SeaCrest Wealth Management LLC Reduces Stake in Starbucks Co. (NASDAQ:SBUX)

SeaCrest Wealth Management LLC lowered its holdings in Starbucks Co. (NASDAQ:SBUX) by 7.7% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 12,262 shares of the coffee company’s stock after selling 1,028 shares during the quarter. SeaCrest Wealth Management LLC’s holdings in Starbucks were worth $1,121,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the business. Axxcess Wealth Management LLC purchased a new position in Starbucks during the 3rd quarter worth approximately $1,468,000. AXQ Capital LP purchased a new position in shares of Starbucks in the 3rd quarter valued at approximately $803,000. Legacy Advisors LLC grew its stake in shares of Starbucks by 13.9% in the 3rd quarter. Legacy Advisors LLC now owns 28,465 shares of the coffee company’s stock valued at $2,598,000 after purchasing an additional 3,467 shares during the last quarter. Lakeshore Financial Planning Inc. purchased a new position in shares of Starbucks in the 3rd quarter valued at approximately $205,000. Finally, Seven Eight Capital LP lifted its holdings in shares of Starbucks by 231.7% in the 3rd quarter. Seven Eight Capital LP now owns 92,661 shares of the coffee company’s stock valued at $8,457,000 after buying an additional 64,724 shares during the period. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Insiders Place Their Bets

In other Starbucks news, CEO Michael Aaron Conway sold 3,250 shares of the company’s stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $85.39, for a total transaction of $277,517.50. Following the completion of the sale, the chief executive officer now directly owns 81,199 shares in the company, valued at $6,933,582.61. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Starbucks news, CFO Rachel Ruggeri sold 3,750 shares of the company’s stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $80.00, for a total transaction of $300,000.00. Following the completion of the sale, the chief financial officer now directly owns 65,431 shares in the company, valued at $5,234,480. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael Aaron Conway sold 3,250 shares of the company’s stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $85.39, for a total value of $277,517.50. Following the completion of the sale, the chief executive officer now directly owns 81,199 shares of the company’s stock, valued at approximately $6,933,582.61. The disclosure for this sale can be found here. Insiders sold 10,750 shares of company stock worth $878,893 over the last three months. 1.98% of the stock is owned by insiders.

Starbucks Trading Down 0.4 %

Starbucks stock opened at $76.83 on Wednesday. The firm has a market capitalization of $87.03 billion, a P/E ratio of 21.17, a PEG ratio of 1.70 and a beta of 0.94. The stock has a fifty day moving average price of $79.44 and a 200 day moving average price of $87.80. Starbucks Co. has a 52 week low of $71.80 and a 52 week high of $107.66.

Starbucks (NASDAQ:SBUX) last released its earnings results on Tuesday, April 30th. The coffee company reported $0.68 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.11). The business had revenue of $8.56 billion during the quarter, compared to analyst estimates of $9.12 billion. Starbucks had a net margin of 11.38% and a negative return on equity of 49.91%. The business’s revenue for the quarter was down 1.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.74 earnings per share. As a group, equities analysts predict that Starbucks Co. will post 3.59 EPS for the current year.

Starbucks Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 16th will be paid a $0.57 dividend. The ex-dividend date is Friday, August 16th. This represents a $2.28 annualized dividend and a yield of 2.97%. Starbucks’s payout ratio is currently 62.81%.

Analyst Ratings Changes

Several analysts have recently commented on SBUX shares. BTIG Research reduced their price target on Starbucks from $115.00 to $100.00 and set a “buy” rating for the company in a report on Wednesday, May 1st. DZ Bank cut Starbucks from a “buy” rating to a “hold” rating and set a $75.00 price target for the company. in a report on Friday, May 3rd. Bank of America raised their price target on Starbucks from $108.00 to $112.00 and gave the company a “buy” rating in a report on Monday, June 10th. JPMorgan Chase & Co. reduced their price target on Starbucks from $100.00 to $92.00 and set an “overweight” rating for the company in a report on Wednesday, May 1st. Finally, HSBC reduced their price objective on Starbucks from $107.00 to $84.00 and set a “hold” rating for the company in a report on Friday, May 3rd. Seventeen equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $94.54.

Starbucks Company 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.