Allstate Corp Invests $3.07 Million in Starbucks Co. (NASDAQ:SBUX)

Allstate Corp acquired a new stake in shares of Starbucks Co. (NASDAQ:SBUX - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 33,629 shares of the coffee company's stock, valued at approximately $3,069,000.

Several other institutional investors have also added to or reduced their stakes in the stock. Strategic Financial Concepts LLC purchased a new stake in shares of Starbucks in the 4th quarter worth about $62,000. Arizona State Retirement System grew its position in Starbucks by 0.8% during the 4th quarter. Arizona State Retirement System now owns 327,459 shares of the coffee company's stock valued at $29,881,000 after purchasing an additional 2,722 shares during the last quarter. West Michigan Advisors LLC bought a new stake in Starbucks during the 4th quarter valued at about $265,000. Wernau Asset Management Inc. purchased a new position in Starbucks in the fourth quarter worth about $258,000. Finally, Investment Management Corp of Ontario lifted its stake in shares of Starbucks by 48.6% in the third quarter. Investment Management Corp of Ontario now owns 37,584 shares of the coffee company's stock worth $3,664,000 after buying an additional 12,300 shares in the last quarter. 72.29% of the stock is currently owned by institutional investors.

Starbucks Price Performance

NASDAQ SBUX traded up $0.14 during midday trading on Tuesday, hitting $98.23. 5,864,791 shares of the company traded hands, compared to its average volume of 11,093,586. The company has a market cap of $111.58 billion, a PE ratio of 31.69, a price-to-earnings-growth ratio of 3.59 and a beta of 0.99. The company's 50-day simple moving average is $105.81 and its 200-day simple moving average is $99.54. Starbucks Co. has a 52 week low of $71.55 and a 52 week high of $117.46.

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Starbucks (NASDAQ:SBUX - Get Free Report) last announced its quarterly earnings data on Tuesday, January 28th. The coffee company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.68 by $0.01. Starbucks had a net margin of 9.73% and a negative return on equity of 44.97%. During the same period last year, the company posted $0.90 earnings per share. On average, research analysts predict that Starbucks Co. will post 2.99 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. UBS Group raised their target price on shares of Starbucks from $98.00 to $105.00 and gave the stock a "neutral" rating in a report on Wednesday, January 29th. Barclays increased their price objective on shares of Starbucks from $119.00 to $124.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 29th. Stifel Nicolaus boosted their price target on Starbucks from $110.00 to $114.00 and gave the stock a "buy" rating in a report on Monday, January 27th. BMO Capital Markets raised their price objective on Starbucks from $110.00 to $115.00 and gave the company an "outperform" rating in a research report on Wednesday, January 29th. Finally, Royal Bank of Canada restated an "outperform" rating and set a $115.00 target price on shares of Starbucks in a research report on Friday, January 24th. Three analysts have rated the stock with a sell rating, six have given a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $106.12.

Starbucks 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.