Somerset Trust Co Raises Holdings in Starbucks Co. (NASDAQ:SBUX)

Somerset Trust Co boosted its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 5.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,933 shares of the coffee company’s stock after purchasing an additional 240 shares during the quarter. Somerset Trust Co’s holdings in Starbucks were worth $481,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of SBUX. Strategic Investment Solutions Inc. IL acquired a new position in shares of Starbucks during the 2nd quarter worth about $25,000. Vima LLC acquired a new position in Starbucks in the 4th quarter valued at $26,000. Scarborough Advisors LLC acquired a new stake in Starbucks during the 4th quarter worth $26,000. New Millennium Group LLC acquired a new position in Starbucks during the second quarter worth about $26,000. Finally, Stephens Consulting LLC raised its holdings in Starbucks by 498.2% in the 2nd quarter. Stephens Consulting LLC now owns 335 shares of the coffee company’s stock valued at $26,000 after acquiring an additional 279 shares during the last quarter. 72.29% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SBUX has been the topic of several analyst reports. Evercore ISI upgraded Starbucks from an “in-line” rating to an “outperform” rating and lifted their price target for the stock from $80.00 to $120.00 in a report on Wednesday, August 14th. Deutsche Bank Aktiengesellschaft raised shares of Starbucks from a “hold” rating to a “buy” rating and increased their price target for the company from $85.00 to $118.00 in a research note on Wednesday, August 14th. Piper Sandler raised shares of Starbucks from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $85.00 to $103.00 in a research report on Tuesday, August 13th. Stifel Nicolaus upgraded Starbucks from a “hold” rating to a “buy” rating and increased their price objective for the stock from $80.00 to $110.00 in a research report on Wednesday, August 14th. Finally, JPMorgan Chase & Co. lifted their target price on Starbucks from $90.00 to $105.00 and gave the company an “overweight” rating in a research report on Monday, September 30th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $101.16.

Insider Activity

In other Starbucks news, CEO Rachel Ruggeri sold 3,290 shares of the business’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 trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Michael Aaron Conway sold 3,250 shares of Starbucks 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 trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, 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 shares were 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 directly owns 62,502 shares in the company, valued at approximately $5,697,682.32. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.98% of the company’s stock.

Starbucks Price Performance

Shares of NASDAQ SBUX opened at $95.88 on Thursday. The company has a market cap of $108.65 billion, a PE ratio of 26.41, a P/E/G ratio of 2.12 and a beta of 0.97. The stock has a fifty day moving average price of $92.09 and a 200 day moving average price of $84.48. Starbucks Co. has a 1-year low of $71.55 and a 1-year high of $107.66.

Starbucks (NASDAQ:SBUX) last issued 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 business had revenue of $9.11 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.00 earnings per share. Analysts anticipate that Starbucks Co. will post 3.55 earnings per share for the current fiscal year.

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.