DoubleLine ETF Adviser LP Makes New Investment in Starbucks Co. (NASDAQ:SBUX)

DoubleLine ETF Adviser LP purchased a new position in Starbucks Co. (NASDAQ:SBUX) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 30,332 shares of the coffee company’s stock, valued at approximately $2,361,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Scarborough Advisors LLC purchased a new position in Starbucks in the 4th quarter worth $26,000. Vima LLC acquired a new position in shares of Starbucks in the fourth quarter valued at about $26,000. Fairman Group LLC purchased a new position in shares of Starbucks in the fourth quarter worth about $30,000. Raleigh Capital Management Inc. lifted its holdings in shares of Starbucks by 150.0% during the fourth quarter. Raleigh Capital Management Inc. now owns 330 shares of the coffee company’s stock worth $32,000 after purchasing an additional 198 shares during the period. Finally, New Millennium Group LLC purchased a new stake in Starbucks in the second quarter valued at approximately $26,000. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Analysts Set New Price Targets

SBUX has been the subject of a number of recent research reports. Jefferies Financial Group lowered shares of Starbucks from a “hold” rating to an “underperform” rating and reduced their price target for the stock from $80.00 to $76.00 in a research report on Tuesday. Oppenheimer restated a “market perform” rating on shares of Starbucks in a research report on Monday, August 26th. Citigroup increased their price target on Starbucks from $82.00 to $98.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 14th. BMO Capital Markets boosted their price objective on Starbucks from $100.00 to $110.00 and gave the company an “outperform” rating in a report on Monday, September 9th. Finally, TD Cowen reaffirmed a “buy” rating and set a $110.00 target price on shares of Starbucks in a report on Thursday, September 12th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $99.92.

Insider Transactions at Starbucks

In related news, CEO Michael Aaron Conway sold 3,250 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $94.03, for a total transaction of $305,597.50. Following the completion of the transaction, the chief executive officer now owns 75,054 shares in the company, valued at $7,057,327.62. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Director Jorgen Vig Knudstorp acquired 380 shares of the business’s stock in a transaction on Friday, September 6th. The shares were bought at an average price of $91.50 per share, with a total value of $34,770.00. Following the completion of the acquisition, the director now owns 36,242 shares in the company, valued at $3,316,143. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael Aaron Conway sold 3,250 shares of the stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $94.03, for a total transaction of $305,597.50. Following the completion of the transaction, the chief executive officer now directly owns 75,054 shares in the company, valued at $7,057,327.62. The disclosure for this sale can be found here. Corporate insiders own 1.98% of the company’s stock.

Starbucks Trading Up 1.2 %

SBUX stock opened at $95.62 on Thursday. The company has a market capitalization of $108.36 billion, a PE ratio of 26.34, a P/E/G ratio of 2.29 and a beta of 0.96. The business’s fifty day moving average price is $87.50 and its 200 day moving average price is $84.04. Starbucks Co. has a 12-month low of $71.55 and a 12-month high of $107.66.

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