Connective Portfolio Management LLC Takes Position in Starbucks Corporation (NASDAQ:SBUX)

Connective Portfolio Management LLC acquired a new position in shares of Starbucks Corporation (NASDAQ:SBUX) in the 1st quarter, HoldingsChannel.com reports. The fund acquired 11,300 shares of the coffee company’s stock, valued at approximately $1,108,000. Starbucks accounts for about 3.7% of Connective Portfolio Management LLC’s portfolio, making the stock its 11th largest position.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Brighton Jones LLC grew its position in shares of Starbucks by 86.5% in the fourth quarter. Brighton Jones LLC now owns 176,722 shares of the coffee company’s stock valued at $16,126,000 after purchasing an additional 81,952 shares during the last quarter. Strategic Financial Concepts LLC acquired a new stake in shares of Starbucks in the fourth quarter valued at approximately $62,000. Kestra Investment Management LLC acquired a new stake in shares of Starbucks in the fourth quarter valued at approximately $80,000. Bryn Mawr Capital Management LLC grew its position in shares of Starbucks by 106.5% in the fourth quarter. Bryn Mawr Capital Management LLC now owns 23,405 shares of the coffee company’s stock valued at $2,136,000 after purchasing an additional 12,071 shares during the last quarter. Finally, Sunpointe LLC acquired a new position in Starbucks in the 4th quarter valued at about $219,000. 72.29% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently weighed in on SBUX shares. Cowen downgraded shares of Starbucks from a “buy” rating to a “hold” rating in a research note on Thursday, May 29th. Guggenheim cut their price objective on shares of Starbucks from $95.00 to $83.00 and set a “neutral” rating for the company in a research report on Tuesday, April 29th. Citigroup boosted their price objective on shares of Starbucks from $84.00 to $95.00 and gave the company a “neutral” rating in a research report on Thursday, June 12th. Jefferies Financial Group raised shares of Starbucks from an “underperform” rating to a “hold” rating and set a $76.00 price objective for the company in a research report on Wednesday, April 9th. Finally, Wall Street Zen cut Starbucks from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $98.96.

Starbucks Price Performance

NASDAQ SBUX opened at $93.12 on Friday. The firm has a market capitalization of $105.82 billion, a P/E ratio of 33.74, a P/E/G ratio of 4.70 and a beta of 1.00. Starbucks Corporation has a 1-year low of $71.55 and a 1-year high of $117.46. The business’s 50-day simple moving average is $85.88 and its 200-day simple moving average is $94.61.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings data on Tuesday, April 29th. The coffee company reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.10). Starbucks had a negative return on equity of 42.14% and a net margin of 8.61%. The business had revenue of $8.76 billion for the quarter, compared to analysts’ expectations of $8.90 billion. During the same quarter in the prior year, the firm earned $0.68 earnings per share. Starbucks’s quarterly revenue was up 2.3% compared to the same quarter last year. On average, equities research analysts expect that Starbucks Corporation will post 2.99 EPS for the current fiscal year.

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.