Allworth Financial LP Increases Stake in Starbucks Corporation (NASDAQ:SBUX)

Allworth Financial LP increased its holdings in Starbucks Corporation (NASDAQ:SBUX - Free Report) by 4.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 188,365 shares of the coffee company's stock after buying an additional 7,169 shares during the period. Allworth Financial LP's holdings in Starbucks were worth $18,477,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of SBUX. Vanguard Capital Wealth Advisors bought a new position in Starbucks in the 4th quarter valued at $285,000. Czech National Bank grew its position in Starbucks by 6.2% in the first quarter. Czech National Bank now owns 260,898 shares of the coffee company's stock worth $25,591,000 after acquiring an additional 15,132 shares in the last quarter. Treasurer of the State of North Carolina increased its position in shares of Starbucks by 0.6% during the 4th quarter. Treasurer of the State of North Carolina now owns 498,511 shares of the coffee company's stock valued at $45,489,000 after purchasing an additional 3,130 shares during the last quarter. Vanguard Group Inc. grew its position in Starbucks by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 111,106,209 shares of the coffee company's stock valued at $10,138,442,000 after acquiring an additional 784,432 shares during the last quarter. Finally, Korea Investment CORP lifted its holdings in shares of Starbucks by 12.3% in the 4th quarter. Korea Investment CORP now owns 566,965 shares of the coffee company's stock worth $51,736,000 after acquiring an additional 61,900 shares during the last quarter. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SBUX has been the topic of several recent research reports. BMO Capital Markets reduced their target price on shares of Starbucks from $115.00 to $100.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. Robert W. Baird reiterated a "neutral" rating and issued a $85.00 price objective (down previously from $114.00) on shares of Starbucks in a report on Monday, April 7th. CICC Research started coverage on Starbucks in a report on Monday, June 30th. They set an "outperform" rating and a $100.00 target price for the company. Stifel Nicolaus reduced their price target on Starbucks from $103.00 to $92.00 and set a "buy" rating on the stock in a research report on Wednesday, April 30th. Finally, Argus upgraded Starbucks from a "hold" rating to a "buy" rating and set a $115.00 price objective for the company in a research report on Tuesday, March 18th. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $98.23.

Starbucks Stock Performance

Shares of SBUX traded down $0.10 during mid-day trading on Thursday, hitting $95.15. 6,909,299 shares of the company traded hands, compared to its average volume of 10,874,732. The stock has a market cap of $108.13 billion, a price-to-earnings ratio of 34.47, a P/E/G ratio of 4.88 and a beta of 1.02. The stock has a 50-day moving average price of $88.63 and a two-hundred day moving average price of $94.40. 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 announced its earnings results on Tuesday, April 29th. The coffee company reported $0.41 earnings per share for the quarter, missing analysts' consensus estimates of $0.51 by ($0.10). The company had revenue of $8.76 billion for the quarter, compared to analysts' expectations of $8.90 billion. Starbucks had a net margin of 8.61% and a negative return on equity of 42.14%. Starbucks's quarterly revenue was up 2.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.68 earnings per share. On average, 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.