Smith Salley Wealth Management Has $3.87 Million Stock Position in Starbucks Corporation $SBUX

Key Points

• Smith Salley Wealth Management increased its stake in Starbucks Corporation by 8.5%, now holding 42,186 shares valued at approximately $3.87 million.
• Multiple institutional investors, including Vanguard Group Inc. and Goldman Sachs Group Inc., have also raised their stakes in Starbucks recently, with institutional ownership now at 72.29%.
• Starbucks reported a missed EPS estimate of $0.50 for the last quarter, compared to the expected $0.64, while revenues increased by 3.8% year-over-year to $9.46 billion.

Smith Salley Wealth Management grew its position in Starbucks Corporation (NASDAQ:SBUX - Free Report) by 8.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 42,186 shares of the coffee company's stock after acquiring an additional 3,288 shares during the period. Smith Salley Wealth Management's holdings in Starbucks were worth $3,866,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Starbucks by 0.9% in the first quarter. Vanguard Group Inc. now owns 112,059,570 shares of the coffee company's stock valued at $10,991,923,000 after acquiring an additional 953,361 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Starbucks by 22.3% in the first 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 during the last quarter. Nuveen LLC bought a new position in shares of Starbucks in the first quarter valued at approximately $1,379,619,000. Goldman Sachs Group Inc. raised its stake in shares of Starbucks by 59.5% in the first 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 during the last quarter. Finally, Jennison Associates LLC bought a new position in shares of Starbucks in the first quarter valued at approximately $817,759,000. Institutional investors own 72.29% of the company's stock.

Analyst Ratings Changes

SBUX has been the subject of several research analyst reports. Sanford C. Bernstein boosted their price objective on shares of Starbucks from $90.00 to $100.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 2nd. Evercore ISI restated an "outperform" rating and issued a $105.00 price objective (up previously from $95.00) on shares of Starbucks in a research report on Tuesday, June 24th. Citigroup dropped their price objective on shares of Starbucks from $100.00 to $99.00 and set a "neutral" rating for the company in a research report on Wednesday, July 30th. Cowen restated a "hold" rating on shares of Starbucks in a research report on Tuesday, June 24th. Finally, Loop Capital set a $165.00 price objective 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 assigned a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $104.40.

Starbucks Stock Performance

SBUX opened at $83.39 on Monday. The company has a fifty day moving average price of $88.48 and a two-hundred day moving average price of $88.92. Starbucks Corporation has a 52 week low of $75.50 and a 52 week high of $117.46. The firm has a market capitalization of $94.79 billion, a PE 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 released its earnings results on Tuesday, July 29th. The coffee company reported $0.50 EPS 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 business had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.29 billion. During the same period in the prior year, the firm posted $0.93 EPS. Starbucks's revenue was up 3.8% on a year-over-year basis. Equities analysts forecast that Starbucks Corporation will post 2.99 EPS for the current 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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