Cloud Capital Management LLC Takes Position in Starbucks Corporation (NASDAQ:SBUX)

Cloud Capital Management LLC acquired a new position in shares of Starbucks Corporation (NASDAQ:SBUX) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,151 shares of the coffee company’s stock, valued at approximately $308,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in SBUX. Capital & Planning LLC raised its stake in shares of Starbucks by 7.4% in the 1st quarter. Capital & Planning LLC now owns 12,930 shares of the coffee company’s stock valued at $1,268,000 after purchasing an additional 891 shares during the period. Adell Harriman & Carpenter Inc. boosted its position in shares of Starbucks by 10.9% during the first quarter. Adell Harriman & Carpenter Inc. now owns 20,788 shares of the coffee company’s stock worth $2,039,000 after buying an additional 2,050 shares during the period. Concurrent Investment Advisors LLC grew its holdings in shares of Starbucks by 14.9% during the first quarter. Concurrent Investment Advisors LLC now owns 59,768 shares of the coffee company’s stock worth $5,863,000 after buying an additional 7,731 shares in the last quarter. HM Payson & Co. raised its position in Starbucks by 3.1% in the 1st quarter. HM Payson & Co. now owns 7,471 shares of the coffee company’s stock valued at $733,000 after buying an additional 228 shares during the last quarter. Finally, World Investment Advisors lifted its stake in Starbucks by 14.0% in the 1st quarter. World Investment Advisors now owns 72,866 shares of the coffee company’s stock valued at $7,147,000 after acquiring an additional 8,966 shares in the last quarter. 72.29% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. TD Cowen reaffirmed a “hold” rating and set a $90.00 price target on shares of Starbucks in a research note on Thursday, May 29th. Argus upgraded shares of Starbucks from a “hold” rating to a “buy” rating and set a $115.00 target price for the company in a report on Tuesday, March 18th. Wells Fargo & Company lowered their price target on shares of Starbucks from $125.00 to $100.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 22nd. CICC Research initiated coverage on shares of Starbucks in a research report on Monday, June 30th. They set an “outperform” rating and a $100.00 price target on the stock. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Starbucks from $105.00 to $100.00 and set an “overweight” rating for the company in a research note on Wednesday, April 30th. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $98.23.

Starbucks Price Performance

NASDAQ:SBUX opened at $94.44 on Friday. The company has a market cap of $107.32 billion, a P/E ratio of 34.22, a P/E/G ratio of 4.84 and a beta of 1.02. The firm’s fifty day moving average price is $87.93 and its two-hundred day moving average price is $94.31. Starbucks Corporation has a one year low of $71.55 and a one year high of $117.46.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings results on Tuesday, April 29th. The coffee company reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.10). The company had revenue of $8.76 billion during the quarter, compared to analyst estimates of $8.90 billion. Starbucks had a net margin of 8.61% and a negative return on equity of 42.14%. The firm’s quarterly revenue was up 2.3% on a year-over-year basis. During the same quarter last year, the company posted $0.68 EPS. As a group, equities research analysts expect that Starbucks Corporation will post 2.99 earnings per share for the current year.

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.