Starbucks Co. (NASDAQ:SBUX) Shares Sold by Covington Investment Advisors Inc.

Covington Investment Advisors Inc. trimmed its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 3.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 63,204 shares of the coffee company’s stock after selling 2,055 shares during the period. Covington Investment Advisors Inc.’s holdings in Starbucks were worth $4,920,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Gryphon Financial Partners LLC increased its position in shares of Starbucks by 96.3% in the fourth quarter. Gryphon Financial Partners LLC now owns 5,213 shares of the coffee company’s stock valued at $508,000 after buying an additional 2,558 shares in the last quarter. Evoke Wealth LLC increased its holdings in Starbucks by 1.6% during the 4th quarter. Evoke Wealth LLC now owns 10,201 shares of the coffee company’s stock valued at $979,000 after acquiring an additional 164 shares in the last quarter. Carolinas Wealth Consulting LLC raised its position in Starbucks by 4.9% during the fourth quarter. Carolinas Wealth Consulting LLC now owns 2,862 shares of the coffee company’s stock worth $275,000 after acquiring an additional 133 shares during the last quarter. Jones Financial Companies Lllp lifted its holdings in shares of Starbucks by 1.4% in the fourth quarter. Jones Financial Companies Lllp now owns 86,412 shares of the coffee company’s stock valued at $8,296,000 after purchasing an additional 1,167 shares in the last quarter. Finally, CWA Asset Management Group LLC grew its position in shares of Starbucks by 40.9% in the fourth quarter. CWA Asset Management Group LLC now owns 4,708 shares of the coffee company’s stock valued at $452,000 after purchasing an additional 1,367 shares during the last quarter. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Starbucks Stock Performance

Shares of NASDAQ:SBUX opened at $97.36 on Monday. The business’s 50-day simple moving average is $88.74 and its 200 day simple moving average is $84.15. The company has a market cap of $110.28 billion, a P/E ratio of 26.82, a PEG ratio of 2.26 and a beta of 0.96. Starbucks Co. has a one year low of $71.55 and a one year high of $107.66.

Starbucks (NASDAQ:SBUX) last posted its earnings results on Tuesday, July 30th. The coffee company reported $0.93 EPS for the quarter, hitting 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 net margin of 11.16% and a negative return on equity of 49.38%. The business’s revenue for the quarter was down .6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.00 earnings per share. Analysts predict that Starbucks Co. will post 3.56 earnings per share for the current year.

Insider Activity

In related news, CEO Rachel Ruggeri sold 3,290 shares of the business’s 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 transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Starbucks news, CEO Rachel Ruggeri sold 3,290 shares of Starbucks 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 approximately $5,697,682.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jorgen Vig Knudstorp purchased 380 shares of the firm’s stock in a transaction dated 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 transaction, the director now directly owns 36,242 shares of the company’s stock, valued at approximately $3,316,143. The disclosure for this purchase can be found here. Insiders own 1.98% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on SBUX shares. Bank of America upped their target price on Starbucks from $112.00 to $118.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Robert W. Baird raised Starbucks from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $81.00 to $110.00 in a research note on Tuesday, August 13th. The Goldman Sachs Group started coverage on shares of Starbucks in a research note on Thursday, June 13th. They issued a “buy” rating and a $100.00 target price for the company. Piper Sandler raised shares of 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. Finally, TD Cowen reissued a “buy” rating and issued a $110.00 price objective on shares of Starbucks in a research report on Thursday, September 12th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $100.52.

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.