Vulcan Value Partners LLC Sells 139,960 Shares of Starbucks Co. (NASDAQ:SBUX)

Vulcan Value Partners LLC lowered its position in shares of Starbucks Co. (NASDAQ:SBUX) by 17.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 651,366 shares of the coffee company’s stock after selling 139,960 shares during the period. Starbucks makes up approximately 0.8% of Vulcan Value Partners LLC’s portfolio, making the stock its 28th largest position. Vulcan Value Partners LLC’s holdings in Starbucks were worth $50,677,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the company. Vima LLC bought a new stake in shares of Starbucks in the 4th quarter worth $26,000. Scarborough Advisors LLC bought a new stake in Starbucks in the 4th quarter worth about $26,000. New Millennium Group LLC bought a new stake in Starbucks in the 2nd quarter worth about $26,000. Stephens Consulting LLC raised its position in Starbucks by 498.2% in the 2nd quarter. Stephens Consulting LLC now owns 335 shares of the coffee company’s stock worth $26,000 after buying an additional 279 shares during the last quarter. Finally, Hobbs Group Advisors LLC bought a new position in Starbucks during the 2nd quarter valued at about $27,000. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently weighed in on SBUX. Morgan Stanley reissued an “overweight” rating and set a $98.00 price objective on shares of Starbucks in a report on Wednesday, July 31st. Robert W. Baird upgraded Starbucks from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $81.00 to $110.00 in a research note on Tuesday, August 13th. The Goldman Sachs Group started coverage on Starbucks in a research report on Thursday, June 13th. They set a “buy” rating and a $100.00 price objective for the company. Wedbush reissued a “neutral” rating and issued a $80.00 target price on shares of Starbucks in a research report on Tuesday, August 13th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Starbucks from $92.00 to $90.00 and set an “overweight” rating for the company in a research report on Wednesday, July 10th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Starbucks currently has an average rating of “Moderate Buy” and a consensus target price of $100.52.

Starbucks Price Performance

Shares of SBUX opened at $97.36 on Friday. Starbucks Co. has a 1 year low of $71.55 and a 1 year high of $107.66. The company has a 50 day simple moving average of $88.74 and a two-hundred day simple moving average of $84.26. The firm has a market cap of $110.33 billion, a P/E ratio of 26.82, a price-to-earnings-growth ratio of 2.26 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 (EPS) for the quarter, meeting analysts’ consensus estimates of $0.93. Starbucks had a net margin of 11.16% and a negative return on equity of 49.38%. The company had revenue of $9.11 billion for the quarter, compared to the consensus estimate of $9.25 billion. During the same period in the previous year, the firm posted $1.00 EPS. Starbucks’s revenue for the quarter was down .6% compared to the same quarter last year. On average, sell-side analysts anticipate that Starbucks Co. will post 3.56 earnings per share for the current year.

Insider Buying and Selling

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

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.