Raub Brock Capital Management LP reduced its stake in Starbucks Co. (NASDAQ:SBUX – Get Rating) by 9.4% during the 1st quarter, Holdings Channel.com reports. The firm owned 217,425 shares of the coffee company’s stock after selling 22,489 shares during the period. Starbucks accounts for 3.4% of Raub Brock Capital Management LP’s holdings, making the stock its 20th largest holding. Raub Brock Capital Management LP’s holdings in Starbucks were worth $19,779,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors also recently added to or reduced their stakes in the business. BlackRock Inc. boosted its position in shares of Starbucks by 10.3% in the fourth quarter. BlackRock Inc. now owns 82,463,592 shares of the coffee company’s stock valued at $9,645,766,000 after acquiring an additional 7,672,037 shares during the period. State Street Corp boosted its position in shares of Starbucks by 3.5% in the fourth quarter. State Street Corp now owns 48,495,841 shares of the coffee company’s stock valued at $5,672,559,000 after acquiring an additional 1,649,721 shares during the period. Geode Capital Management LLC boosted its position in shares of Starbucks by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 20,440,456 shares of the coffee company’s stock valued at $2,385,035,000 after acquiring an additional 331,190 shares during the period. Fundsmith LLP boosted its position in shares of Starbucks by 7.7% in the fourth quarter. Fundsmith LLP now owns 11,576,749 shares of the coffee company’s stock valued at $1,354,132,000 after acquiring an additional 831,723 shares during the period. Finally, Norges Bank bought a new stake in Starbucks during the fourth quarter worth about $1,189,240,000. Hedge funds and other institutional investors own 69.21% of the company’s stock.
Shares of NASDAQ:SBUX opened at $73.79 on Thursday. The stock’s fifty day simple moving average is $75.53 and its two-hundred day simple moving average is $89.88. Starbucks Co. has a 1-year low of $68.39 and a 1-year high of $126.32. The stock has a market cap of $84.63 billion, a PE ratio of 19.65, a price-to-earnings-growth ratio of 2.15 and a beta of 0.97.
Several equities research analysts recently weighed in on SBUX shares. UBS Group cut their price objective on shares of Starbucks from $105.00 to $86.00 and set a “neutral” rating for the company in a research report on Monday, April 25th. Citigroup dropped their target price on shares of Starbucks from $91.00 to $76.00 in a report on Wednesday, May 4th. Cowen dropped their target price on shares of Starbucks from $115.00 to $94.00 in a report on Wednesday, May 4th. Evercore ISI raised shares of Starbucks from an “in-line” rating to an “outperform” rating and set a $95.00 target price for the company in a report on Wednesday, May 4th. Finally, Guggenheim lowered their price objective on Starbucks from $95.00 to $87.00 in a research note on Wednesday, April 13th. Fourteen analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $102.72.
In other news, CEO Howard D. Schultz acquired 137,500 shares of the firm’s stock in a transaction that occurred on Tuesday, May 10th. The stock was bought at an average price of $72.67 per share, with a total value of $9,992,125.00. Following the acquisition, the chief executive officer now owns 19,534,460 shares in the company, valued at approximately $1,419,569,208.20. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Howard D. Schultz bought 72,500 shares of Starbucks stock in a transaction on Thursday, May 12th. The shares were bought at an average cost of $68.85 per share, with a total value of $4,991,625.00. Following the acquisition, the chief executive officer now directly owns 19,606,960 shares in the company, valued at $1,349,939,196. The disclosure for this purchase can be found here. Company insiders own 0.27% of the company’s stock.
About Starbucks (Get Rating)
Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty 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.
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