Assenagon Asset Management S.A. Has $13.94 Million Holdings in Starbucks Co. (NASDAQ:SBUX)

Assenagon Asset Management S.A. cut its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 94.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 142,060 shares of the coffee company’s stock after selling 2,666,511 shares during the period. Assenagon Asset Management S.A.’s holdings in Starbucks were worth $13,935,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of SBUX. Norges Bank acquired a new stake in Starbucks during the fourth quarter worth approximately $1,244,812,000. Capital World Investors lifted its position in Starbucks by 20.1% during the fourth quarter. Capital World Investors now owns 54,924,230 shares of the coffee company’s stock worth $5,011,796,000 after acquiring an additional 9,174,682 shares during the last quarter. FMR LLC lifted its position in Starbucks by 27.0% during the fourth quarter. FMR LLC now owns 25,128,649 shares of the coffee company’s stock worth $2,292,989,000 after acquiring an additional 5,348,790 shares during the last quarter. Capital Research Global Investors raised its position in shares of Starbucks by 167.6% in the fourth quarter. Capital Research Global Investors now owns 5,690,198 shares of the coffee company’s stock valued at $519,230,000 after buying an additional 3,563,942 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of Starbucks in the fourth quarter valued at approximately $284,283,000. 72.29% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on SBUX shares. Guggenheim dropped their price target on shares of Starbucks from $95.00 to $83.00 and set a “neutral” rating for the company in a research report on Tuesday, April 29th. The Goldman Sachs Group lifted their price target on shares of Starbucks from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Thursday. JPMorgan Chase & Co. dropped their price target on shares of Starbucks from $105.00 to $100.00 and set an “overweight” rating for the company in a research report on Wednesday, April 30th. Royal Bank of Canada lifted their price target on shares of Starbucks from $95.00 to $100.00 and gave the company an “outperform” rating in a research report on Wednesday. Finally, TD Cowen reiterated a “hold” rating and issued a $90.00 price target on shares of Starbucks in a research report on Thursday, May 29th. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $98.96.

Starbucks Stock Performance

NASDAQ SBUX opened at $93.26 on Friday. The firm’s fifty day moving average price is $85.17 and its two-hundred day moving average price is $94.93. The stock has a market cap of $105.98 billion, a PE ratio of 30.08, a PEG ratio of 3.59 and a beta of 1.00. Starbucks Co. has a fifty-two week low of $71.55 and a fifty-two week high of $117.46.

Starbucks (NASDAQ:SBUX) last posted its earnings results on Tuesday, April 29th. The coffee company reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.10). The company had revenue of $8.76 billion for the quarter, compared to the consensus estimate of $8.90 billion. Starbucks had a negative return on equity of 44.97% and a net margin of 9.73%. The business’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.68 EPS. As a group, sell-side analysts predict that Starbucks Co. will post 2.99 earnings per share for the current fiscal year.

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.