Allstate Corp Makes New Investment in Starbucks Co. (NASDAQ:SBUX)

Allstate Corp purchased a new position in shares of Starbucks Co. (NASDAQ:SBUX) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 33,629 shares of the coffee company’s stock, valued at approximately $3,069,000.

Other hedge funds also recently modified their holdings of the company. Wintrust Investments LLC lifted its stake in shares of Starbucks by 7.1% in the 4th quarter. Wintrust Investments LLC now owns 1,411 shares of the coffee company’s stock worth $128,000 after purchasing an additional 94 shares during the period. Kuhn & Co Investment Counsel raised its holdings in Starbucks by 2.3% in the 4th quarter. Kuhn & Co Investment Counsel now owns 4,240 shares of the coffee company’s stock worth $387,000 after purchasing an additional 96 shares during the period. Wellington Shields & Co. LLC grew its holdings in Starbucks by 8.6% during the fourth quarter. Wellington Shields & Co. LLC now owns 1,265 shares of the coffee company’s stock valued at $115,000 after purchasing an additional 100 shares during the period. Mystic Asset Management Inc. increased its position in Starbucks by 3.9% in the fourth quarter. Mystic Asset Management Inc. now owns 2,665 shares of the coffee company’s stock worth $243,000 after buying an additional 101 shares in the last quarter. Finally, Jmac Enterprises LLC lifted its position in shares of Starbucks by 1.0% during the 4th quarter. Jmac Enterprises LLC now owns 9,995 shares of the coffee company’s stock valued at $912,000 after buying an additional 103 shares in the last quarter. Institutional investors own 72.29% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on SBUX. Wells Fargo & Company increased their price objective on shares of Starbucks from $115.00 to $125.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 25th. BMO Capital Markets increased their target price on Starbucks from $110.00 to $115.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 29th. Barclays boosted their price target on Starbucks from $119.00 to $124.00 and gave the stock an “overweight” rating in a report on Wednesday, January 29th. UBS Group raised their target price on shares of Starbucks from $98.00 to $105.00 and gave the company a “neutral” rating in a research note on Wednesday, January 29th. Finally, Argus upgraded shares of Starbucks from a “hold” rating to a “buy” rating and set a $115.00 price target on the stock in a research note on Tuesday, March 18th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $106.12.

Starbucks Price Performance

Shares of NASDAQ:SBUX opened at $97.73 on Friday. The business has a 50 day simple moving average of $105.75 and a two-hundred day simple moving average of $99.54. Starbucks Co. has a 1 year low of $71.55 and a 1 year high of $117.46. The firm has a market capitalization of $111.01 billion, a PE ratio of 31.53, a price-to-earnings-growth ratio of 3.59 and a beta of 0.99.

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 negative return on equity of 44.97% and a net margin of 9.73%. During the same quarter in the prior year, the business earned $0.90 earnings per share. Equities research analysts expect that Starbucks Co. will post 2.99 EPS for the current fiscal year.

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.