Starbucks Co. (NASDAQ:SBUX) Shares Sold by Circle Wealth Management LLC

Circle Wealth Management LLC cut its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 4.9% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 312,385 shares of the coffee company’s stock after selling 15,925 shares during the quarter. Starbucks makes up approximately 0.6% of Circle Wealth Management LLC’s portfolio, making the stock its 17th biggest position. Circle Wealth Management LLC’s holdings in Starbucks were worth $24,319,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Lavaca Capital LLC boosted its holdings in Starbucks by 5.8% in the second quarter. Lavaca Capital LLC now owns 4,629 shares of the coffee company’s stock valued at $360,000 after purchasing an additional 255 shares in the last quarter. Legacy Financial Advisors Inc. boosted its holdings in Starbucks by 32.7% in the second quarter. Legacy Financial Advisors Inc. now owns 10,497 shares of the coffee company’s stock valued at $817,000 after purchasing an additional 2,587 shares in the last quarter. Bulltick Wealth Management LLC boosted its holdings in Starbucks by 14.5% in the second quarter. Bulltick Wealth Management LLC now owns 109,213 shares of the coffee company’s stock valued at $8,502,000 after purchasing an additional 13,866 shares in the last quarter. Sompo Asset Management Co. Ltd. lifted its stake in Starbucks by 5.5% in the second quarter. Sompo Asset Management Co. Ltd. now owns 6,760 shares of the coffee company’s stock valued at $526,000 after buying an additional 350 shares during the last quarter. Finally, Summit Trail Advisors LLC lifted its stake in Starbucks by 27.0% in the second quarter. Summit Trail Advisors LLC now owns 16,672 shares of the coffee company’s stock valued at $1,298,000 after buying an additional 3,549 shares during the last quarter. 72.29% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Piper Sandler upgraded Starbucks from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $85.00 to $103.00 in a research note on Tuesday, August 13th. Wedbush reiterated a “neutral” rating and issued a $80.00 price objective on shares of Starbucks in a research note on Tuesday, August 13th. JPMorgan Chase & Co. reduced their price objective on Starbucks from $92.00 to $90.00 and set an “overweight” rating for the company in a research note on Wednesday, July 10th. Stifel Nicolaus upgraded Starbucks from a “hold” rating to a “buy” rating and boosted their price objective for the company from $80.00 to $110.00 in a research note on Wednesday, August 14th. Finally, The Goldman Sachs Group assumed coverage on Starbucks in a research note on Thursday, June 13th. They issued a “buy” rating and a $100.00 price objective for the company. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Starbucks presently has a consensus rating of “Moderate Buy” and an average price target of $100.08.

Starbucks Stock Performance

Starbucks stock opened at $96.05 on Friday. The firm has a market capitalization of $108.84 billion, a price-to-earnings ratio of 26.46, a price-to-earnings-growth ratio of 2.31 and a beta of 0.96. Starbucks Co. has a fifty-two week low of $71.55 and a fifty-two week high of $107.66. The stock’s fifty day moving average is $86.67 and its two-hundred day moving average is $84.04.

Starbucks (NASDAQ:SBUX) last posted its earnings results on Tuesday, July 30th. The coffee company reported $0.93 earnings per share 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 revenue was down .6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.00 earnings per share. As a group, sell-side analysts forecast that Starbucks Co. will post 3.56 EPS for the current fiscal year.

Insider Activity at Starbucks

In related news, CEO Rachel Ruggeri sold 3,290 shares of the stock in a transaction on 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 filing with the SEC, which can be accessed through this hyperlink. In other Starbucks news, Director Jorgen Vig Knudstorp bought 380 shares of Starbucks stock in a transaction that occurred on Friday, September 6th. The shares were purchased at an average cost of $91.50 per share, for a total transaction of $34,770.00. Following the completion of the transaction, the director now owns 36,242 shares of the company’s stock, valued at approximately $3,316,143. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Rachel Ruggeri sold 3,290 shares of the stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $91.16, for a total value of $299,916.40. Following the transaction, the chief executive officer now owns 62,502 shares in the company, valued at $5,697,682.32. The disclosure for this sale can be found here. Corporate insiders own 1.98% of the company’s stock.

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.