Hodges Capital Management Inc. boosted its holdings in Starbucks Co. (NASDAQ:SBUX) by 475.1% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 52,767 shares of the coffee company’s stock after purchasing an additional 43,591 shares during the quarter. Hodges Capital Management Inc.’s holdings in Starbucks were worth $2,834,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. United Asset Strategies Inc. grew its stake in Starbucks by 35.1% in the third quarter. United Asset Strategies Inc. now owns 95,769 shares of the coffee company’s stock valued at $5,144,000 after acquiring an additional 24,896 shares during the period. Smith Moore & CO. acquired a new stake in Starbucks in the third quarter valued at approximately $396,000. Becker Capital Management Inc. acquired a new stake in Starbucks in the third quarter valued at approximately $236,000. West Coast Financial LLC grew its stake in Starbucks by 4.1% in the third quarter. West Coast Financial LLC now owns 114,054 shares of the coffee company’s stock valued at $6,126,000 after acquiring an additional 4,466 shares during the period. Finally, Trillium Asset Management LLC grew its stake in Starbucks by 15.5% in the third quarter. Trillium Asset Management LLC now owns 378,154 shares of the coffee company’s stock valued at $20,310,000 after acquiring an additional 50,638 shares during the period. Institutional investors and hedge funds own 70.67% of the company’s stock.
A number of brokerages have commented on SBUX. Zacks Investment Research cut Starbucks from a “hold” rating to a “sell” rating in a research note on Friday, December 1st. Tigress Financial reissued a “buy” rating on shares of Starbucks in a research note on Tuesday. Morgan Stanley raised their price objective on Starbucks from $62.00 to $67.00 and gave the company an “overweight” rating in a research note on Friday, November 10th. Vetr cut Starbucks from a “strong-buy” rating to a “buy” rating and set a $64.32 price objective for the company. in a research note on Monday, November 13th. Finally, UBS Group set a $64.00 price objective on Starbucks and gave the company a “buy” rating in a research note on Wednesday, November 15th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $63.26.
Starbucks (NASDAQ:SBUX) last posted its quarterly earnings data on Thursday, November 2nd. The coffee company reported $0.55 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.55. Starbucks had a return on equity of 53.34% and a net margin of 12.89%. The business had revenue of $5.70 billion for the quarter, compared to analysts’ expectations of $5.81 billion. During the same quarter in the previous year, the firm earned $0.56 earnings per share. The business’s revenue was down .2% on a year-over-year basis. equities analysts expect that Starbucks Co. will post 2.31 EPS for the current year.
In other Starbucks news, Director Javier G. Teruel sold 62,966 shares of the business’s stock in a transaction on Wednesday, November 8th. The stock was sold at an average price of $57.61, for a total value of $3,627,471.26. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Craig Weatherup sold 56,666 shares of the business’s stock in a transaction on Monday, November 20th. The shares were sold at an average price of $56.73, for a total value of $3,214,662.18. Following the completion of the sale, the director now owns 56,666 shares in the company, valued at $3,214,662.18. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 497,808 shares of company stock worth $28,559,521. Corporate insiders own 3.40% of the company’s stock.
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Starbucks Corporation (Starbucks) is a roaster, marketer and retailer of coffee. As of October 2, 2016, the Company operated in 75 countries. The Company operates through four segments: Americas, which is inclusive of the United States, Canada, and Latin America; China/Asia Pacific (CAP); Europe, Middle East, and Africa (EMEA), and Channel Development.
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