Highland Capital Management LLC Sells 1,383 Shares of Starbucks Corporation (NASDAQ:SBUX)

Highland Capital Management LLC lowered its stake in shares of Starbucks Corporation (NASDAQ:SBUX) by 2.3% during the 1st quarter, Holdings Channel.com reports. The fund owned 59,973 shares of the coffee company’s stock after selling 1,383 shares during the quarter. Highland Capital Management LLC’s holdings in Starbucks were worth $5,883,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Norges Bank bought a new position in Starbucks during the fourth quarter valued at approximately $1,244,812,000. Capital World Investors raised its stake in Starbucks by 20.1% during the 4th quarter. Capital World Investors now owns 54,924,230 shares of the coffee company’s stock valued at $5,011,796,000 after buying an additional 9,174,682 shares during the last quarter. FMR LLC lifted its holdings in shares of Starbucks by 27.0% during the 4th quarter. FMR LLC now owns 25,128,649 shares of the coffee company’s stock valued at $2,292,989,000 after buying an additional 5,348,790 shares during the period. Capital Research Global Investors lifted its holdings in shares of Starbucks by 167.6% during the 4th quarter. Capital Research Global Investors now owns 5,690,198 shares of the coffee company’s stock valued at $519,230,000 after buying an additional 3,563,942 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in shares of Starbucks in the 4th quarter worth $284,283,000. Institutional investors own 72.29% of the company’s stock.

Starbucks Stock Performance

Shares of NASDAQ:SBUX opened at $92.11 on Friday. Starbucks Corporation has a fifty-two week low of $71.55 and a fifty-two week high of $117.46. The firm has a fifty day moving average price of $86.80 and a 200 day moving average price of $94.35. The firm has a market cap of $104.67 billion, a price-to-earnings ratio of 33.37, a P/E/G ratio of 4.70 and a beta of 1.00.

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

Analysts Set New Price Targets

A number of analysts recently commented on SBUX shares. Evercore ISI reiterated an “outperform” rating and set a $105.00 price objective (up previously from $95.00) on shares of Starbucks in a research report on Tuesday. Wells Fargo & Company reduced their price target on shares of Starbucks from $125.00 to $100.00 and set an “overweight” rating for the company in a research report on Tuesday, April 22nd. Argus upgraded shares of Starbucks from a “hold” rating to a “buy” rating and set a $115.00 price objective on the stock in a research note on Tuesday, March 18th. The Goldman Sachs Group restated a “neutral” rating and set a $95.00 target price (up from $85.00) on shares of Starbucks in a research report on Thursday, June 12th. Finally, BMO Capital Markets reduced their target price on shares of Starbucks from $115.00 to $100.00 and set an “outperform” rating for the company in a report on Wednesday, April 30th. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Starbucks presently has an average rating of “Hold” and a consensus target price of $98.76.

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.