Cipher Capital LP bought a new stake in shares of Starbucks Co. (NASDAQ:SBUX) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 35,118 shares of the coffee company’s stock, valued at approximately $2,261,000.
Several other hedge funds have also recently made changes to their positions in the company. Municipal Employees Retirement System of Michigan purchased a new position in Starbucks during the fourth quarter worth approximately $2,145,000. Gotham Asset Management LLC purchased a new position in shares of Starbucks in the fourth quarter valued at approximately $2,481,000. Miramar Capital LLC acquired a new stake in shares of Starbucks in the fourth quarter valued at approximately $3,530,000. Baker Avenue Asset Management LP increased its holdings in shares of Starbucks by 17.9% in the fourth quarter. Baker Avenue Asset Management LP now owns 5,454 shares of the coffee company’s stock valued at $351,000 after purchasing an additional 827 shares during the last quarter. Finally, Sontag Advisory LLC acquired a new stake in shares of Starbucks in the fourth quarter valued at approximately $115,000. 73.36% of the stock is currently owned by institutional investors and hedge funds.
Several research firms recently commented on SBUX. Piper Jaffray Companies increased their price target on Starbucks from $60.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday. UBS Group cut Starbucks from a “buy” rating to a “neutral” rating and increased their price target for the company from $72.00 to $78.00 in a report on Monday, April 8th. BidaskClub raised Starbucks from a “buy” rating to a “strong-buy” rating in a report on Wednesday, March 27th. Zacks Investment Research raised Starbucks from a “hold” rating to a “buy” rating and set a $73.00 price target for the company in a report on Monday, January 28th. Finally, Bank of America set a $75.00 price target on Starbucks and gave the company a “buy” rating in a report on Friday, January 25th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. Starbucks presently has an average rating of “Buy” and an average price target of $68.00.
In other news, EVP Vivek C. Varma sold 50,000 shares of Starbucks stock in a transaction on Wednesday, February 6th. The stock was sold at an average price of $69.13, for a total value of $3,456,500.00. Following the completion of the sale, the executive vice president now directly owns 117,640 shares of the company’s stock, valued at $8,132,453.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider John Culver sold 169,096 shares of Starbucks stock in a transaction on Thursday, February 7th. The shares were sold at an average price of $68.81, for a total value of $11,635,495.76. The disclosure for this sale can be found here. Insiders sold 565,806 shares of company stock valued at $38,789,988 over the last ninety days. Insiders own 3.98% of the company’s stock.
Shares of NASDAQ SBUX opened at $76.65 on Friday. Starbucks Co. has a twelve month low of $47.37 and a twelve month high of $76.95. The company has a quick ratio of 1.16, a current ratio of 1.41 and a debt-to-equity ratio of 7.73. The firm has a market capitalization of $94.35 billion, a PE ratio of 31.67, a PEG ratio of 2.17 and a beta of 0.51.
Starbucks (NASDAQ:SBUX) last issued its quarterly earnings data on Thursday, January 24th. The coffee company reported $0.75 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.65 by $0.10. Starbucks had a return on equity of 193.00% and a net margin of 11.98%. The business had revenue of $6.63 billion during the quarter, compared to analysts’ expectations of $6.49 billion. During the same period in the previous year, the firm posted $0.65 earnings per share. The company’s revenue was up 9.2% on a year-over-year basis. As a group, research analysts anticipate that Starbucks Co. will post 2.72 EPS for the current year.
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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 beverages, iced tea, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.
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