Corebridge Financial Inc. Decreases Stock Position in Starbucks Co. (NASDAQ:SBUX)

Corebridge Financial Inc. reduced its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 4.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 334,245 shares of the coffee company’s stock after selling 17,113 shares during the quarter. Corebridge Financial Inc.’s holdings in Starbucks were worth $30,500,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Quest Partners LLC acquired a new stake in Starbucks during the 3rd quarter valued at $115,000. Meridian Wealth Management LLC purchased a new stake in shares of Starbucks in the third quarter valued at $1,095,000. Camden National Bank acquired a new stake in shares of Starbucks during the third quarter valued at $216,000. Nicolet Advisory Services LLC purchased a new stake in Starbucks during the 3rd quarter worth about $270,000. Finally, Great Valley Advisor Group Inc. raised its stake in Starbucks by 11.0% in the 3rd quarter. Great Valley Advisor Group Inc. now owns 19,002 shares of the coffee company’s stock valued at $1,852,000 after purchasing an additional 1,879 shares during the last quarter. Institutional investors and hedge funds own 72.29% of the company’s stock.

Starbucks Stock Performance

Starbucks stock opened at $97.07 on Monday. The firm has a market capitalization of $110.26 billion, a PE ratio of 31.31, a price-to-earnings-growth ratio of 3.59 and a beta of 0.99. Starbucks Co. has a one year low of $71.55 and a one year high of $117.46. The stock’s 50 day moving average price is $105.41 and its 200 day moving average price is $99.41.

Starbucks (NASDAQ:SBUX) last announced its earnings results on Tuesday, January 28th. The coffee company reported $0.69 earnings per share for the quarter, beating 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 firm earned $0.90 earnings per share. On average, analysts forecast that Starbucks Co. will post 2.99 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on SBUX shares. BMO Capital Markets lifted their price target on shares of Starbucks from $110.00 to $115.00 and gave the stock an “outperform” rating in a report on Wednesday, January 29th. Wells Fargo & Company raised their target price on shares of Starbucks from $115.00 to $125.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 25th. Argus upgraded Starbucks from a “hold” rating to a “buy” rating and set a $115.00 price target for the company in a report on Tuesday, March 18th. Wedbush raised their price objective on Starbucks from $95.00 to $100.00 and gave the stock a “neutral” rating in a report on Wednesday, January 29th. Finally, Stifel Nicolaus lifted their price objective on Starbucks from $110.00 to $114.00 and gave the company a “buy” rating in a research report on Monday, January 27th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Starbucks currently has an average rating of “Moderate Buy” and an average price target of $106.12.

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.