Simplicity Wealth LLC Reduces Stock Holdings in Starbucks Co. (NASDAQ:SBUX)

Simplicity Wealth LLC lessened its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 94.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,234 shares of the coffee company’s stock after selling 36,594 shares during the period. Simplicity Wealth LLC’s holdings in Starbucks were worth $218,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in SBUX. Wynn Capital LLC raised its position in Starbucks by 6.7% during the third quarter. Wynn Capital LLC now owns 9,847 shares of the coffee company’s stock valued at $960,000 after acquiring an additional 618 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt lifted its stake in shares of Starbucks by 259.7% in the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 8,121 shares of the coffee company’s stock valued at $792,000 after purchasing an additional 5,863 shares during the period. Pacific Sun Financial Corp boosted its holdings in Starbucks by 3.6% during the third quarter. Pacific Sun Financial Corp now owns 4,296 shares of the coffee company’s stock worth $419,000 after buying an additional 150 shares in the last quarter. Pine Haven Investment Counsel Inc grew its position in Starbucks by 1.2% during the third quarter. Pine Haven Investment Counsel Inc now owns 42,540 shares of the coffee company’s stock valued at $4,147,000 after buying an additional 495 shares during the period. Finally, JGP Wealth Management LLC raised its position in shares of Starbucks by 1.8% in the third quarter. JGP Wealth Management LLC now owns 10,684 shares of the coffee company’s stock worth $1,042,000 after acquiring an additional 187 shares during the period. 72.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on SBUX shares. Citigroup lifted their price target on Starbucks from $98.00 to $99.00 and gave the company a “neutral” rating in a research note on Tuesday, October 8th. Bank of America increased their target price on Starbucks from $112.00 to $118.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Jefferies Financial Group lowered shares of Starbucks from a “hold” rating to an “underperform” rating and cut their price target for the stock from $80.00 to $76.00 in a report on Tuesday, September 24th. Deutsche Bank Aktiengesellschaft raised shares of Starbucks from a “hold” rating to a “buy” rating and increased their price objective for the company from $85.00 to $118.00 in a report on Wednesday, August 14th. Finally, Barclays boosted their target price on shares of Starbucks from $93.00 to $110.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 14th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Starbucks has an average rating of “Moderate Buy” and a consensus target price of $101.16.

Insider Activity

In related news, Director Jorgen Vig Knudstorp acquired 380 shares of Starbucks stock in a transaction dated Friday, September 6th. The shares were acquired at an average cost of $91.50 per share, for a total transaction of $34,770.00. Following the completion of the purchase, the director now owns 36,242 shares in the company, valued at approximately $3,316,143. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other 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 price of $91.50 per share, with a total value of $34,770.00. Following the completion of the acquisition, the director now directly owns 36,242 shares in the company, valued at $3,316,143. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 transaction, the chief executive officer now owns 62,502 shares of the company’s stock, valued at $5,697,682.32. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.98% of the company’s stock.

Starbucks Stock Performance

Shares of SBUX stock opened at $94.76 on Tuesday. The firm has a market cap of $107.33 billion, a P/E ratio of 26.10, a P/E/G ratio of 2.06 and a beta of 0.97. The firm’s 50 day moving average price is $93.28 and its 200-day moving average price is $84.52. Starbucks Co. has a one year low of $71.55 and a one year high of $107.66.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings data on Tuesday, July 30th. The coffee company reported $0.93 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.93. Starbucks had a negative return on equity of 49.38% and a net margin of 11.16%. The business had revenue of $9.11 billion during the quarter, compared to analysts’ expectations of $9.25 billion. During the same period in the previous year, the firm posted $1.00 earnings per share. The company’s revenue was down .6% on a year-over-year basis. As a group, research analysts predict that Starbucks Co. will post 3.55 EPS for the current fiscal year.

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.