Geode Capital Management LLC Purchases 333,004 Shares of Starbucks Co. (NASDAQ:SBUX)

Geode Capital Management LLC lifted its position in shares of Starbucks Co. (NASDAQ:SBUX) by 1.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,277,756 shares of the coffee company’s stock after purchasing an additional 333,004 shares during the quarter. Geode Capital Management LLC owned 2.14% of Starbucks worth $2,358,464,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Strategic Investment Solutions Inc. IL acquired a new position in Starbucks in the second quarter valued at about $25,000. New Millennium Group LLC bought a new stake in Starbucks during the 2nd quarter worth approximately $26,000. Stephens Consulting LLC raised its holdings in Starbucks by 498.2% during the 2nd quarter. Stephens Consulting LLC now owns 335 shares of the coffee company’s stock worth $26,000 after buying an additional 279 shares during the period. Hobbs Group Advisors LLC bought a new position in Starbucks in the second quarter valued at approximately $27,000. Finally, MFA Wealth Advisors LLC acquired a new position in shares of Starbucks in the second quarter valued at approximately $31,000. Institutional investors and hedge funds own 72.29% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Evercore ISI raised shares of Starbucks from an “in-line” rating to an “outperform” rating and upped their target price for the stock from $80.00 to $120.00 in a research note on Wednesday, August 14th. BTIG Research lifted their target price on Starbucks from $100.00 to $115.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. Baird R W raised Starbucks from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 13th. Citigroup lifted their price objective on shares of Starbucks from $96.00 to $99.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Finally, Morgan Stanley increased their target price on shares of Starbucks from $98.00 to $115.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $103.77.

Insiders Place Their Bets

In other Starbucks news, CFO Rachel Ruggeri sold 1,491 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $99.54, for a total transaction of $148,414.14. Following the transaction, the chief financial officer now owns 80,124 shares in the company, valued at $7,975,542.96. This represents a 1.83 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 1.98% of the company’s stock.

Starbucks Stock Performance

Shares of SBUX stock opened at $99.31 on Tuesday. The company has a market capitalization of $112.60 billion, a price-to-earnings ratio of 30.00, a PEG ratio of 2.94 and a beta of 0.97. Starbucks Co. has a 52 week low of $71.55 and a 52 week high of $103.32. The company has a 50-day simple moving average of $98.12 and a 200 day simple moving average of $89.05.

Starbucks (NASDAQ:SBUX) last posted its earnings results on Wednesday, October 30th. The coffee company reported $0.80 EPS for the quarter, meeting the consensus estimate of $0.80. The company had revenue of $9.07 billion for the quarter, compared to the consensus estimate of $9.60 billion. Starbucks had a negative return on equity of 46.39% and a net margin of 10.40%. The firm’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.06 earnings per share. Sell-side analysts forecast that Starbucks Co. will post 3.11 EPS for the current 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.