ProVise Management Group LLC Sells 1,337 Shares of Starbucks Co. (NASDAQ:SBUX)

ProVise Management Group LLC cut its stake in Starbucks Co. (NASDAQ:SBUX) by 2.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 49,562 shares of the coffee company’s stock after selling 1,337 shares during the period. ProVise Management Group LLC’s holdings in Starbucks were worth $3,858,000 as of its most recent filing with the Securities and Exchange Commission.

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

Analysts Set New Price Targets

SBUX has been the topic of several recent research reports. Piper Sandler upgraded Starbucks from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $85.00 to $103.00 in a research report on Tuesday, August 13th. Jefferies Financial Group reduced their price target on shares of Starbucks from $84.00 to $80.00 and set a “hold” rating on the stock in a research report on Wednesday, July 31st. JPMorgan Chase & Co. dropped their target price on shares of Starbucks from $92.00 to $90.00 and set an “overweight” rating on the stock in a report on Wednesday, July 10th. Bank of America lifted their price target on Starbucks from $112.00 to $118.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Evercore ISI raised Starbucks from an “in-line” rating to an “outperform” rating and upped their price objective for the stock from $80.00 to $120.00 in a research report on Wednesday, August 14th. One equities 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 assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $100.08.

Insider Transactions at Starbucks

In related news, CEO Rachel Ruggeri sold 3,290 shares of the business’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $91.16, for a total value of $299,916.40. Following the completion of the sale, the chief executive officer now directly owns 62,502 shares in the company, valued at approximately $5,697,682.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Rachel Ruggeri sold 3,290 shares of the business’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $91.16, for a total value of $299,916.40. Following the completion of the sale, the chief executive officer now owns 62,502 shares of the company’s stock, valued at $5,697,682.32. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Michael Aaron Conway sold 3,250 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $94.03, for a total transaction of $305,597.50. Following the transaction, the chief executive officer now directly owns 75,054 shares in the company, valued at $7,057,327.62. The disclosure for this sale can be found here. 1.98% of the stock is owned by corporate insiders.

Starbucks Price Performance

SBUX stock opened at $96.90 on Friday. Starbucks Co. has a one year low of $71.55 and a one year high of $107.66. The stock has a market cap of $109.81 billion, a price-to-earnings ratio of 26.69, a price-to-earnings-growth ratio of 2.31 and a beta of 0.96. The company has a fifty day moving average price of $86.24 and a two-hundred day moving average price of $84.07.

Starbucks (NASDAQ:SBUX) last announced its earnings results on Tuesday, July 30th. The coffee company reported $0.93 EPS for the quarter, hitting the consensus estimate of $0.93. The business had revenue of $9.11 billion during the quarter, compared to the consensus estimate of $9.25 billion. Starbucks had a net margin of 11.16% and a negative return on equity of 49.38%. Starbucks’s revenue was down .6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.00 EPS. Research analysts anticipate that Starbucks Co. will post 3.56 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.