Starbucks Co. (NASDAQ:SBUX) Shares Sold by ICICI Prudential Asset Management Co Ltd

ICICI Prudential Asset Management Co Ltd trimmed its position in Starbucks Co. (NASDAQ:SBUX) by 79.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,764 shares of the coffee company’s stock after selling 58,076 shares during the period. ICICI Prudential Asset Management Co Ltd’s holdings in Starbucks were worth $1,347,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in SBUX. OLD National Bancorp IN increased its position in shares of Starbucks by 12.7% in the 3rd quarter. OLD National Bancorp IN now owns 15,344 shares of the coffee company’s stock valued at $1,496,000 after acquiring an additional 1,725 shares during the period. Vest Financial LLC acquired a new stake in Starbucks during the 3rd quarter worth about $720,000. Allspring Global Investments Holdings LLC grew its position in Starbucks by 40.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 496,951 shares of the coffee company’s stock worth $48,448,000 after purchasing an additional 143,258 shares during the period. Foundations Investment Advisors LLC grew its position in Starbucks by 16.9% during the 3rd quarter. Foundations Investment Advisors LLC now owns 23,028 shares of the coffee company’s stock worth $2,245,000 after purchasing an additional 3,330 shares during the period. Finally, Oakworth Capital Inc. grew its position in Starbucks by 11.0% during the 3rd quarter. Oakworth Capital Inc. now owns 4,330 shares of the coffee company’s stock worth $422,000 after purchasing an additional 428 shares during the period. 72.29% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Starbucks

In related news, CFO Rachel Ruggeri sold 1,491 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $99.54, for a total value of $148,414.14. Following the transaction, the chief financial officer now directly owns 80,124 shares in the company, valued at approximately $7,975,542.96. This represents a 1.83 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.09% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several brokerages have weighed in on SBUX. Wedbush increased their price target on Starbucks from $95.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 29th. Citigroup increased their price target on Starbucks from $96.00 to $99.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Barclays increased their price target on Starbucks from $119.00 to $124.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. UBS Group increased their price target on Starbucks from $98.00 to $105.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 29th. Finally, Redburn Atlantic reaffirmed a “sell” rating and set a $77.00 price target (down from $84.00) on shares of Starbucks in a research report on Wednesday, November 13th. Three 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, Starbucks presently has a consensus rating of “Moderate Buy” and a consensus price target of $105.33.

Starbucks Price Performance

Shares of Starbucks stock opened at $113.03 on Wednesday. The stock has a market cap of $128.39 billion, a P/E ratio of 36.46, a P/E/G ratio of 3.55 and a beta of 1.00. The stock’s 50 day simple moving average is $98.85 and its 200-day simple moving average is $96.66. Starbucks Co. has a 1-year low of $71.55 and a 1-year high of $113.47.

Starbucks (NASDAQ:SBUX) last issued its earnings results on Tuesday, January 28th. The coffee company reported $0.69 earnings per share for the quarter, topping the consensus estimate 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 quarter in the previous year, the company posted $0.90 EPS. As a group, research analysts expect that Starbucks Co. will post 3 EPS 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.