Lafayette Investments Inc. Trims Stock Position in Starbucks Corporation (NASDAQ:SBUX)

Lafayette Investments Inc. lessened its stake in Starbucks Corporation (NASDAQ:SBUX) by 8.4% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 66,076 shares of the coffee company’s stock after selling 6,066 shares during the quarter. Starbucks comprises approximately 1.4% of Lafayette Investments Inc.’s holdings, making the stock its 19th biggest holding. Lafayette Investments Inc.’s holdings in Starbucks were worth $6,481,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Norges Bank purchased a new stake in shares of Starbucks during the fourth quarter valued at approximately $1,244,812,000. Capital World Investors grew its stake in shares of Starbucks by 20.1% during the fourth quarter. Capital World Investors now owns 54,924,230 shares of the coffee company’s stock valued at $5,011,796,000 after acquiring an additional 9,174,682 shares in the last quarter. FMR LLC increased its position in shares of Starbucks by 27.0% during the fourth quarter. FMR LLC now owns 25,128,649 shares of the coffee company’s stock worth $2,292,989,000 after acquiring an additional 5,348,790 shares during the last quarter. Capital Research Global Investors lifted its stake in shares of Starbucks by 167.6% in the fourth quarter. Capital Research Global Investors now owns 5,690,198 shares of the coffee company’s stock worth $519,230,000 after acquiring an additional 3,563,942 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in Starbucks in the fourth quarter valued at about $284,283,000. 72.29% of the stock is owned by hedge funds and other institutional investors.

Starbucks Stock Performance

Starbucks stock opened at $91.84 on Friday. The firm has a market cap of $104.37 billion, a price-to-earnings ratio of 33.28, a price-to-earnings-growth ratio of 4.65 and a beta of 1.00. Starbucks Corporation has a 1 year low of $71.55 and a 1 year high of $117.46. The firm’s 50 day moving average price is $86.59 and its two-hundred day moving average price is $94.39.

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 net margin of 8.61% and a negative return on equity of 42.14%. The company had revenue of $8.76 billion for the quarter, compared to analysts’ expectations of $8.90 billion. During the same period in the prior year, the company earned $0.68 earnings per share. The company’s revenue for the quarter was up 2.3% on a year-over-year basis. As a group, equities analysts predict that Starbucks Corporation will post 2.99 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Evercore ISI reaffirmed an “outperform” rating and issued a $105.00 target price (up from $95.00) on shares of Starbucks in a research report on Tuesday. Argus upgraded Starbucks from a “hold” rating to a “buy” rating and set a $115.00 target price for the company in a research report on Tuesday, March 18th. TD Securities reissued a “hold” rating and set a $90.00 price target on shares of Starbucks in a research report on Monday. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $95.00 price objective (up previously from $85.00) on shares of Starbucks in a report on Thursday, June 12th. Finally, Jefferies Financial Group raised shares of Starbucks from an “underperform” rating to a “hold” rating and set a $76.00 target price on the stock in a report on Wednesday, April 9th. Three 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 stock. Based on data from MarketBeat, Starbucks has an average rating of “Hold” and an average price target 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.