CIBC Private Wealth Group LLC Sells 27,751 Shares of Starbucks Co. (NASDAQ:SBUX)

CIBC Private Wealth Group LLC lessened its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 9.8% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 256,277 shares of the coffee company’s stock after selling 27,751 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Starbucks were worth $23,731,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Financial Life Planners purchased a new position in Starbucks during the fourth quarter valued at approximately $25,000. Graney & King LLC bought a new position in Starbucks in the 4th quarter valued at $26,000. Collier Financial purchased a new position in shares of Starbucks during the 4th quarter valued at $27,000. Runnymede Capital Advisors Inc. purchased a new position in shares of Starbucks during the 4th quarter valued at $27,000. Finally, Marshall Investment Management LLC bought a new position in shares of Starbucks in the fourth quarter worth $30,000. 72.29% of the stock is currently owned by institutional investors.

Starbucks Stock Performance

NASDAQ SBUX opened at $98.09 on Tuesday. Starbucks Co. has a fifty-two week low of $71.55 and a fifty-two week high of $117.46. The stock has a 50 day simple moving average of $105.81 and a two-hundred day simple moving average of $99.54. The stock has a market cap of $111.42 billion, a P/E ratio of 31.64, a price-to-earnings-growth ratio of 3.59 and a beta of 0.99.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings results on Tuesday, January 28th. The coffee company reported $0.69 EPS for the quarter, topping analysts’ consensus estimates 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 period last year, the business earned $0.90 earnings per share. Sell-side analysts predict that Starbucks Co. will post 2.99 earnings per share for the current year.

Analysts Set New Price Targets

SBUX has been the subject of several recent analyst reports. Argus upgraded Starbucks from a “hold” rating to a “buy” rating and set a $115.00 target price for the company in a research report on Tuesday, March 18th. Stifel Nicolaus boosted their price objective on Starbucks from $110.00 to $114.00 and gave the stock a “buy” rating in a report on Monday, January 27th. Royal Bank of Canada restated an “outperform” rating and issued a $115.00 price objective on shares of Starbucks in a research report on Friday, January 24th. Wedbush lifted their target price on shares of Starbucks from $95.00 to $100.00 and gave the company a “neutral” rating in a research report on Wednesday, January 29th. Finally, BMO Capital Markets increased their price target on shares of Starbucks from $110.00 to $115.00 and gave the stock an “outperform” rating in a report on Wednesday, January 29th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $106.12.

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.