Coronation Fund Managers Ltd. Invests $2.04 Million in Starbucks Co. (NASDAQ:SBUX)

Coronation Fund Managers Ltd. purchased a new stake in Starbucks Co. (NASDAQ:SBUX) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 26,247 shares of the coffee company’s stock, valued at approximately $2,043,000.

A number of other large investors have also added to or reduced their stakes in the stock. Cox Capital Mgt LLC raised its holdings in Starbucks by 41.9% in the 1st quarter. Cox Capital Mgt LLC now owns 45,322 shares of the coffee company’s stock valued at $4,142,000 after acquiring an additional 13,372 shares in the last quarter. Brevan Howard Capital Management LP acquired a new position in Starbucks in the fourth quarter valued at about $2,781,000. Sanibel Captiva Trust Company Inc. bought a new stake in Starbucks during the fourth quarter worth about $31,246,000. Fidelis Capital Partners LLC grew its stake in Starbucks by 18.7% during the first quarter. Fidelis Capital Partners LLC now owns 11,116 shares of the coffee company’s stock worth $1,016,000 after buying an additional 1,751 shares in the last quarter. Finally, TKG Advisors LLC increased its holdings in Starbucks by 4.6% in the 4th quarter. TKG Advisors LLC now owns 19,503 shares of the coffee company’s stock valued at $1,873,000 after buying an additional 860 shares during the period. Institutional investors and hedge funds own 72.29% of the company’s stock.

Starbucks Trading Down 1.0 %

Shares of SBUX opened at $96.50 on Thursday. The firm’s fifty day simple moving average is $90.02 and its two-hundred day simple moving average is $84.32. Starbucks Co. has a 12 month low of $71.55 and a 12 month high of $107.66. The stock has a market capitalization of $109.31 billion, a P/E ratio of 26.58, a price-to-earnings-growth ratio of 2.33 and a beta of 0.97.

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

Insider Buying and Selling

In other Starbucks news, CEO Rachel Ruggeri sold 3,290 shares of Starbucks stock in a transaction on Tuesday, August 13th. The shares were 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 of the company’s stock, valued at $5,697,682.32. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO Rachel Ruggeri sold 3,290 shares of the firm’s 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 sale was disclosed in a document filed with the SEC, which is accessible 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 value of $305,597.50. Following 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. 1.98% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

SBUX has been the topic of a number of recent analyst reports. Citigroup lifted their price objective on shares of Starbucks from $82.00 to $98.00 and gave the company a “neutral” rating in a research note on Wednesday, August 14th. Deutsche Bank Aktiengesellschaft upgraded Starbucks from a “hold” rating to a “buy” rating and upped their price objective for the stock from $85.00 to $118.00 in a research report on Wednesday, August 14th. BMO Capital Markets lifted their target price on Starbucks from $100.00 to $110.00 and gave the company an “outperform” rating in a research report on Monday, September 9th. Robert W. Baird upgraded shares of Starbucks from a “neutral” rating to an “outperform” rating and raised their price target for the company from $81.00 to $110.00 in a research note on Tuesday, August 13th. Finally, Baird R W upgraded shares of Starbucks from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 13th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $101.12.

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.