Washington Trust Bank Sells 7,749 Shares of Starbucks Co. (NASDAQ:SBUX)

Washington Trust Bank trimmed its position in Starbucks Co. (NASDAQ:SBUX) by 4.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 170,026 shares of the coffee company’s stock after selling 7,749 shares during the quarter. Starbucks comprises about 1.5% of Washington Trust Bank’s investment portfolio, making the stock its 23rd biggest position. Washington Trust Bank’s holdings in Starbucks were worth $15,515,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Strategic Financial Concepts LLC bought a new stake in Starbucks during the fourth quarter worth approximately $62,000. Arizona State Retirement System increased its stake in Starbucks by 0.8% during the fourth quarter. Arizona State Retirement System now owns 327,459 shares of the coffee company’s stock worth $29,881,000 after acquiring an additional 2,722 shares during the last quarter. West Michigan Advisors LLC bought a new stake in Starbucks during the fourth quarter worth approximately $265,000. Wernau Asset Management Inc. bought a new stake in Starbucks during the fourth quarter worth approximately $258,000. Finally, Investment Management Corp of Ontario increased its stake in Starbucks by 48.6% during the third quarter. Investment Management Corp of Ontario now owns 37,584 shares of the coffee company’s stock worth $3,664,000 after acquiring an additional 12,300 shares during the last quarter. 72.29% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

SBUX has been the topic of several analyst reports. UBS Group boosted their price objective on Starbucks from $98.00 to $105.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 29th. Royal Bank of Canada restated an “outperform” rating and set a $115.00 target price on shares of Starbucks in a research report on Friday, January 24th. Stifel Nicolaus boosted their target price on Starbucks from $110.00 to $114.00 and gave the company a “buy” rating in a research report on Monday, January 27th. 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. Finally, Wells Fargo & Company boosted their target price on Starbucks from $115.00 to $125.00 and gave the company an “overweight” rating in a research report on Tuesday, February 25th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $106.12.

Starbucks Stock Down 2.2 %

Starbucks stock opened at $97.07 on Friday. The business has a fifty day moving average of $105.41 and a two-hundred day moving average of $99.32. The firm has a market cap of $110.26 billion, a P/E ratio of 31.31, a P/E/G ratio of 3.59 and a beta of 0.99. Starbucks Co. has a twelve month low of $71.55 and a twelve month high of $117.46.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings results on Tuesday, January 28th. The coffee company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.68 by $0.01. Starbucks had a negative return on equity of 44.97% and a net margin of 9.73%. During the same quarter in the prior year, the firm earned $0.90 EPS. Equities analysts expect that Starbucks Co. will post 2.99 earnings per share for the current 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.