VELA Investment Management LLC Reduces Stock Holdings in Starbucks Corporation (NASDAQ:SBUX)

VELA Investment Management LLC lessened its position in shares of Starbucks Corporation (NASDAQ:SBUX - Free Report) by 22.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,788 shares of the coffee company's stock after selling 9,334 shares during the quarter. Starbucks comprises 1.0% of VELA Investment Management LLC's portfolio, making the stock its 27th biggest holding. VELA Investment Management LLC's holdings in Starbucks were worth $3,216,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. University of Texas Texas AM Investment Management Co. purchased a new position in Starbucks during the 4th quarter valued at approximately $25,000. Graney & King LLC purchased a new position in shares of Starbucks in the 4th quarter worth approximately $26,000. Runnymede Capital Advisors Inc. purchased a new position in shares of Starbucks in the 4th quarter worth approximately $27,000. Kapitalo Investimentos Ltda purchased a new position in shares of Starbucks in the 4th quarter worth approximately $32,000. Finally, Ball & Co Wealth Management Inc. purchased a new position in shares of Starbucks in the 4th quarter worth approximately $41,000. Hedge funds and other institutional investors own 72.29% of the company's stock.

Starbucks Trading Up 0.3%

Shares of SBUX traded up $0.26 during trading hours on Friday, hitting $94.44. The company had a trading volume of 3,557,273 shares, compared to its average volume of 10,935,717. The company has a market capitalization of $107.32 billion, a PE ratio of 34.22, a price-to-earnings-growth ratio of 4.84 and a beta of 1.02. Starbucks Corporation has a one year low of $71.55 and a one year high of $117.46. The company's fifty day moving average price is $87.93 and its two-hundred day moving average price is $94.28.

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on SBUX. Baird R W cut Starbucks from a "strong-buy" rating to a "hold" rating in a report on Monday, April 7th. Stifel Nicolaus dropped their target price on Starbucks from $103.00 to $92.00 and set a "buy" rating for the company in a report on Wednesday, April 30th. The Goldman Sachs Group reiterated a "neutral" rating and issued a $95.00 target price (up previously from $85.00) on shares of Starbucks in a report on Thursday, June 12th. Barclays reiterated an "overweight" rating and issued a $108.00 target price (up previously from $98.00) on shares of Starbucks in a report on Thursday, June 26th. Finally, JPMorgan Chase & Co. decreased their price target on Starbucks from $105.00 to $100.00 and set an "overweight" rating for the company in a research note on Wednesday, April 30th. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and fifteen have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $98.23.

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.