Confluence Investment Management LLC Invests $62.63 Million in Starbucks Co. (NASDAQ:SBUX)

Confluence Investment Management LLC purchased a new position in Starbucks Co. (NASDAQ:SBUX) in the 1st quarter, Holdings Channel.com reports. The institutional investor purchased 685,247 shares of the coffee company’s stock, valued at approximately $62,625,000.

Several other hedge funds have also recently modified their holdings of the business. Scarborough Advisors LLC purchased a new stake in Starbucks during the fourth quarter valued at approximately $26,000. Vima LLC purchased a new stake in Starbucks during the fourth quarter valued at approximately $26,000. DSM Capital Partners LLC purchased a new stake in Starbucks during the fourth quarter valued at approximately $27,000. Fairman Group LLC purchased a new stake in Starbucks during the fourth quarter valued at approximately $30,000. Finally, Riggs Asset Managment Co. Inc. increased its stake in Starbucks by 1,578.9% during the 3rd quarter. Riggs Asset Managment Co. Inc. now owns 319 shares of the coffee company’s stock valued at $29,000 after purchasing an additional 300 shares in the last quarter. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Insiders Place Their Bets

In other Starbucks news, CFO Rachel Ruggeri sold 3,750 shares of Starbucks stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $80.00, for a total transaction of $300,000.00. Following the transaction, the chief financial officer now directly owns 65,431 shares of the company’s stock, valued at $5,234,480. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Starbucks news, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $85.39, for a total transaction of $277,517.50. Following the completion of the sale, the chief executive officer now directly owns 81,199 shares in the company, valued at $6,933,582.61. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Rachel Ruggeri sold 3,750 shares of Starbucks stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $80.00, for a total transaction of $300,000.00. Following the sale, the chief financial officer now owns 65,431 shares of the company’s stock, valued at $5,234,480. The disclosure for this sale can be found here. Insiders have sold 7,750 shares of company stock valued at $642,050 over the last ninety days. Company insiders own 1.98% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. DZ Bank lowered shares of Starbucks from a “buy” rating to a “hold” rating and set a $75.00 price target on the stock. in a research note on Friday, May 3rd. UBS Group cut their price target on shares of Starbucks from $95.00 to $85.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 1st. Bank of America upped their price target on shares of Starbucks from $108.00 to $112.00 and gave the company a “buy” rating in a research note on Monday, June 10th. HSBC cut their price target on shares of Starbucks from $107.00 to $84.00 and set a “hold” rating on the stock in a research note on Friday, May 3rd. Finally, BTIG Research cut their price target on shares of Starbucks from $115.00 to $100.00 and set a “buy” rating on the stock in a research note on Wednesday, May 1st. Seventeen investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $95.00.

Starbucks Stock Performance

Shares of NASDAQ:SBUX traded down $1.08 during midday trading on Tuesday, hitting $80.25. The company’s stock had a trading volume of 3,043,930 shares, compared to its average volume of 10,216,853. The business’s 50 day simple moving average is $80.87 and its 200 day simple moving average is $89.09. Starbucks Co. has a 12-month low of $71.80 and a 12-month high of $107.66. The company has a market cap of $90.90 billion, a P/E ratio of 22.36, a price-to-earnings-growth ratio of 1.74 and a beta of 0.97.

Starbucks (NASDAQ:SBUX) last issued its earnings results on Tuesday, April 30th. The coffee company reported $0.68 EPS for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.11). Starbucks had a negative return on equity of 49.91% and a net margin of 11.38%. The firm had revenue of $8.56 billion for the quarter, compared to analysts’ expectations of $9.12 billion. During the same period last year, the firm earned $0.74 earnings per share. Starbucks’s revenue for the quarter was down 1.8% on a year-over-year basis. On average, sell-side analysts predict that Starbucks Co. will post 3.59 earnings per share for the current fiscal year.

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.