VELA Investment Management LLC Raises Holdings in Starbucks Co. (NASDAQ:SBUX)

VELA Investment Management LLC lifted its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 31.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,122 shares of the coffee company’s stock after purchasing an additional 10,155 shares during the period. Starbucks comprises approximately 1.1% of VELA Investment Management LLC’s holdings, making the stock its 18th biggest holding. VELA Investment Management LLC’s holdings in Starbucks were worth $3,844,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of SBUX. Wellington Management Group LLP increased its stake in shares of Starbucks by 100.6% during the 3rd quarter. Wellington Management Group LLP now owns 15,149,937 shares of the coffee company’s stock worth $1,476,967,000 after purchasing an additional 7,598,146 shares in the last quarter. FMR LLC increased its stake in shares of Starbucks by 55.0% during the 3rd quarter. FMR LLC now owns 19,779,859 shares of the coffee company’s stock worth $1,928,339,000 after purchasing an additional 7,015,375 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in shares of Starbucks by 1,491.4% during the 4th quarter. Assenagon Asset Management S.A. now owns 2,808,571 shares of the coffee company’s stock worth $256,282,000 after purchasing an additional 2,632,087 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its position in Starbucks by 1,078.5% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,545,419 shares of the coffee company’s stock worth $248,153,000 after acquiring an additional 2,329,431 shares during the last quarter. Finally, Zurich Insurance Group Ltd FI acquired a new stake in Starbucks during the third quarter worth approximately $126,574,000. 72.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on SBUX shares. TD Cowen restated a “buy” rating and set a $110.00 target price on shares of Starbucks in a research report on Monday, November 11th. Citigroup raised their target price on shares of Starbucks from $96.00 to $99.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Redburn Atlantic restated a “sell” rating and set a $77.00 target price (down previously from $84.00) on shares of Starbucks in a research report on Wednesday, November 13th. BMO Capital Markets raised 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. Finally, Royal Bank of Canada restated an “outperform” rating and set a $115.00 target price on shares of Starbucks in a research report on Friday, January 24th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $105.75.

Starbucks Price Performance

Starbucks stock opened at $114.49 on Friday. The firm’s fifty day moving average price is $101.55 and its 200 day moving average price is $98.22. The company has a market capitalization of $130.05 billion, a price-to-earnings ratio of 36.93, a price-to-earnings-growth ratio of 3.59 and a beta of 1.00. Starbucks Co. has a 12-month low of $71.55 and a 12-month high of $115.70.

Starbucks (NASDAQ:SBUX) last released its earnings results on Tuesday, January 28th. The coffee company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.68 by $0.01. Starbucks had a net margin of 9.73% and a negative return on equity of 44.97%. During the same period in the prior year, the company posted $0.90 earnings per share. Analysts forecast that Starbucks Co. will post 2.99 earnings per share for the current fiscal year.

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.