Axxcess Wealth Management LLC Buys 13,495 Shares of Starbucks Co. (NASDAQ:SBUX)

Axxcess Wealth Management LLC grew its stake in Starbucks Co. (NASDAQ:SBUX) by 97.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 27,330 shares of the coffee company’s stock after purchasing an additional 13,495 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Starbucks were worth $2,128,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. increased its position in Starbucks by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 108,403,768 shares of the coffee company’s stock valued at $9,907,020,000 after buying an additional 470,498 shares in the last quarter. Fisher Asset Management LLC increased its holdings in shares of Starbucks by 2.3% during the fourth quarter. Fisher Asset Management LLC now owns 11,359,790 shares of the coffee company’s stock valued at $1,090,654,000 after acquiring an additional 260,489 shares in the last quarter. Flossbach Von Storch AG increased its stake in Starbucks by 106.7% during the 1st quarter. Flossbach Von Storch AG now owns 5,612,687 shares of the coffee company’s stock valued at $512,943,000 after purchasing an additional 2,897,282 shares in the last quarter. Nordea Investment Management AB lifted its stake in shares of Starbucks by 5.2% in the first quarter. Nordea Investment Management AB now owns 5,412,603 shares of the coffee company’s stock worth $495,145,000 after buying an additional 266,570 shares in the last quarter. Finally, Envestnet Asset Management Inc. lifted its stake in shares of Starbucks by 12.3% in the fourth quarter. Envestnet Asset Management Inc. now owns 5,254,384 shares of the coffee company’s stock worth $504,473,000 after buying an additional 574,763 shares in the last quarter. 72.29% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Starbucks news, Director Jorgen Vig Knudstorp purchased 380 shares of the stock in a transaction that occurred on Friday, September 6th. The shares were bought at an average cost of $91.50 per share, with a total value of $34,770.00. Following the acquisition, the director now owns 36,242 shares in the company, valued at $3,316,143. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, 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 completion of the transaction, the chief executive officer now owns 75,054 shares in the company, valued at $7,057,327.62. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Jorgen Vig Knudstorp acquired 380 shares of Starbucks stock in a transaction 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 purchase, the director now owns 36,242 shares in the company, valued at $3,316,143. The disclosure for this purchase can be found here. 1.98% of the stock is currently owned by company insiders.

Starbucks Price Performance

Shares of NASDAQ:SBUX opened at $96.12 on Thursday. The company has a market capitalization of $108.92 billion, a P/E ratio of 26.48, a P/E/G ratio of 2.38 and a beta of 0.96. Starbucks Co. has a 1-year low of $71.55 and a 1-year high of $107.66. The firm’s 50 day simple moving average is $85.77 and its two-hundred day simple moving average is $83.98.

Starbucks (NASDAQ:SBUX) last released its earnings results on Tuesday, July 30th. The coffee company reported $0.93 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.93. Starbucks had a net margin of 11.16% and a negative return on equity of 49.38%. The company had revenue of $9.11 billion for the quarter, compared to analysts’ expectations of $9.25 billion. During the same quarter in the previous year, the company earned $1.00 EPS. Starbucks’s revenue for the quarter was down .6% on a year-over-year basis. On average, sell-side analysts anticipate that Starbucks Co. will post 3.56 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Citigroup boosted their price objective on shares of Starbucks from $82.00 to $98.00 and gave the stock a “neutral” rating in a report on Wednesday, August 14th. Oppenheimer restated a “market perform” rating on shares of Starbucks in a research note on Monday, August 26th. The Goldman Sachs Group started coverage on Starbucks in a report on Thursday, June 13th. They set a “buy” rating and a $100.00 price target on the stock. Stifel Nicolaus upgraded Starbucks from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $80.00 to $110.00 in a report on Wednesday, August 14th. Finally, Evercore ISI upgraded shares of Starbucks from an “in-line” rating to an “outperform” rating and upped their target price for the company from $80.00 to $120.00 in a research note on Wednesday, August 14th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Starbucks has a consensus rating of “Moderate Buy” and a consensus target price of $100.08.

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.