30,332 Shares in Starbucks Co. (NASDAQ:SBUX) Acquired by DoubleLine ETF Adviser LP

DoubleLine ETF Adviser LP purchased a new position in Starbucks Co. (NASDAQ:SBUX) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 30,332 shares of the coffee company’s stock, valued at approximately $2,361,000.

A number of other institutional investors have also added to or reduced their stakes in the stock. Vima LLC bought a new stake in Starbucks in the 4th quarter valued at $26,000. Scarborough Advisors LLC purchased a new position in shares of Starbucks during the fourth quarter valued at about $26,000. New Millennium Group LLC bought a new stake in shares of Starbucks in the second quarter worth about $26,000. Stephens Consulting LLC lifted its position in shares of Starbucks by 498.2% in the second quarter. Stephens Consulting LLC now owns 335 shares of the coffee company’s stock worth $26,000 after buying an additional 279 shares in the last quarter. Finally, Hobbs Group Advisors LLC bought a new position in Starbucks during the second quarter valued at approximately $27,000. 72.29% of the stock is owned by hedge funds and other institutional investors.

Starbucks Stock Up 1.2 %

Shares of NASDAQ:SBUX opened at $95.62 on Thursday. The firm has a 50 day moving average of $87.50 and a 200 day moving average of $84.04. The company has a market capitalization of $108.36 billion, a price-to-earnings ratio of 26.34, a price-to-earnings-growth ratio of 2.29 and a beta of 0.96. Starbucks Co. has a 52 week low of $71.55 and a 52 week high of $107.66.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Tuesday, July 30th. The coffee company reported $0.93 EPS for the quarter, hitting the consensus estimate of $0.93. Starbucks had a negative return on equity of 49.38% and a net margin of 11.16%. The firm had revenue of $9.11 billion during the quarter, compared to analyst estimates of $9.25 billion. During the same period in the previous year, the company posted $1.00 EPS. The business’s revenue for the quarter was down .6% compared to the same quarter last year. On average, sell-side analysts expect that Starbucks Co. will post 3.56 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Rachel Ruggeri sold 3,290 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The shares were 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 in the company, valued at approximately $5,697,682.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Michael Aaron Conway sold 3,250 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $94.03, for a total transaction of $305,597.50. Following the transaction, the chief executive officer now directly owns 75,054 shares of the company’s stock, valued at $7,057,327.62. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Rachel Ruggeri sold 3,290 shares of the firm’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $91.16, for a total value of $299,916.40. Following the completion of the sale, the chief executive officer now directly owns 62,502 shares of the company’s stock, valued at approximately $5,697,682.32. The disclosure for this sale can be found here. 1.98% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Morgan Stanley reissued an “overweight” rating and issued a $98.00 target price on shares of Starbucks in a report on Wednesday, July 31st. Jefferies Financial Group downgraded shares of Starbucks from a “hold” rating to an “underperform” rating and lowered their price target for the company from $80.00 to $76.00 in a report on Tuesday. Deutsche Bank Aktiengesellschaft upgraded Starbucks from a “hold” rating to a “buy” rating and upped their price objective for the company from $85.00 to $118.00 in a research report on Wednesday, August 14th. Stifel Nicolaus raised shares of Starbucks from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $80.00 to $110.00 in a research note on Wednesday, August 14th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Starbucks from $92.00 to $90.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 10th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Starbucks has an average rating of “Moderate Buy” and an average price target of $99.92.

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.