Saratoga Research & Investment Management Buys 33,388 Shares of Starbucks Co. (NASDAQ:SBUX)

Saratoga Research & Investment Management boosted its stake in Starbucks Co. (NASDAQ:SBUX) by 6.3% in the 2nd quarter, Holdings Channel reports. The firm owned 564,826 shares of the coffee company’s stock after acquiring an additional 33,388 shares during the quarter. Starbucks accounts for approximately 2.0% of Saratoga Research & Investment Management’s portfolio, making the stock its 22nd largest position. Saratoga Research & Investment Management’s holdings in Starbucks were worth $43,972,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in SBUX. Vima LLC bought a new position in shares of Starbucks in the fourth quarter valued at approximately $26,000. Scarborough Advisors LLC bought a new stake in Starbucks during the fourth quarter valued at $26,000. New Millennium Group LLC purchased a new position in Starbucks during the second quarter worth about $26,000. Stephens Consulting LLC increased its stake 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 acquiring an additional 279 shares during the last quarter. Finally, Hobbs Group Advisors LLC purchased a new stake in shares of Starbucks in the 2nd quarter valued at about $27,000. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Starbucks Trading Down 0.1 %

NASDAQ:SBUX opened at $97.36 on Monday. Starbucks Co. has a 12 month low of $71.55 and a 12 month high of $107.66. The company has a 50-day moving average price of $88.74 and a 200-day moving average price of $84.15. The stock has a market cap of $110.28 billion, a price-to-earnings ratio of 26.82, a P/E/G ratio of 2.26 and a beta of 0.96.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings data on Tuesday, July 30th. The coffee company reported $0.93 EPS for the quarter, hitting 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 period last year, the business posted $1.00 earnings per share. Starbucks’s quarterly revenue was down .6% compared to the same quarter last year. Equities analysts forecast that Starbucks Co. will post 3.56 EPS for the current fiscal year.

Insider Buying and Selling

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

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Sanford C. Bernstein upgraded shares of Starbucks from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $92.00 to $115.00 in a research report on Thursday. Baird R W raised shares of Starbucks from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 13th. Evercore ISI raised shares of Starbucks from an “in-line” rating to an “outperform” rating and lifted their price objective for the stock from $80.00 to $120.00 in a report on Wednesday, August 14th. Jefferies Financial Group cut Starbucks from a “hold” rating to an “underperform” rating and reduced their target price for the company from $80.00 to $76.00 in a research note on Tuesday, September 24th. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $98.00 price target on shares of Starbucks in a research note on Wednesday, July 31st. Two research 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.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $100.52.

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.