Saratoga Research & Investment Management Raises Stock Position in Starbucks Co. (NASDAQ:SBUX)

Saratoga Research & Investment Management grew its position in shares of Starbucks Co. (NASDAQ:SBUX - Free Report) by 6.3% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 564,826 shares of the coffee company's stock after purchasing an additional 33,388 shares during the quarter. Starbucks comprises approximately 2.0% of Saratoga Research & Investment Management's investment portfolio, making the stock its 22nd largest position. Saratoga Research & Investment Management's holdings in Starbucks were worth $43,972,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Cox Capital Mgt LLC grew its position in shares of Starbucks by 41.9% during the 1st quarter. Cox Capital Mgt LLC now owns 45,322 shares of the coffee company's stock worth $4,142,000 after buying an additional 13,372 shares during the period. Brevan Howard Capital Management LP acquired a new stake in shares of Starbucks during the 4th quarter worth approximately $2,781,000. Sanibel Captiva Trust Company Inc. acquired a new stake in Starbucks in the 4th quarter valued at $31,246,000. Fidelis Capital Partners LLC grew its position in Starbucks by 18.7% in the 1st quarter. Fidelis Capital Partners LLC now owns 11,116 shares of the coffee company's stock valued at $1,016,000 after purchasing an additional 1,751 shares during the period. Finally, TKG Advisors LLC grew its position in Starbucks by 4.6% in the 4th quarter. TKG Advisors LLC now owns 19,503 shares of the coffee company's stock valued at $1,873,000 after purchasing an additional 860 shares during the period. Institutional investors own 72.29% of the company's stock.

Insiders Place Their Bets

In other Starbucks news, Director Jorgen Vig Knudstorp acquired 380 shares of the business's stock in a transaction on Friday, September 6th. The shares were acquired at an average price of $91.50 per share, for a total transaction of $34,770.00. Following the completion of the acquisition, the director now owns 36,242 shares in the company, valued at $3,316,143. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CEO Michael Aaron Conway sold 3,250 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $94.03, for a total transaction of $305,597.50. Following the sale, the chief executive officer now owns 75,054 shares in the company, valued at $7,057,327.62. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Jorgen Vig Knudstorp purchased 380 shares of the business's stock in a transaction dated Friday, September 6th. The shares were purchased at an average price of $91.50 per share, for a total transaction of $34,770.00. Following the acquisition, the director now owns 36,242 shares of the company's stock, valued at $3,316,143. The disclosure for this purchase can be found here. Corporate insiders own 1.98% of the company's stock.

Starbucks Stock Performance

SBUX traded up $0.13 during midday trading on Monday, hitting $97.49. The stock had a trading volume of 6,436,602 shares, compared to its average volume of 11,811,015. Starbucks Co. has a 1 year low of $71.55 and a 1 year high of $107.66. The company has a market cap of $110.43 billion, a P/E ratio of 26.86, a price-to-earnings-growth ratio of 2.26 and a beta of 0.96. The business has a fifty day moving average of $88.74 and a 200 day moving average of $84.15.

Starbucks (NASDAQ:SBUX - Get Free Report) last announced its quarterly earnings data on Tuesday, July 30th. The coffee company reported $0.93 earnings per share for the quarter, hitting analysts' consensus estimates of $0.93. The business had revenue of $9.11 billion for the quarter, compared to analysts' expectations of $9.25 billion. Starbucks had a net margin of 11.16% and a negative return on equity of 49.38%. The business's revenue was down .6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.00 earnings per share. On average, equities research analysts anticipate that Starbucks Co. will post 3.56 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on SBUX. Jefferies Financial Group downgraded shares of Starbucks from a "hold" rating to an "underperform" rating and reduced their price target for the company from $80.00 to $76.00 in a research report on Tuesday, September 24th. Wedbush reaffirmed a "neutral" rating and set a $80.00 price objective on shares of Starbucks in a report on Tuesday, August 13th. Piper Sandler raised shares of Starbucks from a "neutral" rating to an "overweight" rating and lifted their price objective for the stock from $85.00 to $103.00 in a report on Tuesday, August 13th. Bank of America lifted their price objective on shares of Starbucks from $112.00 to $118.00 and gave the stock a "buy" rating in a report on Wednesday, September 18th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Starbucks from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $85.00 to $118.00 in a report on Wednesday, August 14th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Starbucks has a consensus rating of "Moderate Buy" and an average price target of $101.12.

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.