Washington Trust Bank Reduces Stake in Starbucks Co. (NASDAQ:SBUX)

Washington Trust Bank lowered its holdings in shares of Starbucks Co. (NASDAQ:SBUX - Free Report) by 4.4% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 170,026 shares of the coffee company's stock after selling 7,749 shares during the period. Starbucks comprises 1.5% of Washington Trust Bank's holdings, making the stock its 23rd largest holding. Washington Trust Bank's holdings in Starbucks were worth $15,515,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of SBUX. Wellington Management Group LLP boosted its stake in shares of Starbucks by 100.6% in the 3rd quarter. Wellington Management Group LLP now owns 15,149,937 shares of the coffee company's stock valued at $1,476,967,000 after purchasing an additional 7,598,146 shares during the last quarter. FMR LLC lifted its holdings in Starbucks by 55.0% in the third quarter. FMR LLC now owns 19,779,859 shares of the coffee company's stock valued at $1,928,339,000 after buying an additional 7,015,375 shares during the period. Raymond James Financial Inc. bought a new stake in Starbucks during the fourth quarter valued at $284,283,000. Assenagon Asset Management S.A. grew its holdings in Starbucks by 1,491.4% during the 4th quarter. Assenagon Asset Management S.A. now owns 2,808,571 shares of the coffee company's stock worth $256,282,000 after acquiring an additional 2,632,087 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its position in shares of Starbucks by 1,078.5% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,545,419 shares of the coffee company's stock worth $248,153,000 after acquiring an additional 2,329,431 shares in the last quarter. Institutional investors and hedge funds own 72.29% of the company's stock.

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Analyst Ratings Changes

Several equities research analysts recently commented on SBUX shares. BMO Capital Markets upped their target price on Starbucks from $110.00 to $115.00 and gave the company an "outperform" rating in a research report on Wednesday, January 29th. Argus raised shares of Starbucks from a "hold" rating to a "buy" rating and set a $115.00 price objective for the company in a research report on Tuesday, March 18th. UBS Group lifted their price objective on shares of Starbucks from $98.00 to $105.00 and gave the company a "neutral" rating in a research note on Wednesday, January 29th. Barclays raised their price target on shares of Starbucks from $119.00 to $124.00 and gave the stock an "overweight" rating in a report on Wednesday, January 29th. Finally, Stifel Nicolaus upped their price objective on shares of Starbucks from $110.00 to $114.00 and gave the company a "buy" rating in a report on Monday, January 27th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $106.12.

Starbucks Stock Up 2.2 %

SBUX stock traded up $2.09 during trading on Wednesday, reaching $97.97. The stock had a trading volume of 9,559,283 shares, compared to its average volume of 10,603,872. The company has a market capitalization of $111.28 billion, a price-to-earnings ratio of 31.60, a P/E/G ratio of 3.59 and a beta of 0.99. Starbucks Co. has a one year low of $71.55 and a one year high of $117.46. The company's 50 day moving average is $105.51 and its two-hundred day moving average is $99.48.

Starbucks (NASDAQ:SBUX - Get Free Report) last released its earnings results on Tuesday, January 28th. The coffee company reported $0.69 earnings per share (EPS) 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 period last year, the firm earned $0.90 earnings per share. As a group, research analysts predict that Starbucks Co. will post 2.99 earnings per share 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.