CNB Bank Lowers Position in Starbucks Co. (NASDAQ:SBUX)

CNB Bank lessened its stake in Starbucks Co. (NASDAQ:SBUXGet Rating) by 14.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,599 shares of the coffee company’s stock after selling 1,416 shares during the period. CNB Bank’s holdings in Starbucks were worth $782,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in the business. Triangle Securities Wealth Management lifted its position in shares of Starbucks by 178.2% during the 1st quarter. Triangle Securities Wealth Management now owns 16,071 shares of the coffee company’s stock valued at $1,462,000 after buying an additional 10,295 shares in the last quarter. LVM Capital Management Ltd. MI lifted its position in shares of Starbucks by 11.6% during the 1st quarter. LVM Capital Management Ltd. MI now owns 73,434 shares of the coffee company’s stock valued at $6,680,000 after buying an additional 7,605 shares in the last quarter. Executive Wealth Management LLC lifted its position in shares of Starbucks by 0.8% during the 1st quarter. Executive Wealth Management LLC now owns 16,430 shares of the coffee company’s stock valued at $1,494,000 after buying an additional 134 shares in the last quarter. First Affirmative Financial Network lifted its position in shares of Starbucks by 5.6% during the 1st quarter. First Affirmative Financial Network now owns 2,713 shares of the coffee company’s stock valued at $247,000 after buying an additional 145 shares in the last quarter. Finally, Marietta Wealth Management LLC lifted its position in shares of Starbucks by 0.7% during the 1st quarter. Marietta Wealth Management LLC now owns 67,288 shares of the coffee company’s stock valued at $6,121,000 after buying an additional 437 shares in the last quarter. Institutional investors and hedge funds own 69.21% of the company’s stock.

NASDAQ SBUX opened at $73.30 on Thursday. The stock has a market cap of $84.07 billion, a PE ratio of 19.65, a P/E/G ratio of 2.15 and a beta of 0.97. Starbucks Co. has a twelve month low of $68.39 and a twelve month high of $126.32. The stock has a fifty day simple moving average of $75.53 and a 200-day simple moving average of $89.88.

Starbucks (NASDAQ:SBUXGet Rating) last released its quarterly earnings results on Tuesday, May 3rd. The coffee company reported $0.59 earnings per share for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.01). The business had revenue of $7.64 billion for the quarter, compared to analysts’ expectations of $7.60 billion. Starbucks had a negative return on equity of 53.43% and a net margin of 14.07%. The business’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.62 earnings per share. Analysts expect that Starbucks Co. will post 2.89 EPS for the current fiscal year.

SBUX has been the topic of a number of recent analyst reports. MKM Partners decreased their target price on Starbucks from $105.00 to $98.00 in a research report on Wednesday, May 4th. Evercore ISI raised Starbucks from an “in-line” rating to an “outperform” rating and set a $95.00 price objective for the company in a research note on Wednesday, May 4th. StockNews.com downgraded Starbucks from a “buy” rating to a “hold” rating in a research note on Thursday, May 12th. Credit Suisse Group reduced their price objective on Starbucks from $122.00 to $103.00 in a research note on Wednesday, May 4th. Finally, UBS Group reduced their price objective on Starbucks from $105.00 to $86.00 and set a “neutral” rating for the company in a research note on Monday, April 25th. Fourteen equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $102.72.

In other news, CEO Howard D. Schultz bought 72,500 shares of the stock in a transaction that occurred on Thursday, May 12th. The stock was bought at an average cost of $68.85 per share, for a total transaction of $4,991,625.00. Following the acquisition, the chief executive officer now directly owns 19,606,960 shares of the company’s stock, valued at approximately $1,349,939,196. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Howard D. Schultz bought 137,500 shares of the stock in a transaction that occurred on Tuesday, May 10th. The shares were purchased at an average price of $72.67 per share, with a total value of $9,992,125.00. Following the completion of the acquisition, the chief executive officer now directly owns 19,534,460 shares in the company, valued at $1,419,569,208.20. The disclosure for this purchase can be found here. Corporate insiders own 0.27% of the company’s stock.

Starbucks Company Profile (Get Rating)

Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty 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.

See Also

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Institutional Ownership by Quarter for Starbucks (NASDAQ:SBUX)

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