Covenant Asset Management LLC Makes New Investment in Starbucks Co. (NASDAQ:SBUX)

Covenant Asset Management LLC acquired a new position in shares of Starbucks Co. (NASDAQ:SBUX) during the fourth quarter, HoldingsChannel.com reports. The institutional investor acquired 3,103 shares of the coffee company’s stock, valued at approximately $273,000.

A number of other institutional investors also recently bought and sold shares of the business. Point72 Asset Management L.P. bought a new position in shares of Starbucks in the 2nd quarter valued at $1,375,000. Victory Capital Management Inc. boosted its holdings in shares of Starbucks by 8.4% during the 2nd quarter. Victory Capital Management Inc. now owns 78,742 shares of the coffee company’s stock valued at $6,601,000 after acquiring an additional 6,125 shares in the last quarter. River & Mercantile Asset Management LLP acquired a new stake in shares of Starbucks during the 2nd quarter valued at $1,813,000. Integrated Wealth Concepts LLC boosted its holdings in shares of Starbucks by 11.5% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 3,474 shares of the coffee company’s stock valued at $291,000 after acquiring an additional 359 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. boosted its holdings in shares of Starbucks by 4.9% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 177,287 shares of the coffee company’s stock valued at $14,862,000 after acquiring an additional 8,359 shares in the last quarter. Hedge funds and other institutional investors own 69.97% of the company’s stock.

In related news, CAO Jill Walker sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $86.47, for a total value of $172,940.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Lucy Lee Helm sold 18,982 shares of the company’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $88.49, for a total value of $1,679,717.18. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 35,207 shares of company stock valued at $3,072,954. 3.98% of the stock is currently owned by corporate insiders.

Shares of SBUX stock traded down $1.67 during trading on Friday, hitting $92.09. The company’s stock had a trading volume of 2,867,282 shares, compared to its average volume of 5,450,068. The company has a market cap of $109.28 billion, a PE ratio of 31.43, a P/E/G ratio of 2.34 and a beta of 0.51. The business has a fifty day moving average of $89.15 and a 200-day moving average of $89.38. Starbucks Co. has a 52 week low of $62.93 and a 52 week high of $99.72.

Starbucks (NASDAQ:SBUX) last released its earnings results on Wednesday, October 30th. The coffee company reported $0.70 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.70. The company had revenue of $6.75 billion during the quarter, compared to analyst estimates of $6.68 billion. Starbucks had a negative return on equity of 75.45% and a net margin of 13.58%. Starbucks’s quarterly revenue was up 7.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.62 earnings per share. On average, sell-side analysts expect that Starbucks Co. will post 3.05 EPS for the current fiscal year.

Several research firms recently weighed in on SBUX. Wedbush reissued a “neutral” rating on shares of Starbucks in a report on Thursday, October 31st. Weeden reissued a “neutral” rating on shares of Starbucks in a report on Friday, November 1st. ValuEngine downgraded Starbucks from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Morgan Stanley raised their price objective on Starbucks from $88.00 to $95.00 and gave the company an “equal weight” rating in a report on Thursday, December 19th. Finally, Barclays raised Starbucks from an “equal weight” rating to an “overweight” rating and set a $107.00 price objective on the stock in a report on Thursday, January 9th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating and fourteen have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $92.35.

Starbucks Company 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 beverages, iced tea, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.

See Also: Roth IRA

Want to see what other hedge funds are holding SBUX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Starbucks Co. (NASDAQ:SBUX).

Institutional Ownership by Quarter for Starbucks (NASDAQ:SBUX)

Receive News & Ratings for Starbucks Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Starbucks and related companies with MarketBeat.com's FREE daily email newsletter.