Prudential Financial Inc. Sells 121,098 Shares of Starbucks Co. (NASDAQ:SBUX)

Prudential Financial Inc. decreased its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 17.0% in the 4th quarter, Holdings Channel reports. The fund owned 590,024 shares of the coffee company’s stock after selling 121,098 shares during the period. Prudential Financial Inc.’s holdings in Starbucks were worth $53,840,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Strategic Financial Concepts LLC acquired a new stake in Starbucks in the fourth quarter valued at approximately $62,000. Arizona State Retirement System boosted its holdings in shares of Starbucks by 0.8% during the 4th quarter. Arizona State Retirement System now owns 327,459 shares of the coffee company’s stock valued at $29,881,000 after acquiring an additional 2,722 shares in the last quarter. West Michigan Advisors LLC bought a new stake in Starbucks during the 4th quarter worth $265,000. Wernau Asset Management Inc. acquired a new position in Starbucks in the 4th quarter worth about $258,000. Finally, Investment Management Corp of Ontario raised its position in Starbucks by 48.6% in the third quarter. Investment Management Corp of Ontario now owns 37,584 shares of the coffee company’s stock valued at $3,664,000 after purchasing an additional 12,300 shares during the last quarter. Institutional investors own 72.29% of the company’s stock.

Starbucks Trading Down 1.4 %

Starbucks stock opened at $95.72 on Tuesday. The business’s 50 day simple moving average is $105.45 and its 200 day simple moving average is $99.44. Starbucks Co. has a 12 month low of $71.55 and a 12 month high of $117.46. The company has a market cap of $108.73 billion, a price-to-earnings ratio of 30.88, a PEG ratio of 3.59 and a beta of 0.99.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings results on Tuesday, January 28th. The coffee company reported $0.69 EPS for the quarter, beating 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 quarter in the previous year, the firm posted $0.90 EPS. As a group, equities research analysts forecast that Starbucks Co. will post 2.99 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

SBUX has been the topic of several recent research reports. BMO Capital Markets lifted their target price on shares of Starbucks from $110.00 to $115.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 29th. Barclays lifted their target price on Starbucks from $119.00 to $124.00 and gave the stock an “overweight” rating in a report on Wednesday, January 29th. Royal Bank of Canada restated an “outperform” rating and issued a $115.00 price target on shares of Starbucks in a research report on Friday, January 24th. Argus raised shares of Starbucks from a “hold” rating to a “buy” rating and set a $115.00 price objective for the company in a research report on Tuesday, March 18th. Finally, Stifel Nicolaus raised their price target on shares of Starbucks from $110.00 to $114.00 and gave the stock a “buy” rating in a report on Monday, January 27th. Three research analysts have rated the stock with a sell rating, six have given a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $106.12.

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.