Columbia Asset Management Sells 346,023 Shares of Starbucks Corporation $SBUX

Columbia Asset Management cut its holdings in Starbucks Corporation (NASDAQ:SBUX) by 79.9% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 87,304 shares of the coffee company’s stock after selling 346,023 shares during the period. Starbucks comprises about 1.6% of Columbia Asset Management’s holdings, making the stock its 13th biggest position. Columbia Asset Management’s holdings in Starbucks were worth $8,000,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Alliance Wealth Advisors LLC raised its position in Starbucks by 2.1% during the 2nd quarter. Alliance Wealth Advisors LLC now owns 5,170 shares of the coffee company’s stock valued at $474,000 after purchasing an additional 108 shares during the last quarter. Brown Lisle Cummings Inc. raised its position in Starbucks by 1.4% during the 2nd quarter. Brown Lisle Cummings Inc. now owns 8,293 shares of the coffee company’s stock valued at $760,000 after purchasing an additional 117 shares during the last quarter. Benin Management CORP grew its holdings in shares of Starbucks by 0.7% during the 1st quarter. Benin Management CORP now owns 16,575 shares of the coffee company’s stock worth $1,626,000 after acquiring an additional 120 shares during the period. Ted Buchan & Co grew its holdings in shares of Starbucks by 1.5% during the 1st quarter. Ted Buchan & Co now owns 8,066 shares of the coffee company’s stock worth $791,000 after acquiring an additional 120 shares during the period. Finally, Alexander Labrunerie & CO. Inc. grew its holdings in shares of Starbucks by 3.5% during the 1st quarter. Alexander Labrunerie & CO. Inc. now owns 3,561 shares of the coffee company’s stock worth $349,000 after acquiring an additional 122 shares during the period. 72.29% of the stock is owned by institutional investors.

Starbucks Stock Down 1.2%

Starbucks stock opened at $84.60 on Wednesday. The company has a market capitalization of $96.16 billion, a P/E ratio of 36.47, a PEG ratio of 5.15 and a beta of 1.00. The stock’s 50 day moving average is $88.09 and its 200 day moving average is $88.80. Starbucks Corporation has a twelve month low of $75.50 and a twelve month high of $117.46.

Starbucks (NASDAQ:SBUX) last issued its earnings results on Tuesday, July 29th. The coffee company reported $0.50 EPS for the quarter, missing the consensus estimate of $0.64 by ($0.14). Starbucks had a net margin of 7.18% and a negative return on equity of 36.23%. The business had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.29 billion. During the same quarter in the prior year, the business posted $0.93 earnings per share. The business’s revenue for the quarter was up 3.8% on a year-over-year basis. As a group, equities analysts expect that Starbucks Corporation will post 2.99 EPS for the current year.

Analyst Upgrades and Downgrades

SBUX has been the topic of a number of research analyst reports. CICC Research initiated coverage on Starbucks in a report on Monday, June 30th. They set an “outperform” rating and a $100.00 target price on the stock. Sanford C. Bernstein upped their target price on Starbucks from $90.00 to $100.00 and gave the stock an “outperform” rating in a report on Wednesday, July 2nd. Evercore ISI reiterated an “outperform” rating and set a $105.00 target price (up previously from $95.00) on shares of Starbucks in a report on Tuesday, June 24th. Loop Capital set a $165.00 target price on Starbucks in a report on Tuesday, August 12th. Finally, BTIG Research set a $105.00 target price on Starbucks in a report on Thursday, September 25th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $104.00.

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.