Summit X LLC Reduces Holdings in Starbucks Co. (NASDAQ:SBUX)

Summit X LLC lessened its stake in Starbucks Co. (NASDAQ:SBUX) by 4.2% in the fourth quarter, Holdings Channel reports. The institutional investor owned 3,700 shares of the coffee company’s stock after selling 161 shares during the quarter. Summit X LLC’s holdings in Starbucks were worth $338,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Assetmark Inc. boosted its holdings in Starbucks by 5.8% in the third quarter. Assetmark Inc. now owns 35,347 shares of the coffee company’s stock worth $3,446,000 after purchasing an additional 1,940 shares during the period. First National Trust Co boosted its holdings in Starbucks by 11.7% in the third quarter. First National Trust Co now owns 5,356 shares of the coffee company’s stock worth $522,000 after purchasing an additional 561 shares during the period. WealthPlan Investment Management LLC boosted its holdings in Starbucks by 26.2% in the third quarter. WealthPlan Investment Management LLC now owns 6,567 shares of the coffee company’s stock worth $640,000 after purchasing an additional 1,365 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its holdings in Starbucks by 1.6% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,640,092 shares of the coffee company’s stock worth $257,383,000 after purchasing an additional 41,389 shares during the period. Finally, Aptus Capital Advisors LLC boosted its holdings in Starbucks by 6.7% in the third quarter. Aptus Capital Advisors LLC now owns 13,185 shares of the coffee company’s stock worth $1,285,000 after purchasing an additional 833 shares during the period. Institutional investors own 72.29% of the company’s stock.

Starbucks Stock Performance

NASDAQ:SBUX opened at $98.69 on Thursday. The stock’s 50 day moving average price is $104.63 and its 200 day moving average price is $99.22. Starbucks Co. has a 52 week low of $71.55 and a 52 week high of $117.46. The company has a market capitalization of $112.10 billion, a P/E ratio of 31.84, a P/E/G ratio of 3.59 and a beta of 0.99.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings data on Tuesday, January 28th. The coffee company reported $0.69 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 period in the prior year, the company earned $0.90 EPS. As a group, sell-side analysts forecast that Starbucks Co. will post 2.99 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on SBUX. BMO Capital Markets boosted their price target on shares of Starbucks from $110.00 to $115.00 and gave the company an “outperform” rating in a report on Wednesday, January 29th. Wells Fargo & Company boosted their price target on shares of Starbucks from $115.00 to $125.00 and gave the company an “overweight” rating in a report on Tuesday, February 25th. UBS Group boosted their price target on shares of Starbucks from $98.00 to $105.00 and gave the company a “neutral” rating in a report on Wednesday, January 29th. Stifel Nicolaus lifted their price objective on shares of Starbucks from $110.00 to $114.00 and gave the company a “buy” rating in a research note on Monday, January 27th. Finally, Redburn Atlantic reiterated a “sell” rating and issued a $77.00 price target (down from $84.00) on shares of Starbucks in a research report on Wednesday, November 13th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $105.75.

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.