Starbucks Co. (NASDAQ:SBUX) Holdings Lowered by Wealth Alliance

Wealth Alliance reduced its holdings in Starbucks Co. (NASDAQ:SBUX) by 23.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,800 shares of the coffee company’s stock after selling 4,196 shares during the period. Wealth Alliance’s holdings in Starbucks were worth $1,074,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Axxcess Wealth Management LLC lifted its stake in Starbucks by 97.5% in the 2nd quarter. Axxcess Wealth Management LLC now owns 27,330 shares of the coffee company’s stock worth $2,128,000 after acquiring an additional 13,495 shares in the last quarter. Virtu Financial LLC purchased a new stake in Starbucks in the 2nd quarter worth about $3,431,000. Pekin Hardy Strauss Inc. lifted its stake in Starbucks by 16.0% in the 2nd quarter. Pekin Hardy Strauss Inc. now owns 9,848 shares of the coffee company’s stock worth $767,000 after acquiring an additional 1,358 shares in the last quarter. Excalibur Management Corp lifted its stake in Starbucks by 15.7% in the 2nd quarter. Excalibur Management Corp now owns 9,929 shares of the coffee company’s stock worth $773,000 after acquiring an additional 1,344 shares in the last quarter. Finally, MSA Advisors LLC lifted its stake in Starbucks by 20.9% in the 2nd quarter. MSA Advisors LLC now owns 357,829 shares of the coffee company’s stock worth $27,857,000 after acquiring an additional 61,900 shares in the last quarter. 72.29% of the stock is owned by hedge funds and other institutional investors.

Starbucks Stock Down 0.3 %

SBUX opened at $96.12 on Thursday. The firm has a market capitalization of $108.92 billion, a P/E ratio of 26.48, a price-to-earnings-growth ratio of 2.38 and a beta of 0.96. The stock’s 50 day moving average price is $85.77 and its two-hundred day moving average price is $83.98. Starbucks Co. has a 12-month low of $71.55 and a 12-month high of $107.66.

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on SBUX shares. Barclays increased their price objective on Starbucks from $93.00 to $110.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 14th. Piper Sandler raised Starbucks from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $85.00 to $103.00 in a research note on Tuesday, August 13th. JPMorgan Chase & Co. cut their price target on Starbucks from $92.00 to $90.00 and set an “overweight” rating for the company in a research note on Wednesday, July 10th. The Goldman Sachs Group assumed coverage on Starbucks in a research note on Thursday, June 13th. They set a “buy” rating and a $100.00 price target for the company. Finally, Citigroup raised their price target on Starbucks from $82.00 to $98.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 14th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $100.08.

Insider Activity

In other news, CEO Rachel Ruggeri sold 3,290 shares of the business’s stock in a transaction that occurred 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 directly owns 62,502 shares in the company, valued at $5,697,682.32. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CEO Rachel Ruggeri sold 3,290 shares of the business’s stock in a transaction 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 is available through this link. Also, CEO Michael Aaron Conway sold 3,250 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $94.03, for a total value of $305,597.50. Following the completion of the sale, the chief executive officer now directly owns 75,054 shares in the company, valued at approximately $7,057,327.62. The disclosure for this sale can be found here. 1.98% of the stock is currently owned by company insiders.

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.