EP Wealth Advisors LLC Sells 549,954 Shares of Starbucks Co. (NASDAQ:SBUX)

EP Wealth Advisors LLC cut its holdings in Starbucks Co. (NASDAQ:SBUX) by 87.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 77,945 shares of the coffee company’s stock after selling 549,954 shares during the period. EP Wealth Advisors LLC’s holdings in Starbucks were worth $6,068,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Vima LLC bought a new stake in shares of Starbucks in the 4th quarter valued at about $26,000. Scarborough Advisors LLC bought a new stake in Starbucks in the fourth quarter valued at approximately $26,000. New Millennium Group LLC bought a new position in shares of Starbucks in the second quarter worth approximately $26,000. Stephens Consulting LLC increased its stake in shares of Starbucks by 498.2% in the second quarter. Stephens Consulting LLC now owns 335 shares of the coffee company’s stock worth $26,000 after buying an additional 279 shares during the period. Finally, Hobbs Group Advisors LLC bought a new stake in Starbucks during the 2nd quarter valued at $27,000. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

Starbucks Trading Up 0.1 %

NASDAQ:SBUX opened at $97.49 on Tuesday. The company has a market cap of $110.43 billion, a PE ratio of 26.86, a price-to-earnings-growth ratio of 2.26 and a beta of 0.96. Starbucks Co. has a 12 month low of $71.55 and a 12 month high of $107.66. The company has a 50 day simple moving average of $89.16 and a two-hundred day simple moving average of $84.19.

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

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. The Goldman Sachs Group assumed coverage on shares of Starbucks in a report on Thursday, June 13th. They issued a “buy” rating and a $100.00 price target on the stock. Morgan Stanley reaffirmed an “overweight” rating and set a $98.00 price target on shares of Starbucks in a research report on Wednesday, July 31st. Piper Sandler upgraded Starbucks from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $85.00 to $103.00 in a research report on Tuesday, August 13th. Citigroup boosted their price objective on shares of Starbucks from $82.00 to $98.00 and gave the company a “neutral” rating in a research report on Wednesday, August 14th. Finally, Wedbush reaffirmed a “neutral” rating and set a $80.00 target price on shares of Starbucks in a research note on Tuesday, August 13th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $101.12.

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.