Stonebridge Capital Management Inc. Lowers Stake in Starbucks Co. (SBUX)

Stonebridge Capital Management Inc. cut its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 4.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 91,092 shares of the coffee company’s stock after selling 4,245 shares during the period. Starbucks makes up approximately 1.8% of Stonebridge Capital Management Inc.’s investment portfolio, making the stock its 18th largest holding. Stonebridge Capital Management Inc.’s holdings in Starbucks were worth $5,178,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. BlackRock Inc. grew its stake in shares of Starbucks by 0.6% during the second quarter. BlackRock Inc. now owns 84,654,465 shares of the coffee company’s stock worth $4,135,368,000 after purchasing an additional 477,124 shares during the period. Morgan Stanley grew its stake in shares of Starbucks by 2.0% during the second quarter. Morgan Stanley now owns 47,116,946 shares of the coffee company’s stock worth $2,301,661,000 after purchasing an additional 928,175 shares during the period. Magellan Asset Management Ltd grew its stake in shares of Starbucks by 5.2% during the second quarter. Magellan Asset Management Ltd now owns 32,392,116 shares of the coffee company’s stock worth $1,582,355,000 after purchasing an additional 1,613,187 shares during the period. Polen Capital Management LLC grew its stake in shares of Starbucks by 0.5% during the second quarter. Polen Capital Management LLC now owns 12,286,385 shares of the coffee company’s stock worth $600,190,000 after purchasing an additional 56,588 shares during the period. Finally, Parnassus Investments CA grew its stake in shares of Starbucks by 26.8% during the second quarter. Parnassus Investments CA now owns 12,052,546 shares of the coffee company’s stock worth $588,767,000 after purchasing an additional 2,543,697 shares during the period. 71.90% of the stock is owned by institutional investors and hedge funds.

A number of equities research analysts recently commented on the company. BidaskClub raised Starbucks from a “buy” rating to a “strong-buy” rating in a research note on Wednesday. Bank of America lifted their target price on Starbucks from $57.00 to $64.00 and gave the stock a “buy” rating in a report on Wednesday, October 10th. KeyCorp reiterated a “buy” rating on shares of Starbucks in a report on Thursday, October 4th. Zacks Investment Research lowered Starbucks from a “hold” rating to a “sell” rating in a report on Friday, September 28th. Finally, Wedbush reiterated a “hold” rating and set a $53.00 target price on shares of Starbucks in a report on Tuesday, September 18th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $60.35.

In other news, Director Myron E. Ullman III sold 99,166 shares of the business’s stock in a transaction dated Wednesday, September 12th. The stock was sold at an average price of $55.05, for a total value of $5,459,088.30. Following the sale, the director now directly owns 29,000 shares in the company, valued at $1,596,450. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Javier G. Teruel sold 166,666 shares of the business’s stock in a transaction dated Friday, August 24th. The shares were sold at an average price of $52.70, for a total value of $8,783,298.20. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 295,832 shares of company stock worth $15,834,037. Corporate insiders own 3.48% of the company’s stock.

Shares of Starbucks stock opened at $57.81 on Wednesday. The stock has a market capitalization of $76.68 billion, a PE ratio of 28.06, a PEG ratio of 1.69 and a beta of 0.60. Starbucks Co. has a one year low of $47.37 and a one year high of $61.94. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.76 and a current ratio of 1.01.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings results on Thursday, July 26th. The coffee company reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.02. The company had revenue of $6.31 billion for the quarter, compared to analyst estimates of $6.25 billion. Starbucks had a return on equity of 67.11% and a net margin of 18.87%. The company’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.55 earnings per share. Analysts predict that Starbucks Co. will post 2.4 earnings per share for the current fiscal year.

Starbucks Profile

Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty coffee worldwide. The company operates in four segments: Americas; China/Asia Pacific; Europe, Middle East, and Africa; and Channel Development. Its stores offer coffee and tea beverages, roasted whole bean and ground coffees, single-serve and ready-to-drink coffee and tea products, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.

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Institutional Ownership by Quarter for Starbucks (NASDAQ:SBUX)

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