Montecito Bank & Trust Sells 2,249 Shares of Starbucks Co. (NASDAQ:SBUX)

Montecito Bank & Trust trimmed its position in Starbucks Co. (NASDAQ:SBUX) by 36.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,934 shares of the coffee company’s stock after selling 2,249 shares during the quarter. Montecito Bank & Trust’s holdings in Starbucks were worth $386,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the company. Arizona State Retirement System grew its position in shares of Starbucks by 0.8% in the fourth quarter. Arizona State Retirement System now owns 327,459 shares of the coffee company’s stock valued at $29,881,000 after purchasing an additional 2,722 shares during the last quarter. West Michigan Advisors LLC bought a new stake in Starbucks during the 4th quarter valued at approximately $265,000. Wernau Asset Management Inc. bought a new stake in Starbucks during the 4th quarter valued at approximately $258,000. Vanguard Capital Wealth Advisors acquired a new stake in Starbucks in the 4th quarter valued at approximately $285,000. Finally, OFI Invest Asset Management bought a new position in Starbucks in the 4th quarter worth approximately $9,497,000. 72.29% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

SBUX has been the subject of several research reports. Robert W. Baird reissued a “neutral” rating and issued a $85.00 price objective (down from $114.00) on shares of Starbucks in a research report on Monday, April 7th. Jefferies Financial Group upgraded shares of Starbucks from an “underperform” rating to a “hold” rating and set a $76.00 target price for the company in a research note on Wednesday, April 9th. Citigroup raised their price target on shares of Starbucks from $84.00 to $95.00 and gave the stock a “neutral” rating in a research report on Thursday, June 12th. Baird R W downgraded shares of Starbucks from a “strong-buy” rating to a “hold” rating in a report on Monday, April 7th. Finally, TD Cowen reiterated a “hold” rating and issued a $90.00 target price on shares of Starbucks in a research note on Thursday, May 29th. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, Starbucks has a consensus rating of “Hold” and an average price target of $98.96.

Starbucks Trading Up 0.2%

Shares of Starbucks stock opened at $93.48 on Tuesday. The stock has a market capitalization of $106.23 billion, a price-to-earnings ratio of 30.15, a P/E/G ratio of 3.59 and a beta of 1.00. The firm’s 50-day moving average price is $85.44 and its two-hundred day moving average price is $94.77. Starbucks Co. has a 1-year low of $71.55 and a 1-year high of $117.46.

Starbucks (NASDAQ:SBUX) last announced its earnings results on Tuesday, April 29th. The coffee company reported $0.41 EPS for the quarter, missing the consensus estimate of $0.51 by ($0.10). Starbucks had a negative return on equity of 44.97% and a net margin of 9.73%. The business had revenue of $8.76 billion during the quarter, compared to analyst estimates of $8.90 billion. During the same period in the previous year, the firm earned $0.68 earnings per share. The firm’s revenue was up 2.3% compared to the same quarter last year. As a group, equities research analysts predict that Starbucks Co. will post 2.99 EPS for the current 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.