc. Buys New Position in Starbucks Corporation (NASDAQ:SBUX)

SKY Mountain Capital Management Inc. acquired a new stake in Starbucks Corporation (NASDAQ:SBUX - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 8,370 shares of the coffee company's stock, valued at approximately $821,000. Starbucks accounts for approximately 0.7% of SKY Mountain Capital Management Inc.'s investment portfolio, making the stock its 14th largest position.

A number of other hedge funds have also modified their holdings of the company. Grandfield & Dodd LLC boosted its position in Starbucks by 0.4% during the first quarter. Grandfield & Dodd LLC now owns 59,562 shares of the coffee company's stock worth $5,842,000 after purchasing an additional 265 shares in the last quarter. Private Wealth Management Group LLC lifted its position in shares of Starbucks by 13.3% in the first quarter. Private Wealth Management Group LLC now owns 1,056 shares of the coffee company's stock valued at $104,000 after acquiring an additional 124 shares in the last quarter. Bryn Mawr Capital Management LLC lifted its position in shares of Starbucks by 42.9% in the first quarter. Bryn Mawr Capital Management LLC now owns 16,201 shares of the coffee company's stock valued at $1,589,000 after acquiring an additional 4,867 shares in the last quarter. Bridgewater Advisors Inc. purchased a new position in shares of Starbucks in the first quarter valued at approximately $914,000. Finally, Tectonic Advisors LLC lifted its position in shares of Starbucks by 37.0% in the first quarter. Tectonic Advisors LLC now owns 13,930 shares of the coffee company's stock valued at $1,366,000 after acquiring an additional 3,759 shares in the last quarter. 72.29% of the stock is owned by institutional investors and hedge funds.

Starbucks Price Performance

Shares of Starbucks stock opened at $92.48 on Wednesday. The business's fifty day moving average price is $89.53 and its two-hundred day moving average price is $94.53. The company has a market capitalization of $105.09 billion, a P/E ratio of 33.51, a PEG ratio of 4.78 and a beta of 1.02. 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 issued its quarterly earnings results 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 firm had revenue of $8.76 billion for the quarter, compared to analyst estimates of $8.90 billion. During the same quarter last year, the business posted $0.68 earnings per share. The firm's revenue for the quarter was up 2.3% compared to the same quarter last year. On average, research analysts expect that Starbucks Corporation will post 2.99 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have commented on SBUX. Royal Bank Of Canada lifted their target price on Starbucks from $95.00 to $100.00 and gave the company an "outperform" rating in a research report on Wednesday, June 11th. TD Securities reissued a "hold" rating and issued a $90.00 target price on shares of Starbucks in a report on Monday, June 23rd. Cowen restated a "hold" rating on shares of Starbucks in a research note on Tuesday, June 24th. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $95.00 price objective (up previously from $85.00) on shares of Starbucks in a report on Thursday, June 12th. Finally, Robert W. Baird restated a "neutral" rating and issued a $85.00 price objective (down from $114.00) on shares of Starbucks in a research report on Monday, April 7th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $98.92.

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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