North Star Investment Management Corp. Has $3.44 Million Holdings in Starbucks Co. (SBUX)
North Star Investment Management Corp. boosted its holdings in Starbucks Co. (NASDAQ:SBUX) by 0.9% in the first quarter, HoldingsChannel reports. The institutional investor owned 46,225 shares of the coffee company’s stock after purchasing an additional 421 shares during the quarter. North Star Investment Management Corp.’s holdings in Starbucks were worth $3,436,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of the business. Morgan Stanley grew its position in shares of Starbucks by 4.8% during the third quarter. Morgan Stanley now owns 49,371,647 shares of the coffee company’s stock valued at $2,806,283,000 after purchasing an additional 2,254,701 shares in the last quarter. Oregon Public Employees Retirement Fund grew its position in shares of Starbucks by 5,590.0% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 23,679,558 shares of the coffee company’s stock valued at $368,000 after purchasing an additional 23,263,399 shares in the last quarter. Massachusetts Financial Services Co. MA grew its position in shares of Starbucks by 0.7% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 13,579,438 shares of the coffee company’s stock valued at $874,515,000 after purchasing an additional 100,049 shares in the last quarter. Norges Bank purchased a new position in shares of Starbucks during the fourth quarter valued at about $807,368,000. Finally, Legal & General Group Plc grew its position in shares of Starbucks by 1.4% during the fourth quarter. Legal & General Group Plc now owns 6,545,000 shares of the coffee company’s stock valued at $421,405,000 after purchasing an additional 91,187 shares in the last quarter. Institutional investors and hedge funds own 73.34% of the company’s stock.
Shares of NASDAQ SBUX opened at $75.40 on Tuesday. The company has a quick ratio of 1.16, a current ratio of 1.41 and a debt-to-equity ratio of 7.73. The stock has a market capitalization of $94.58 billion, a price-to-earnings ratio of 31.16, a PEG ratio of 2.17 and a beta of 0.51. Starbucks Co. has a 1 year low of $47.37 and a 1 year high of $76.95.
In other Starbucks news, EVP Vivek C. Varma sold 50,000 shares of the firm’s stock in a transaction dated Wednesday, February 6th. The shares were sold at an average price of $69.13, for a total value of $3,456,500.00. Following the completion of the sale, the executive vice president now owns 117,640 shares of the company’s stock, valued at $8,132,453.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Clifford Burrows sold 152,634 shares of the firm’s stock in a transaction dated Tuesday, January 29th. The stock was sold at an average price of $67.22, for a total transaction of $10,260,057.48. Following the completion of the sale, the insider now directly owns 311,083 shares of the company’s stock, valued at approximately $20,910,999.26. The disclosure for this sale can be found here. In the last three months, insiders sold 565,806 shares of company stock valued at $38,789,988. 3.98% of the stock is owned by insiders.
A number of research analysts have recently weighed in on SBUX shares. Goldman Sachs Group lowered Starbucks from a “buy” rating to a “neutral” rating and cut their price objective for the company from $75.00 to $68.00 in a research report on Friday, January 11th. BMO Capital Markets cut their price objective on Starbucks to $60.00 and set a “market perform” rating for the company in a research report on Friday, January 11th. They noted that the move was a valuation call. Oppenheimer reiterated an “outperform” rating and issued a $72.00 price target (up previously from $70.00) on shares of Starbucks in a research report on Friday, January 25th. CIBC lifted their price target on Starbucks from $70.00 to $72.00 and gave the stock an “outperform” rating in a research report on Friday, January 25th. Finally, Bank of America set a $75.00 price target on Starbucks and gave the stock a “buy” rating in a research report on Friday, January 25th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and fifteen have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $69.08.
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Starbucks Company Profile
Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty coffee worldwide. The company operates in four segments: Americas; China/Asia Pacific; Europe, Middle East, and Africa; and Channel Development. Its stores offer coffee and tea beverages, roasted whole bean and ground coffees, single-serve and ready-to-drink beverages, iced tea, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.
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