Boomfish Wealth Group LLC Lowers Position in Starbucks Co. (NASDAQ:SBUX)

Boomfish Wealth Group LLC decreased its position in Starbucks Co. (NASDAQ:SBUX) by 73.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,036 shares of the coffee company’s stock after selling 11,299 shares during the period. Boomfish Wealth Group LLC’s holdings in Starbucks were worth $396,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in SBUX. Norges Bank purchased a new stake in shares of Starbucks in the fourth quarter valued at about $1,244,812,000. Capital World Investors lifted its stake in shares of Starbucks by 20.1% in the fourth quarter. Capital World Investors now owns 54,924,230 shares of the coffee company’s stock valued at $5,011,796,000 after purchasing an additional 9,174,682 shares during the period. FMR LLC lifted its stake in shares of Starbucks by 27.0% in the fourth quarter. FMR LLC now owns 25,128,649 shares of the coffee company’s stock valued at $2,292,989,000 after purchasing an additional 5,348,790 shares during the period. Capital Research Global Investors lifted its stake in shares of Starbucks by 167.6% in the fourth quarter. Capital Research Global Investors now owns 5,690,198 shares of the coffee company’s stock valued at $519,230,000 after purchasing an additional 3,563,942 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in shares of Starbucks in the fourth quarter valued at about $284,283,000. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on SBUX. Jefferies Financial Group upgraded shares of Starbucks from an “underperform” rating to a “hold” rating and set a $76.00 price objective for the company in a research note on Wednesday, April 9th. Robert W. Baird reiterated a “neutral” rating and issued a $85.00 price objective (down previously from $114.00) on shares of Starbucks in a research note on Monday, April 7th. TD Securities reiterated a “hold” rating and issued a $90.00 price objective on shares of Starbucks in a research note on Wednesday, June 11th. Wells Fargo & Company reduced their price objective on shares of Starbucks from $125.00 to $100.00 and set an “overweight” rating for the company in a research note on Tuesday, April 22nd. Finally, BMO Capital Markets reduced their price objective on shares of Starbucks from $115.00 to $100.00 and set an “outperform” rating for the company in a research note on Wednesday, April 30th. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $98.96.

Starbucks Stock Performance

Starbucks stock opened at $93.48 on Tuesday. Starbucks Co. has a 1 year low of $71.55 and a 1 year high of $117.46. The firm has a 50 day moving average price of $85.44 and a 200 day moving average price of $94.77. The company has a market cap of $106.23 billion, a price-to-earnings ratio of 30.15, a PEG ratio of 3.59 and a beta of 1.00.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings data on Tuesday, April 29th. The coffee company reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.10). The business had revenue of $8.76 billion for the quarter, compared to analysts’ expectations of $8.90 billion. Starbucks had a negative return on equity of 44.97% and a net margin of 9.73%. Starbucks’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.68 earnings per share. Sell-side analysts predict that Starbucks Co. will post 2.99 EPS for the current year.

Starbucks Company 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.