Byrne Asset Management LLC Cuts Stake in Starbucks Co. (NASDAQ:SBUX)

Byrne Asset Management LLC cut its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 29.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 920 shares of the coffee company’s stock after selling 375 shares during the quarter. Byrne Asset Management LLC’s holdings in Starbucks were worth $90,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC grew its stake in Starbucks by 5.8% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 472,776 shares of the coffee company’s stock worth $46,375,000 after purchasing an additional 25,809 shares in the last quarter. Tritonpoint Wealth LLC grew its stake in Starbucks by 1.3% during the 1st quarter. Tritonpoint Wealth LLC now owns 76,228 shares of the coffee company’s stock worth $7,477,000 after purchasing an additional 962 shares in the last quarter. Azzad Asset Management Inc. ADV acquired a new position in Starbucks during the 1st quarter worth $3,079,000. Goldstone Financial Group LLC acquired a new position in Starbucks during the 1st quarter worth $217,000. Finally, Powers Advisory Group LLC lifted its position in shares of Starbucks by 8.1% during the 1st quarter. Powers Advisory Group LLC now owns 8,697 shares of the coffee company’s stock worth $853,000 after purchasing an additional 650 shares during the last quarter. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Starbucks Trading Down 1.1%

Shares of SBUX opened at $93.26 on Friday. The firm’s 50-day moving average is $85.17 and its two-hundred day moving average is $94.93. Starbucks Co. has a twelve month low of $71.55 and a twelve month high of $117.46. The firm has a market capitalization of $105.98 billion, a P/E ratio of 30.08, a PEG ratio of 3.59 and a beta of 1.00.

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

Analysts Set New Price Targets

SBUX has been the subject of a number of recent analyst reports. Guggenheim decreased their price target on Starbucks from $95.00 to $83.00 and set a “neutral” rating for the company in a report on Tuesday, April 29th. Wall Street Zen cut Starbucks from a “hold” rating to a “sell” rating in a research report on Thursday, May 22nd. Barclays lowered their price objective on Starbucks from $106.00 to $98.00 and set an “overweight” rating for the company in a research report on Wednesday, April 30th. Argus raised Starbucks from a “hold” rating to a “buy” rating and set a $115.00 price objective for the company in a research report on Tuesday, March 18th. Finally, Jefferies Financial Group raised Starbucks from an “underperform” rating to a “hold” rating and set a $76.00 price objective for the company in a research report on Wednesday, April 9th. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Starbucks currently has a consensus rating of “Hold” and an average target price of $98.96.

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.