Massachusetts Financial Services Co. MA Sells 2,874,144 Shares of Starbucks Co. (NASDAQ:SBUX)

Massachusetts Financial Services Co. MA reduced its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 48.7% during the second quarter, HoldingsChannel reports. The firm owned 3,024,179 shares of the coffee company’s stock after selling 2,874,144 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Starbucks were worth $235,432,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of SBUX. Ontario Teachers Pension Plan Board bought a new position in Starbucks in the first quarter valued at about $415,167,000. Diamond Hill Capital Management Inc. bought a new position in Starbucks in the second quarter valued at about $243,910,000. Flossbach Von Storch AG lifted its holdings in Starbucks by 106.7% in the first quarter. Flossbach Von Storch AG now owns 5,612,687 shares of the coffee company’s stock valued at $512,943,000 after acquiring an additional 2,897,282 shares during the period. Capital World Investors bought a new position in Starbucks in the first quarter valued at about $257,721,000. Finally, Van ECK Associates Corp lifted its holdings in Starbucks by 108.1% in the second quarter. Van ECK Associates Corp now owns 4,475,156 shares of the coffee company’s stock valued at $348,391,000 after acquiring an additional 2,324,847 shares during the period. 72.29% of the stock is owned by institutional investors.

Insider Transactions at Starbucks

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

Starbucks Price Performance

NASDAQ SBUX opened at $96.44 on Wednesday. The stock has a market capitalization of $109.29 billion, a PE ratio of 26.57, a P/E/G ratio of 2.38 and a beta of 0.96. The business has a 50 day simple moving average of $85.30 and a two-hundred day simple moving average of $83.89. Starbucks Co. has a 1-year low of $71.55 and a 1-year high of $107.66.

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

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SBUX. Citigroup increased their target price on Starbucks from $82.00 to $98.00 and gave the company a “neutral” rating in a report on Wednesday, August 14th. Robert W. Baird raised Starbucks from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $81.00 to $110.00 in a research note on Tuesday, August 13th. Baird R W raised Starbucks from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 13th. TD Cowen reaffirmed a “buy” rating and issued a $110.00 price objective on shares of Starbucks in a research note on Thursday, September 12th. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $98.00 price objective on shares of Starbucks in a research note on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $99.83.

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.