Meiji Yasuda Asset Management Co Ltd. Grows Stock Holdings in Starbucks Co. (NASDAQ:SBUX)

Meiji Yasuda Asset Management Co Ltd. raised its stake in Starbucks Co. (NASDAQ:SBUX) by 4.2% in the second quarter, HoldingsChannel reports. The institutional investor owned 41,194 shares of the coffee company’s stock after buying an additional 1,675 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.’s holdings in Starbucks were worth $3,207,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Scarborough Advisors LLC acquired a new stake in shares of Starbucks in the 4th quarter worth approximately $26,000. Vima LLC purchased a new stake in Starbucks during the fourth quarter worth $26,000. DSM Capital Partners LLC purchased a new stake in Starbucks during the fourth quarter worth $27,000. Fairman Group LLC acquired a new stake in Starbucks in the fourth quarter valued at $30,000. Finally, Raleigh Capital Management Inc. increased its position in shares of Starbucks by 150.0% in the fourth quarter. Raleigh Capital Management Inc. now owns 330 shares of the coffee company’s stock valued at $32,000 after buying an additional 198 shares in the last quarter. 72.29% of the stock is owned by hedge funds and other institutional investors.

Starbucks Price Performance

Shares of SBUX stock opened at $96.12 on Thursday. Starbucks Co. has a 1-year low of $71.55 and a 1-year high of $107.66. The firm’s 50-day simple moving average is $85.77 and its 200-day simple moving average is $83.98. The firm has a market cap of $108.92 billion, a P/E ratio of 26.48, a PEG ratio of 2.38 and a beta of 0.96.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings results on Tuesday, July 30th. The coffee company reported $0.93 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.93. The company had revenue of $9.11 billion for the quarter, compared to analyst estimates of $9.25 billion. Starbucks had a net margin of 11.16% and a negative return on equity of 49.38%. Starbucks’s revenue for the quarter was down .6% on a year-over-year basis. During the same quarter last year, the business earned $1.00 EPS. Analysts expect that Starbucks Co. will post 3.56 earnings per share for the current fiscal year.

Insider Activity at Starbucks

In other news, CEO Rachel Ruggeri sold 3,290 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $91.16, for a total value of $299,916.40. Following the transaction, the chief executive officer now directly owns 62,502 shares in the company, valued at approximately $5,697,682.32. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Starbucks news, Director Jorgen Vig Knudstorp purchased 380 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The stock was purchased at an average cost of $91.50 per share, with a total value of $34,770.00. Following the transaction, the director now owns 36,242 shares in the company, valued at $3,316,143. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Rachel Ruggeri sold 3,290 shares of the stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $91.16, for a total value of $299,916.40. Following the completion of the sale, the chief executive officer now owns 62,502 shares of the company’s stock, valued at $5,697,682.32. The disclosure for this sale can be found here. 1.98% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

SBUX has been the subject of several research reports. Citigroup lifted their price target on Starbucks from $82.00 to $98.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 14th. Oppenheimer restated a “market perform” rating on shares of Starbucks in a research report on Monday, August 26th. Baird R W upgraded shares of Starbucks from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 13th. Piper Sandler upgraded Starbucks from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $85.00 to $103.00 in a research report on Tuesday, August 13th. Finally, JPMorgan Chase & Co. reduced their target price on Starbucks from $92.00 to $90.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 10th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Starbucks has a consensus rating of “Moderate Buy” and a consensus price target of $100.08.

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.