White Pine Investment CO Decreases Position in Starbucks Corporation $SBUX

Key Points

• White Pine Investment CO reduced its shares in Starbucks by 32.4% in the second quarter, leading to a total holding of 6,509 shares valued at $596,000.
• Starbucks reported an earnings miss of $0.50 per share against the expected $0.64, but achieved a revenue of $9.46 billion, exceeding analyst estimates.
• Analysts have varied ratings for Starbucks, with one giving a Strong Buy rating, while the average consensus price target is set at $104.00.

White Pine Investment CO lessened its holdings in shares of Starbucks Corporation (NASDAQ:SBUX - Free Report) by 32.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,509 shares of the coffee company's stock after selling 3,118 shares during the period. White Pine Investment CO's holdings in Starbucks were worth $596,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Brown Lisle Cummings Inc. lifted its holdings in shares of Starbucks by 1.4% during the 2nd quarter. Brown Lisle Cummings Inc. now owns 8,293 shares of the coffee company's stock valued at $760,000 after purchasing an additional 117 shares during the last quarter. Benin Management CORP raised its stake in Starbucks by 0.7% in the 1st quarter. Benin Management CORP now owns 16,575 shares of the coffee company's stock worth $1,626,000 after acquiring an additional 120 shares during the last quarter. Ted Buchan & Co raised its stake in Starbucks by 1.5% in the 1st quarter. Ted Buchan & Co now owns 8,066 shares of the coffee company's stock worth $791,000 after acquiring an additional 120 shares during the last quarter. Alexander Labrunerie & CO. Inc. raised its stake in Starbucks by 3.5% in the 1st quarter. Alexander Labrunerie & CO. Inc. now owns 3,561 shares of the coffee company's stock worth $349,000 after acquiring an additional 122 shares during the last quarter. Finally, Private Wealth Management Group LLC raised its stake in Starbucks by 13.3% in the 1st quarter. Private Wealth Management Group LLC now owns 1,056 shares of the coffee company's stock worth $104,000 after acquiring an additional 124 shares during the last quarter. Hedge funds and other institutional investors own 72.29% of the company's stock.

Starbucks Stock Performance

Shares of SBUX opened at $85.64 on Tuesday. The business's 50-day moving average is $88.34 and its two-hundred day moving average is $88.83. The company has a market capitalization of $97.35 billion, a P/E ratio of 36.91, a P/E/G ratio of 5.01 and a beta of 1.00. Starbucks Corporation has a fifty-two week low of $75.50 and a fifty-two week high of $117.46.

Starbucks (NASDAQ:SBUX - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The coffee company reported $0.50 earnings per share for the quarter, missing the consensus estimate 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 in the prior year, the business posted $0.93 earnings per share. Starbucks's revenue for the quarter was up 3.8% on a year-over-year basis. Analysts forecast that Starbucks Corporation will post 2.99 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on SBUX. Jefferies Financial Group lowered Starbucks from a "hold" rating to an "underperform" rating and set a $76.00 target price for the company. in a research note on Thursday, July 17th. Bank of America raised their target price on Starbucks from $101.00 to $110.00 and gave the stock a "buy" rating in a research note on Friday, July 18th. BTIG Research set a $105.00 target price on Starbucks in a research note on Thursday. JPMorgan Chase & Co. raised their target price on Starbucks from $100.00 to $105.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 30th. Finally, Loop Capital set a $165.00 target price on Starbucks in a research note on Tuesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Starbucks has an average rating of "Moderate Buy" and a consensus price target of $104.00.

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.

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