Starbucks Co. (NASDAQ:SBUX) Position Cut by Ascent Group LLC

Ascent Group LLC trimmed its stake in Starbucks Co. (NASDAQ:SBUX) by 46.2% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 11,680 shares of the coffee company’s stock after selling 10,021 shares during the quarter. Ascent Group LLC’s holdings in Starbucks were worth $909,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in SBUX. Scarborough Advisors LLC acquired a new position in shares of Starbucks during the fourth quarter valued at $26,000. Vima LLC acquired a new position in shares of Starbucks during the fourth quarter valued at $26,000. Fairman Group LLC acquired a new position in shares of Starbucks during the fourth quarter valued at $30,000. Raleigh Capital Management Inc. increased its holdings in shares of Starbucks by 150.0% during the fourth quarter. Raleigh Capital Management Inc. now owns 330 shares of the coffee company’s stock valued at $32,000 after purchasing an additional 198 shares during the period. Finally, New Millennium Group LLC acquired a new position in shares of Starbucks during the second quarter valued at $26,000. 72.29% of the stock is currently owned by institutional investors.

Insider Transactions at Starbucks

In other news, CEO Rachel Ruggeri sold 3,290 shares of the firm’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 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 legal filing with the SEC, which is available at the SEC website. In related news, CEO Rachel Ruggeri sold 3,290 shares of Starbucks 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 approximately $5,697,682.32. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jorgen Vig Knudstorp bought 380 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The stock was purchased at an average cost of $91.50 per share, for a total transaction of $34,770.00. Following the transaction, the director now owns 36,242 shares in the company, valued at approximately $3,316,143. The disclosure for this purchase can be found here. 1.98% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft raised Starbucks from a “hold” rating to a “buy” rating and lifted their target price for the stock from $85.00 to $118.00 in a report on Wednesday, August 14th. Barclays lifted their target price on Starbucks from $93.00 to $110.00 and gave the stock an “overweight” rating in a report on Wednesday, August 14th. Citigroup lifted their target price on Starbucks from $82.00 to $98.00 and gave the stock a “neutral” rating in a report on Wednesday, August 14th. Piper Sandler raised Starbucks from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $85.00 to $103.00 in a report on Tuesday, August 13th. Finally, Bank of America lifted their target price on Starbucks from $112.00 to $118.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $101.12.

Starbucks Price Performance

NASDAQ SBUX opened at $97.49 on Tuesday. The firm has a market cap of $110.43 billion, a P/E ratio of 26.86, a P/E/G ratio of 2.26 and a beta of 0.96. The stock’s 50-day moving average is $89.16 and its 200-day moving average is $84.19. Starbucks Co. has a one year low of $71.55 and a one year high of $107.66.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Tuesday, July 30th. The coffee company reported $0.93 EPS for the quarter, hitting analysts’ consensus estimates 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 revenue was down .6% compared to the same quarter last year. During the same quarter last year, the firm posted $1.00 earnings per share. Equities analysts anticipate that Starbucks Co. will post 3.56 EPS for the current year.

Starbucks 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.