Smith Chas P & Associates PA Cpas Sells 3,605 Shares of Starbucks Corporation $SBUX

Key Points

• Smith Chas P & Associates PA Cpas reduced its stake in Starbucks Corporation (SBUX) by 58.3%, selling 3,605 shares and leaving it with 2,580 shares valued at $236,000.
• Starbucks's recent earnings report showed a miss in earnings per share at $0.50, falling short of analysts' expectations of $0.64, despite a revenue increase to $9.46 billion.
• Wall Street analysts have set a consensus target price of $104.00 for Starbucks shares, with a range of ratings that include one Strong Buy, fifteen Buy, and eight Hold ratings.

Smith Chas P & Associates PA Cpas lowered its position in Starbucks Corporation (NASDAQ:SBUX - Free Report) by 58.3% during the second quarter, according to its most recent filing with the SEC. The firm owned 2,580 shares of the coffee company's stock after selling 3,605 shares during the period. Smith Chas P & Associates PA Cpas' holdings in Starbucks were worth $236,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Hughes Financial Services LLC bought a new stake in Starbucks in the first quarter worth about $27,000. CBIZ Investment Advisory Services LLC boosted its position in Starbucks by 125.2% during the first quarter. CBIZ Investment Advisory Services LLC now owns 286 shares of the coffee company's stock valued at $28,000 after buying an additional 159 shares during the period. McClarren Financial Advisors Inc. bought a new stake in shares of Starbucks in the first quarter worth about $29,000. Nova Wealth Management Inc. raised its holdings in shares of Starbucks by 285.4% during the first quarter. Nova Wealth Management Inc. now owns 316 shares of the coffee company's stock valued at $31,000 after acquiring an additional 234 shares in the last quarter. Finally, Activest Wealth Management increased its position in shares of Starbucks by 78.0% during the first quarter. Activest Wealth Management now owns 331 shares of the coffee company's stock valued at $32,000 after buying an additional 145 shares during the period. Institutional investors and hedge funds own 72.29% of the company's stock.

Wall Street Analysts Forecast Growth

SBUX has been the subject of a number of recent analyst reports. Loop Capital set a $165.00 price objective on shares of Starbucks in a report on Tuesday, August 12th. Morgan Stanley reissued 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. Wells Fargo & Company raised their price target on Starbucks from $100.00 to $105.00 and gave the company an "overweight" rating in a research note on Wednesday, July 30th. Royal Bank Of Canada raised their target price on shares of Starbucks from $100.00 to $110.00 and gave the company an "outperform" rating in a research note on Wednesday, July 30th. Finally, BTIG Research set a $105.00 target price on Starbucks in a research note on Thursday. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Starbucks currently has a consensus rating of "Moderate Buy" and an average target price of $104.00.

Starbucks Price Performance

Shares of NASDAQ:SBUX opened at $83.39 on Monday. Starbucks Corporation has a 1-year low of $75.50 and a 1-year high of $117.46. The firm has a fifty day moving average price of $88.48 and a 200 day moving average price of $88.92. The stock has a market cap of $94.79 billion, a P/E ratio of 35.94, a P/E/G ratio of 5.01 and a beta of 1.00.

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

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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