Seven Eight Capital LP Cuts Holdings in Starbucks Co. (NASDAQ:SBUX)

Seven Eight Capital LP lowered its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 80.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,333 shares of the coffee company’s stock after selling 47,393 shares during the period. Seven Eight Capital LP’s holdings in Starbucks were worth $882,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of SBUX. Cox Capital Mgt LLC grew its stake in Starbucks by 41.9% in the first quarter. Cox Capital Mgt LLC now owns 45,322 shares of the coffee company’s stock valued at $4,142,000 after purchasing an additional 13,372 shares during the last quarter. Brevan Howard Capital Management LP bought a new position in shares of Starbucks during the 4th quarter worth approximately $2,781,000. Sanibel Captiva Trust Company Inc. acquired a new stake in Starbucks in the fourth quarter valued at approximately $31,246,000. Fidelis Capital Partners LLC grew its holdings in Starbucks by 18.7% in the first quarter. Fidelis Capital Partners LLC now owns 11,116 shares of the coffee company’s stock worth $1,016,000 after purchasing an additional 1,751 shares during the last quarter. Finally, Bell & Brown Wealth Advisors LLC acquired a new position in shares of Starbucks during the fourth quarter worth $4,048,000. Institutional investors own 72.29% of the company’s stock.

Insider Buying and Selling

In related news, Director Jorgen Vig Knudstorp bought 380 shares of the company’s stock in a transaction dated Friday, September 6th. The shares were acquired at an average price of $91.50 per share, for a total transaction of $34,770.00. Following the completion of the transaction, the director now directly owns 36,242 shares in the company, valued at $3,316,143. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director Jorgen Vig Knudstorp purchased 380 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The shares were purchased at an average cost of $91.50 per share, with a total value of $34,770.00. Following the purchase, the director now owns 36,242 shares of the company’s stock, valued at approximately $3,316,143. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Rachel Ruggeri sold 3,290 shares of the business’s stock in a transaction that occurred 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 sale, the chief executive officer now owns 62,502 shares of the company’s stock, valued at $5,697,682.32. The disclosure for this sale can be found here. 1.98% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. The Goldman Sachs Group started coverage on Starbucks in a research report on Thursday, June 13th. They set a “buy” rating and a $100.00 target price on the stock. JPMorgan Chase & Co. cut their price objective 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. Baird R W upgraded shares of Starbucks from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 13th. TD Cowen restated a “buy” rating and set a $110.00 price target on shares of Starbucks in a research note on Thursday, September 12th. Finally, Robert W. Baird upgraded shares of Starbucks from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $81.00 to $110.00 in a research note on Tuesday, August 13th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Starbucks presently has a consensus rating of “Moderate Buy” and an average target price of $100.08.

Starbucks Stock Down 0.9 %

NASDAQ:SBUX opened at $96.05 on Friday. Starbucks Co. has a 52 week low of $71.55 and a 52 week high of $107.66. The stock’s 50-day moving average price is $86.67 and its 200-day moving average price is $84.09. The stock has a market capitalization of $108.84 billion, a PE ratio of 26.46, a price-to-earnings-growth ratio of 2.31 and a beta of 0.96.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings data on Tuesday, July 30th. The coffee company reported $0.93 EPS for the quarter, meeting the consensus estimate of $0.93. The company had revenue of $9.11 billion for 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%. Starbucks’s quarterly revenue was down .6% compared to the same quarter last year. During the same period last year, the company earned $1.00 earnings per share. Sell-side analysts expect that Starbucks Co. will post 3.56 earnings per share 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.