Starbucks Co. (NASDAQ:SBUX) Shares Sold by Mechanics Financial Corp

Mechanics Financial Corp lessened its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 35.5% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,510 shares of the coffee company’s stock after selling 830 shares during the quarter. Mechanics Financial Corp’s holdings in Starbucks were worth $138,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Norges Bank purchased a new stake in Starbucks during the 4th quarter worth approximately $1,244,812,000. Wellington Management Group LLP increased its position in shares of Starbucks by 100.6% during the third quarter. Wellington Management Group LLP now owns 15,149,937 shares of the coffee company’s stock worth $1,476,967,000 after acquiring an additional 7,598,146 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Starbucks in the fourth quarter valued at $284,283,000. Assenagon Asset Management S.A. boosted its holdings in Starbucks by 1,491.4% in the fourth quarter. Assenagon Asset Management S.A. now owns 2,808,571 shares of the coffee company’s stock valued at $256,282,000 after purchasing an additional 2,632,087 shares during the period. Finally, Zurich Insurance Group Ltd FI acquired a new position in Starbucks during the 3rd quarter worth $126,574,000. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Starbucks Stock Performance

NASDAQ SBUX opened at $97.73 on Friday. The firm’s fifty day moving average is $105.75 and its two-hundred day moving average is $99.50. Starbucks Co. has a one year low of $71.55 and a one year high of $117.46. The firm has a market cap of $111.01 billion, a PE ratio of 31.53, a P/E/G ratio of 3.59 and a beta of 0.99.

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, beating the consensus estimate 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 period in the previous year, the firm posted $0.90 EPS. Research analysts predict that Starbucks Co. will post 2.99 earnings per share for the current year.

Analyst Ratings Changes

SBUX has been the topic of a number of analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $115.00 price target on shares of Starbucks in a research report on Friday, January 24th. Argus upgraded shares of Starbucks from a “hold” rating to a “buy” rating and set a $115.00 price target for the company in a research note on Tuesday, March 18th. UBS Group increased their price objective on shares of Starbucks from $98.00 to $105.00 and gave the company a “neutral” rating in a research report on Wednesday, January 29th. Wedbush raised their price objective on shares of Starbucks from $95.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, January 29th. Finally, Wells Fargo & Company boosted their target price on shares of Starbucks from $115.00 to $125.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 25th. Three research analysts have rated the stock with a sell rating, six have given a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Starbucks presently has an average rating of “Moderate Buy” and an average target price of $106.12.

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.