ICICI Prudential Asset Management Co Ltd Trims Stock Position in Starbucks Co. (NASDAQ:SBUX)

ICICI Prudential Asset Management Co Ltd cut its position in shares of Starbucks Co. (NASDAQ:SBUX - Free Report) by 79.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 14,764 shares of the coffee company's stock after selling 58,076 shares during the quarter. ICICI Prudential Asset Management Co Ltd's holdings in Starbucks were worth $1,347,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in SBUX. OLD National Bancorp IN raised its stake in shares of Starbucks by 12.7% during the third quarter. OLD National Bancorp IN now owns 15,344 shares of the coffee company's stock valued at $1,496,000 after purchasing an additional 1,725 shares in the last quarter. Vest Financial LLC bought a new stake in shares of Starbucks during the third quarter valued at about $720,000. Allspring Global Investments Holdings LLC raised its stake in shares of Starbucks by 40.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 496,951 shares of the coffee company's stock valued at $48,448,000 after purchasing an additional 143,258 shares in the last quarter. Foundations Investment Advisors LLC raised its stake in shares of Starbucks by 16.9% during the third quarter. Foundations Investment Advisors LLC now owns 23,028 shares of the coffee company's stock valued at $2,245,000 after purchasing an additional 3,330 shares in the last quarter. Finally, Oakworth Capital Inc. raised its stake in shares of Starbucks by 11.0% during the third quarter. Oakworth Capital Inc. now owns 4,330 shares of the coffee company's stock valued at $422,000 after purchasing an additional 428 shares in the last quarter. 72.29% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on SBUX shares. Wells Fargo & Company lifted their target price on Starbucks from $110.00 to $115.00 and gave the stock an "overweight" rating in a report on Tuesday, November 26th. Wedbush lifted their target price on Starbucks from $95.00 to $100.00 and gave the stock a "neutral" rating in a report on Wednesday, January 29th. UBS Group lifted their target price on Starbucks from $98.00 to $105.00 and gave the stock a "neutral" rating in a report on Wednesday, January 29th. TD Cowen reaffirmed a "buy" rating and set a $110.00 target price on shares of Starbucks in a report on Monday, November 11th. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and set a $115.00 target price on shares of Starbucks in a report on Friday, January 24th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $105.33.

Starbucks Price Performance

Shares of Starbucks stock traded down $1.64 during trading hours on Friday, reaching $111.70. The company had a trading volume of 7,785,158 shares, compared to its average volume of 9,700,924. Starbucks Co. has a one year low of $71.55 and a one year high of $114.68. The business has a fifty day simple moving average of $99.44 and a 200 day simple moving average of $96.89. The firm has a market cap of $126.88 billion, a PE ratio of 36.03, a price-to-earnings-growth ratio of 3.56 and a beta of 1.00.

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 analysts' consensus estimates 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 in the prior year, the business earned $0.90 EPS. On average, research analysts forecast that Starbucks Co. will post 2.99 EPS for the current year.

About Starbucks

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.