Wendell David Associates Inc. Decreases Position in Starbucks Co. (NASDAQ:SBUX)

Wendell David Associates Inc. lowered its position in Starbucks Co. (NASDAQ:SBUX) by 2.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,577 shares of the coffee company’s stock after selling 400 shares during the quarter. Wendell David Associates Inc.’s holdings in Starbucks were worth $1,332,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Starbucks in the fourth quarter valued at about $25,000. Graney & King LLC acquired a new stake in Starbucks during the 4th quarter valued at $26,000. Runnymede Capital Advisors Inc. purchased a new position in Starbucks during the fourth quarter worth $27,000. Marshall Investment Management LLC acquired a new stake in shares of Starbucks during the fourth quarter valued at $30,000. Finally, Noble Wealth Management PBC purchased a new position in Starbucks in the 4th quarter valued at about $30,000. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Barclays decreased their target price on shares of Starbucks from $106.00 to $98.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 30th. Robert W. Baird reiterated a “neutral” rating and set a $85.00 price objective (down from $114.00) on shares of Starbucks in a research note on Monday, April 7th. Royal Bank of Canada raised their target price on Starbucks from $95.00 to $100.00 and gave the company an “outperform” rating in a report on Wednesday, June 11th. Wells Fargo & Company decreased their price objective on shares of Starbucks from $125.00 to $100.00 and set an “overweight” rating for the company in a research report on Tuesday, April 22nd. Finally, TD Securities restated a “hold” rating and issued a $90.00 price target on shares of Starbucks in a research note on Wednesday, June 11th. Three equities 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 MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $98.96.

Starbucks Stock Performance

Starbucks stock opened at $93.48 on Tuesday. Starbucks Co. has a 52 week low of $71.55 and a 52 week high of $117.46. The firm 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 company has a 50 day moving average price of $85.44 and a 200 day moving average price of $94.77.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings data on Tuesday, April 29th. The coffee company reported $0.41 earnings per share (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 analysts’ expectations of $8.90 billion. During the same period in the prior year, the company posted $0.68 earnings per share. The firm’s revenue was up 2.3% on a year-over-year basis. Equities analysts forecast that Starbucks Co. will post 2.99 earnings per share for the current fiscal year.

About Starbucks

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.