Meyer Handelman Co. Has $8.93 Million Holdings in Starbucks Co. (NASDAQ:SBUX)

Meyer Handelman Co. reduced its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 0.5% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 91,593 shares of the coffee company’s stock after selling 500 shares during the period. Meyer Handelman Co.’s holdings in Starbucks were worth $8,929,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of SBUX. FARMERS & MERCHANTS TRUST Co OF LONG BEACH boosted its holdings in Starbucks by 8.7% during the 3rd quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH now owns 12,007 shares of the coffee company’s stock worth $1,171,000 after acquiring an additional 966 shares during the last quarter. Wynn Capital LLC boosted its holdings in Starbucks by 6.7% during the third quarter. Wynn Capital LLC now owns 9,847 shares of the coffee company’s stock worth $960,000 after purchasing an additional 618 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt grew its position in Starbucks by 259.7% in the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 8,121 shares of the coffee company’s stock worth $792,000 after purchasing an additional 5,863 shares in the last quarter. Pacific Sun Financial Corp increased its stake in Starbucks by 3.6% in the 3rd quarter. Pacific Sun Financial Corp now owns 4,296 shares of the coffee company’s stock valued at $419,000 after buying an additional 150 shares during the last quarter. Finally, Pine Haven Investment Counsel Inc lifted its position in shares of Starbucks by 1.2% during the 3rd quarter. Pine Haven Investment Counsel Inc now owns 42,540 shares of the coffee company’s stock worth $4,147,000 after buying an additional 495 shares in the last quarter. 72.29% of the stock is owned by hedge funds and other institutional investors.

Starbucks Trading Up 1.8 %

Starbucks stock opened at $95.55 on Friday. Starbucks Co. has a 1-year low of $71.55 and a 1-year high of $107.66. The firm has a market capitalization of $108.28 billion, a PE ratio of 26.76, a price-to-earnings-growth ratio of 2.11 and a beta of 0.97. The firm’s 50 day simple moving average is $92.86 and its 200 day simple moving average is $84.58.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Tuesday, July 30th. The coffee company reported $0.93 earnings per share for the quarter, hitting the consensus estimate of $0.93. Starbucks had a net margin of 11.16% and a negative return on equity of 49.38%. The firm had revenue of $9.11 billion for the quarter, compared to analysts’ expectations of $9.25 billion. During the same quarter in the prior year, the firm posted $1.00 earnings per share. The business’s quarterly revenue was down .6% on a year-over-year basis. Research analysts forecast that Starbucks Co. will post 3.55 earnings per share for the current year.

Insider Activity

In related news, Director Jorgen Vig Knudstorp acquired 380 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The shares were bought at an average cost of $91.50 per share, for a total transaction of $34,770.00. Following the completion of the transaction, the director now owns 36,242 shares in the company, valued at approximately $3,316,143. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Jorgen Vig Knudstorp bought 380 shares of Starbucks stock in a transaction that occurred on Friday, September 6th. The shares were acquired at an average price of $91.50 per share, with a total value of $34,770.00. Following the completion of the purchase, the director now directly owns 36,242 shares in the company, valued at $3,316,143. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Rachel Ruggeri sold 3,290 shares of Starbucks stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $91.16, for a total value of $299,916.40. Following the sale, the chief executive officer now directly owns 62,502 shares of the company’s stock, valued at approximately $5,697,682.32. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.98% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Citigroup increased their price target on Starbucks from $98.00 to $99.00 and gave the company a “neutral” rating in a research report on Tuesday. Baird R W upgraded Starbucks from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 13th. Morgan Stanley restated an “overweight” rating and set a $98.00 price target on shares of Starbucks in a research report on Wednesday, July 31st. Wedbush reaffirmed a “neutral” rating and issued a $80.00 price objective on shares of Starbucks in a research report on Tuesday, August 13th. Finally, JPMorgan Chase & Co. increased their target price on shares of Starbucks from $90.00 to $105.00 and gave the company an “overweight” rating in a research report on Monday, September 30th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $101.16.

Starbucks 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.