Starbucks Corporation $SBUX Shares Sold by Independence Bank of Kentucky

Independence Bank of Kentucky lowered its position in shares of Starbucks Corporation (NASDAQ:SBUX) by 7.3% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,619 shares of the coffee company’s stock after selling 675 shares during the period. Independence Bank of Kentucky’s holdings in Starbucks were worth $790,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of Starbucks by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 112,059,570 shares of the coffee company’s stock worth $10,991,923,000 after purchasing an additional 953,361 shares during the period. Wellington Management Group LLP boosted its position in shares of Starbucks by 22.3% during the 1st quarter. Wellington Management Group LLP now owns 19,414,472 shares of the coffee company’s stock worth $1,904,366,000 after purchasing an additional 3,545,655 shares during the period. Nuveen LLC purchased a new position in shares of Starbucks during the 1st quarter worth approximately $1,379,619,000. Goldman Sachs Group Inc. boosted its position in shares of Starbucks by 59.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 9,623,282 shares of the coffee company’s stock worth $943,948,000 after purchasing an additional 3,589,537 shares during the period. Finally, Jennison Associates LLC purchased a new position in shares of Starbucks during the 1st quarter worth approximately $817,759,000. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Wall Street Analyst Weigh In

SBUX has been the subject of a number of research analyst reports. Citigroup lowered their price objective on shares of Starbucks from $100.00 to $99.00 and set a “neutral” rating for the company in a research report on Wednesday, July 30th. Robert W. Baird raised shares of Starbucks from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $100.00 to $115.00 in a research report on Tuesday, August 12th. Stifel Nicolaus raised their price target on shares of Starbucks from $92.00 to $105.00 and gave the company a “buy” rating in a research report on Friday, July 11th. Loop Capital set a $165.00 price target on shares of Starbucks in a research report on Tuesday, August 12th. Finally, Jefferies Financial Group cut shares of Starbucks from a “hold” rating to an “underperform” rating and set a $76.00 price target for the company. in a research report on Thursday, July 17th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $104.00.

Starbucks Trading Up 2.7%

Starbucks stock opened at $85.64 on Tuesday. The stock has a market cap of $97.35 billion, a P/E ratio of 36.91, a price-to-earnings-growth ratio of 5.01 and a beta of 1.00. The company has a fifty day simple moving average of $88.34 and a 200-day simple moving average of $88.83. Starbucks Corporation has a 12-month low of $75.50 and a 12-month high of $117.46.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings data on Tuesday, July 29th. The coffee company reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.14). The firm had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.29 billion. Starbucks had a negative return on equity of 36.23% and a net margin of 7.18%.Starbucks’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same period last year, the firm posted $0.93 earnings per share. As a group, sell-side analysts forecast that Starbucks Corporation will post 2.99 earnings per share for the current fiscal year.

Starbucks 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.