Trust Point Inc. Cuts Stake in Starbucks Corporation (NASDAQ:SBUX)

Trust Point Inc. lessened its holdings in Starbucks Corporation (NASDAQ:SBUX - Free Report) by 32.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,503 shares of the coffee company's stock after selling 3,682 shares during the quarter. Trust Point Inc.'s holdings in Starbucks were worth $736,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the business. Arizona State Retirement System grew its holdings in Starbucks by 0.8% during the fourth quarter. Arizona State Retirement System now owns 327,459 shares of the coffee company's stock valued at $29,881,000 after purchasing an additional 2,722 shares during the period. West Michigan Advisors LLC purchased a new position in shares of Starbucks during the 4th quarter valued at $265,000. Wernau Asset Management Inc. bought a new position in shares of Starbucks during the 4th quarter worth $258,000. Vanguard Capital Wealth Advisors purchased a new stake in Starbucks in the 4th quarter worth about $285,000. Finally, OFI Invest Asset Management purchased a new stake in Starbucks in the 4th quarter worth about $9,497,000. 72.29% of the stock is owned by hedge funds and other institutional investors.

Starbucks Stock Performance

Starbucks stock traded up $0.60 during mid-day trading on Wednesday, hitting $92.19. 1,092,463 shares of the company traded hands, compared to its average volume of 10,663,768. Starbucks Corporation has a one year low of $71.55 and a one year high of $117.46. The stock has a market cap of $104.76 billion, a price-to-earnings ratio of 33.45, a price-to-earnings-growth ratio of 4.69 and a beta of 1.00. The stock has a fifty day moving average price of $85.50 and a 200-day moving average price of $94.75.

Starbucks (NASDAQ:SBUX - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The coffee company reported $0.41 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.51 by ($0.10). Starbucks had a negative return on equity of 42.14% and a net margin of 8.61%. The company had revenue of $8.76 billion for the quarter, compared to the consensus estimate of $8.90 billion. During the same period in the prior year, the firm posted $0.68 earnings per share. The business's revenue was up 2.3% on a year-over-year basis. Sell-side analysts predict that Starbucks Corporation will post 2.99 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Jefferies Financial Group raised shares of Starbucks from an "underperform" rating to a "hold" rating and set a $76.00 price objective on the stock in a report on Wednesday, April 9th. BMO Capital Markets dropped their price target on shares of Starbucks from $115.00 to $100.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Cowen downgraded shares of Starbucks from a "buy" rating to a "hold" rating in a report on Thursday, May 29th. UBS Group lowered their target price on shares of Starbucks from $105.00 to $90.00 and set a "neutral" rating on the stock in a report on Monday, April 28th. Finally, JPMorgan Chase & Co. cut their price target on Starbucks from $105.00 to $100.00 and set an "overweight" rating for the company in a report on Wednesday, April 30th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, Starbucks has a consensus rating of "Hold" and an average target price of $98.96.

About Starbucks

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.