Norges Bank Invests $1.24 Billion in Starbucks Co. (NASDAQ:SBUX)

Norges Bank purchased a new position in Starbucks Co. (NASDAQ:SBUX - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 13,641,775 shares of the coffee company's stock, valued at approximately $1,244,812,000. Norges Bank owned about 1.20% of Starbucks at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. Strategic Financial Concepts LLC bought a new stake in shares of Starbucks during the 4th quarter valued at about $62,000. Arizona State Retirement System boosted its holdings in shares of Starbucks by 0.8% in the fourth quarter. Arizona State Retirement System now owns 327,459 shares of the coffee company's stock worth $29,881,000 after buying an additional 2,722 shares during the last quarter. West Michigan Advisors LLC bought a new stake in Starbucks during the fourth quarter valued at approximately $265,000. Wernau Asset Management Inc. purchased a new stake in Starbucks during the fourth quarter valued at approximately $258,000. Finally, Investment Management Corp of Ontario boosted its stake in shares of Starbucks by 48.6% during the 3rd quarter. Investment Management Corp of Ontario now owns 37,584 shares of the coffee company's stock worth $3,664,000 after acquiring an additional 12,300 shares during the last quarter. Institutional investors own 72.29% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Royal Bank of Canada restated an "outperform" rating and issued a $115.00 price objective on shares of Starbucks in a research note on Friday, January 24th. Wedbush raised their price objective on Starbucks from $95.00 to $100.00 and gave the stock a "neutral" rating in a research note on Wednesday, January 29th. Argus upgraded Starbucks from a "hold" rating to a "buy" rating and set a $115.00 price objective for the company in a research note on Tuesday, March 18th. Barclays raised their target price 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. Finally, Wells Fargo & Company upped their price target on shares of Starbucks from $115.00 to $125.00 and gave the stock an "overweight" rating in a research report on Tuesday, February 25th. Three analysts have rated the stock with a sell rating, six have issued a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $106.12.

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Starbucks Trading Down 1.1 %

Shares of NASDAQ:SBUX traded down $1.12 during trading on Friday, reaching $97.73. The company's stock had a trading volume of 8,065,958 shares, compared to its average volume of 11,113,862. The firm's 50 day simple moving average is $105.75 and its two-hundred day simple moving average is $99.54. Starbucks Co. has a 12 month low of $71.55 and a 12 month high of $117.46. The stock has a market capitalization of $111.01 billion, a PE ratio of 31.53, a price-to-earnings-growth ratio of 3.59 and a beta of 0.99.

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

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.