Rockland Trust Co. Increases Stock Holdings in Starbucks Co. (NASDAQ:SBUX)

Rockland Trust Co. lifted its position in Starbucks Co. (NASDAQ:SBUX) by 4.2% during the third quarter, HoldingsChannel reports. The institutional investor owned 275,349 shares of the coffee company’s stock after purchasing an additional 11,032 shares during the period. Starbucks comprises approximately 1.3% of Rockland Trust Co.’s holdings, making the stock its 25th biggest holding. Rockland Trust Co.’s holdings in Starbucks were worth $26,844,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Alpha Omega Wealth Management LLC purchased a new stake in shares of Starbucks in the third quarter worth about $212,000. Bright Rock Capital Management LLC purchased a new stake in Starbucks in the third quarter valued at approximately $9,749,000. Curbstone Financial Management Corp raised its stake in Starbucks by 1.9% in the third quarter. Curbstone Financial Management Corp now owns 12,510 shares of the coffee company’s stock valued at $1,220,000 after purchasing an additional 230 shares in the last quarter. Czech National Bank raised its stake in Starbucks by 6.9% in the third quarter. Czech National Bank now owns 230,845 shares of the coffee company’s stock valued at $22,505,000 after purchasing an additional 14,999 shares in the last quarter. Finally, Cascade Investment Advisors Inc. raised its stake in Starbucks by 5.9% in the third quarter. Cascade Investment Advisors Inc. now owns 19,790 shares of the coffee company’s stock valued at $1,929,000 after purchasing an additional 1,110 shares in the last quarter. 72.29% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Citigroup increased their price target on shares of Starbucks from $82.00 to $98.00 and gave the company a “neutral” rating in a research report on Wednesday, August 14th. Morgan Stanley reiterated an “overweight” rating and set a $98.00 price target on shares of Starbucks in a research report on Wednesday, July 31st. BMO Capital Markets increased their price target on shares of Starbucks from $100.00 to $110.00 and gave the company an “outperform” rating in a research report on Monday, September 9th. JPMorgan Chase & Co. increased their price target on shares of Starbucks from $90.00 to $105.00 and gave the company an “overweight” rating in a research report on Monday. Finally, Bank of America raised their target price on shares of Starbucks from $112.00 to $118.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $101.12.

Insider Buying and Selling

In related news, CEO Rachel Ruggeri sold 3,290 shares of Starbucks 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 completion of the sale, 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 filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Rachel Ruggeri sold 3,290 shares of Starbucks 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 completion of the sale, 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 filing with the Securities & Exchange Commission, which is available through this link. Also, Director Jorgen Vig Knudstorp purchased 380 shares of the business’s stock in a transaction on Friday, September 6th. The shares were purchased at an average price of $91.50 per share, with a total value of $34,770.00. Following the completion of the purchase, the director now owns 36,242 shares in the company, valued at $3,316,143. The disclosure for this purchase can be found here. 1.98% of the stock is owned by corporate insiders.

Starbucks Price Performance

SBUX opened at $95.56 on Friday. The stock has a 50-day moving average price of $90.46 and a 200-day moving average price of $84.40. The firm has a market cap of $108.24 billion, a PE ratio of 26.33, a P/E/G ratio of 2.33 and a beta of 0.97. Starbucks Co. has a 1 year low of $71.55 and a 1 year high of $107.66.

Starbucks (NASDAQ:SBUX) last posted its quarterly earnings results on Tuesday, July 30th. The coffee company reported $0.93 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.93. The firm had revenue of $9.11 billion during the quarter, compared to analyst estimates of $9.25 billion. Starbucks had a negative return on equity of 49.38% and a net margin of 11.16%. Starbucks’s quarterly revenue was down .6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.00 EPS. As a group, sell-side analysts anticipate that Starbucks Co. will post 3.56 EPS for the current year.

Starbucks 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.