Montecito Bank & Trust Has $386,000 Stake in Starbucks Co. (NASDAQ:SBUX)

Montecito Bank & Trust lowered its stake in Starbucks Co. (NASDAQ:SBUX) by 36.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,934 shares of the coffee company’s stock after selling 2,249 shares during the period. Montecito Bank & Trust’s holdings in Starbucks were worth $386,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of SBUX. Arizona State Retirement System boosted its position in Starbucks by 0.8% in the 4th quarter. Arizona State Retirement System now owns 327,459 shares of the coffee company’s stock valued at $29,881,000 after buying an additional 2,722 shares during the last quarter. West Michigan Advisors LLC acquired a new position in shares of Starbucks during the fourth quarter valued at $265,000. Wernau Asset Management Inc. bought a new position in Starbucks in the fourth quarter valued at about $258,000. Vanguard Capital Wealth Advisors acquired a new stake in Starbucks in the fourth quarter worth about $285,000. Finally, OFI Invest Asset Management bought a new stake in Starbucks during the 4th quarter worth about $9,497,000. Institutional investors and hedge funds own 72.29% of the company’s stock.

Starbucks Stock Up 0.2%

Shares of SBUX stock opened at $93.48 on Tuesday. Starbucks Co. has a 12-month low of $71.55 and a 12-month high of $117.46. The firm has a fifty day moving average of $85.44 and a 200-day moving average of $94.77. The company has a market capitalization of $106.23 billion, a price-to-earnings ratio of 30.15, a P/E/G ratio of 3.59 and a beta of 1.00.

Starbucks (NASDAQ:SBUX) last released its earnings results on Tuesday, April 29th. The coffee company reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.10). Starbucks had a negative return on equity of 44.97% and a net margin of 9.73%. The firm had revenue of $8.76 billion for the quarter, compared to the consensus estimate of $8.90 billion. During the same quarter last year, the company posted $0.68 EPS. Starbucks’s revenue for the quarter was up 2.3% on a year-over-year basis. On average, equities analysts expect that Starbucks Co. will post 2.99 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have recently issued reports on SBUX shares. Baird R W lowered shares of Starbucks from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 7th. Guggenheim reduced their price objective on shares of Starbucks from $95.00 to $83.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 29th. Citigroup lifted their target price on shares of Starbucks from $84.00 to $95.00 and gave the stock a “neutral” rating in a report on Thursday, June 12th. The Goldman Sachs Group reissued a “neutral” rating and issued a $95.00 price target (up previously from $85.00) on shares of Starbucks in a research note on Thursday, June 12th. Finally, Wells Fargo & Company decreased their price objective on Starbucks from $125.00 to $100.00 and set an “overweight” rating for the company in a research note on Tuesday, April 22nd. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, Starbucks presently has an average rating of “Hold” and an average target price of $98.96.

Starbucks Company 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.