Reik & CO. LLC trimmed its position in shares of Starbucks Co. (NASDAQ:SBUX) by 2.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 41,080 shares of the coffee company’s stock after selling 1,100 shares during the period. Starbucks makes up approximately 0.7% of Reik & CO. LLC’s holdings, making the stock its 18th largest holding. Reik & CO. LLC’s holdings in Starbucks were worth $2,335,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. BlackRock Inc. grew its stake in shares of Starbucks by 0.6% in the 2nd quarter. BlackRock Inc. now owns 84,654,465 shares of the coffee company’s stock valued at $4,135,368,000 after purchasing an additional 477,124 shares during the period. Morgan Stanley grew its stake in shares of Starbucks by 2.0% in the 2nd quarter. Morgan Stanley now owns 47,116,946 shares of the coffee company’s stock valued at $2,301,661,000 after purchasing an additional 928,175 shares during the period. Magellan Asset Management Ltd grew its stake in shares of Starbucks by 5.2% in the 2nd quarter. Magellan Asset Management Ltd now owns 32,392,116 shares of the coffee company’s stock valued at $1,582,355,000 after purchasing an additional 1,613,187 shares during the period. Polen Capital Management LLC grew its stake in shares of Starbucks by 0.5% in the 2nd quarter. Polen Capital Management LLC now owns 12,286,385 shares of the coffee company’s stock valued at $600,190,000 after purchasing an additional 56,588 shares during the period. Finally, Parnassus Investments CA grew its stake in shares of Starbucks by 26.8% in the 2nd quarter. Parnassus Investments CA now owns 12,052,546 shares of the coffee company’s stock valued at $588,767,000 after purchasing an additional 2,543,697 shares during the period. Hedge funds and other institutional investors own 71.86% of the company’s stock.
In other Starbucks news, Director Myron E. Ullman III sold 15,000 shares of the company’s stock in a transaction on Friday, August 3rd. The stock was sold at an average price of $52.13, for a total transaction of $781,950.00. Following the transaction, the director now owns 29,000 shares of the company’s stock, valued at approximately $1,511,770. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Rosalind G. Brewer acquired 5,000 shares of Starbucks stock in a transaction on Monday, August 20th. The shares were purchased at an average cost of $54.04 per share, for a total transaction of $270,200.00. Following the acquisition, the insider now owns 7,302 shares in the company, valued at approximately $394,600.08. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 295,832 shares of company stock worth $15,834,037. Company insiders own 3.48% of the company’s stock.
SBUX has been the topic of several analyst reports. Wells Fargo & Co upped their price objective on Starbucks from $60.00 to $64.00 and gave the company an “outperform” rating in a research note on Wednesday, October 17th. KeyCorp reiterated a “buy” rating on shares of Starbucks in a research note on Thursday, October 4th. Zacks Investment Research upgraded Starbucks from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 21st. BidaskClub raised Starbucks from a “hold” rating to a “buy” rating in a report on Wednesday, September 12th. Finally, ValuEngine raised Starbucks from a “sell” rating to a “hold” rating in a report on Friday, September 7th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $60.62.
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 coffee and tea products, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.
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