Patton Fund Management Inc. Sells 2,066 Shares of Starbucks Co. (NASDAQ:SBUX)

Patton Fund Management Inc. lessened its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 6.4% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 30,179 shares of the coffee company’s stock after selling 2,066 shares during the period. Patton Fund Management Inc.’s holdings in Starbucks were worth $2,990,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently made changes to their positions in SBUX. Beacon Capital Management LLC raised its position in shares of Starbucks by 33.8% during the 2nd quarter. Beacon Capital Management LLC now owns 1,331 shares of the coffee company’s stock valued at $132,000 after purchasing an additional 336 shares during the period. Cardinal Capital Management raised its holdings in Starbucks by 0.8% during the second quarter. Cardinal Capital Management now owns 70,541 shares of the coffee company’s stock valued at $6,988,000 after acquiring an additional 561 shares during the period. Pacific Sun Financial Corp purchased a new position in shares of Starbucks in the second quarter valued at about $224,000. Capital Advisors Wealth Management LLC grew its position in shares of Starbucks by 22.1% during the second quarter. Capital Advisors Wealth Management LLC now owns 2,594 shares of the coffee company’s stock worth $257,000 after purchasing an additional 470 shares in the last quarter. Finally, Worth Asset Management LLC grew its position in shares of Starbucks by 8.7% during the second quarter. Worth Asset Management LLC now owns 1,312 shares of the coffee company’s stock worth $130,000 after purchasing an additional 105 shares in the last quarter. Institutional investors own 70.13% of the company’s stock.

Starbucks Stock Down 2.0 %

Shares of SBUX traded down $1.96 during mid-day trading on Tuesday, hitting $94.80. 1,200,984 shares of the company traded hands, compared to its average volume of 6,203,236. The business has a 50 day moving average of $99.19 and a 200 day moving average of $101.43. The company has a market capitalization of $108.58 billion, a PE ratio of 29.50, a price-to-earnings-growth ratio of 1.69 and a beta of 0.93. Starbucks Co. has a 1-year low of $82.43 and a 1-year high of $115.48.

Starbucks (NASDAQ:SBUX) last released its earnings results on Tuesday, August 1st. The coffee company reported $1.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.05. Starbucks had a negative return on equity of 44.46% and a net margin of 10.81%. The firm had revenue of $9.17 billion for the quarter, compared to the consensus estimate of $9.29 billion. During the same period in the prior year, the firm earned $0.84 EPS. The firm’s revenue was up 12.5% on a year-over-year basis. As a group, research analysts expect that Starbucks Co. will post 3.45 EPS for the current fiscal year.

Insider Buying and Selling

In other Starbucks news, CFO Rachel Ruggeri sold 679 shares of the firm’s stock in a transaction that occurred on Wednesday, June 21st. The shares were sold at an average price of $100.60, for a total transaction of $68,307.40. Following the completion of the transaction, the chief financial officer now directly owns 54,761 shares of the company’s stock, valued at approximately $5,508,956.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.98% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on SBUX shares. Barclays reduced their price objective on shares of Starbucks from $127.00 to $123.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 2nd. Bank of America lifted their target price on Starbucks from $131.00 to $150.00 and gave the stock a “buy” rating in a report on Friday, July 21st. Wedbush cut their price objective on shares of Starbucks from $112.00 to $105.00 in a research report on Wednesday, August 2nd. Wells Fargo & Company lowered their target price on shares of Starbucks from $125.00 to $120.00 and set an “overweight” rating for the company in a report on Wednesday, July 19th. Finally, Citigroup dropped their target price on Starbucks from $117.00 to $112.00 and set a “neutral” rating for the company in a research report on Monday, July 24th. Ten investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $114.76.

About Starbucks

Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty 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.