Cinctive Capital Management LP Raises Stake in Starbucks Co. (NASDAQ:SBUX)

Cinctive Capital Management LP grew its stake in Starbucks Co. (NASDAQ:SBUX) by 45.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 79,616 shares of the coffee company’s stock after acquiring an additional 24,888 shares during the period. Cinctive Capital Management LP’s holdings in Starbucks were worth $7,265,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Strategic Financial Concepts LLC bought a new stake in Starbucks during the 4th quarter valued at $62,000. Arizona State Retirement System boosted its stake in shares of Starbucks by 0.8% during the fourth quarter. Arizona State Retirement System now owns 327,459 shares of the coffee company’s stock valued at $29,881,000 after purchasing an additional 2,722 shares in the last quarter. West Michigan Advisors LLC purchased a new position in shares of Starbucks in the 4th quarter valued at $265,000. Wernau Asset Management Inc. purchased a new position in Starbucks in the fourth quarter valued at about $258,000. Finally, Investment Management Corp of Ontario lifted its position in shares of Starbucks by 48.6% during 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 buying an additional 12,300 shares during the last quarter. 72.29% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Stifel Nicolaus boosted their price objective on shares of Starbucks from $110.00 to $114.00 and gave the stock a “buy” rating in a research note on Monday, January 27th. Argus upgraded Starbucks from a “hold” rating to a “buy” rating and set a $115.00 price target for the company in a research note on Tuesday, March 18th. BMO Capital Markets upped their target price on Starbucks from $110.00 to $115.00 and gave the company an “outperform” rating in a research report on Wednesday, January 29th. Royal Bank of Canada reissued an “outperform” rating and issued a $115.00 price objective on shares of Starbucks in a report on Friday, January 24th. Finally, Wells Fargo & Company raised their price target on shares of Starbucks from $115.00 to $125.00 and gave the company an “overweight” rating in a research report on Tuesday, February 25th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $106.12.

Starbucks Price Performance

Starbucks stock opened at $98.23 on Wednesday. The firm has a 50 day simple moving average of $105.81 and a 200-day simple moving average of $99.54. The stock has a market cap of $111.58 billion, a price-to-earnings ratio of 31.69, a price-to-earnings-growth ratio of 3.59 and a beta of 0.99. Starbucks Co. has a 1-year low of $71.55 and a 1-year high of $117.46.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Tuesday, January 28th. The coffee company reported $0.69 earnings per share 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 quarter in the previous year, the firm posted $0.90 earnings per share. Equities analysts expect 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.