Wealth Alliance Reduces Stock Holdings in Starbucks Co. (NASDAQ:SBUX)

Wealth Alliance cut its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 23.3% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 13,800 shares of the coffee company’s stock after selling 4,196 shares during the quarter. Wealth Alliance’s holdings in Starbucks were worth $1,074,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Scarborough Advisors LLC purchased a new stake in Starbucks during the 4th quarter worth approximately $26,000. Vima LLC purchased a new stake in Starbucks during the 4th quarter worth approximately $26,000. DSM Capital Partners LLC purchased a new stake in Starbucks during the 4th quarter worth approximately $27,000. Fairman Group LLC purchased a new stake in Starbucks during the 4th quarter worth approximately $30,000. Finally, Raleigh Capital Management Inc. increased its holdings in Starbucks by 150.0% during the 4th quarter. Raleigh Capital Management Inc. now owns 330 shares of the coffee company’s stock worth $32,000 after purchasing an additional 198 shares during the last quarter. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Jorgen Vig Knudstorp acquired 380 shares of the business’s stock in a transaction dated Friday, September 6th. The stock was acquired at an average price of $91.50 per share, for a total transaction of $34,770.00. Following the completion of the acquisition, the director now directly owns 36,242 shares in the company, valued at approximately $3,316,143. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Director Jorgen Vig Knudstorp acquired 380 shares of the business’s stock in a transaction dated Friday, September 6th. The stock was acquired at an average price of $91.50 per share, for a total transaction of $34,770.00. Following the completion of the acquisition, the director now directly owns 36,242 shares in the company, valued at approximately $3,316,143. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Michael Aaron Conway sold 3,250 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $94.03, for a total value of $305,597.50. Following the sale, the chief executive officer now directly owns 75,054 shares of the company’s stock, valued at $7,057,327.62. The disclosure for this sale can be found here. Insiders own 1.98% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on SBUX. Morgan Stanley restated an “overweight” rating and set a $98.00 price objective on shares of Starbucks in a report on Wednesday, July 31st. Baird R W upgraded Starbucks from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 13th. BMO Capital Markets boosted their price target on Starbucks from $100.00 to $110.00 and gave the company an “outperform” rating in a report on Monday, September 9th. Jefferies Financial Group lowered their price target on Starbucks from $84.00 to $80.00 and set a “hold” rating for the company in a report on Wednesday, July 31st. Finally, Robert W. Baird upgraded Starbucks from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $81.00 to $110.00 in a report on Tuesday, August 13th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $100.08.

Starbucks Stock Performance

Shares of SBUX stock opened at $96.12 on Thursday. The firm has a market capitalization of $108.92 billion, a PE ratio of 26.48, a price-to-earnings-growth ratio of 2.38 and a beta of 0.96. The stock has a fifty day moving average of $85.77 and a two-hundred day moving average of $83.98. Starbucks Co. has a 1 year low of $71.55 and a 1 year high of $107.66.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings data on Tuesday, July 30th. The coffee company reported $0.93 earnings per share for the quarter, meeting the consensus estimate of $0.93. The business had revenue of $9.11 billion during the quarter, compared to analyst estimates of $9.25 billion. Starbucks had a negative return on equity of 49.38% and a net margin of 11.16%. The company’s revenue was down .6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.00 earnings per share. Equities research analysts predict that Starbucks Co. will post 3.56 earnings per share for the current fiscal 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.