Sound Income Strategies LLC cut its position in Starbucks Co. (NASDAQ:SBUX – Get Rating) by 13.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 833 shares of the coffee company’s stock after selling 127 shares during the quarter. Sound Income Strategies LLC’s holdings in Starbucks were worth $83,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in the company. New Millennium Group LLC acquired a new position in Starbucks in the 2nd quarter valued at $25,000. Hillsdale Investment Management Inc. acquired a new position in Starbucks in the 3rd quarter valued at $27,000. Bell Investment Advisors Inc raised its holdings in Starbucks by 44.4% in the 3rd quarter. Bell Investment Advisors Inc now owns 478 shares of the coffee company’s stock valued at $40,000 after acquiring an additional 147 shares in the last quarter. MinichMacGregor Wealth Management LLC acquired a new position in Starbucks in the 4th quarter valued at $40,000. Finally, MADDEN SECURITIES Corp acquired a new position in Starbucks in the 4th quarter valued at $40,000. 69.16% of the stock is currently owned by institutional investors.
Insider Activity at Starbucks
In related news, CFO Rachel Ruggeri sold 3,960 shares of the company’s stock in a transaction dated Monday, January 9th. The stock was sold at an average price of $106.50, for a total transaction of $421,740.00. Following the sale, the chief financial officer now owns 57,962 shares in the company, valued at approximately $6,172,953. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, EVP Zabrina Jenkins sold 2,962 shares of the company’s stock in a transaction that occurred on Monday, February 13th. The stock was sold at an average price of $108.48, for a total transaction of $321,317.76. Following the transaction, the executive vice president now directly owns 38,258 shares of the company’s stock, valued at approximately $4,150,227.84. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Rachel Ruggeri sold 3,960 shares of the company’s stock in a transaction that occurred on Monday, January 9th. The stock was sold at an average price of $106.50, for a total value of $421,740.00. Following the transaction, the chief financial officer now directly owns 57,962 shares in the company, valued at $6,172,953. The disclosure for this sale can be found here. Insiders have sold a total of 7,658 shares of company stock worth $820,706 in the last 90 days. Corporate insiders own 1.98% of the company’s stock.
Starbucks Trading Down 1.7 %
Starbucks (NASDAQ:SBUX – Get Rating) last released its quarterly earnings results on Thursday, February 2nd. The coffee company reported $0.75 EPS for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.02). Starbucks had a net margin of 10.09% and a negative return on equity of 39.78%. The company had revenue of $8.71 billion during the quarter, compared to the consensus estimate of $8.78 billion. During the same quarter last year, the firm posted $0.72 EPS. The company’s quarterly revenue was up 8.2% on a year-over-year basis. As a group, analysts forecast that Starbucks Co. will post 3.41 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
Several brokerages have weighed in on SBUX. BTIG Research lifted their price objective on Starbucks from $110.00 to $120.00 and gave the company a “buy” rating in a report on Thursday, January 19th. Guggenheim lifted their price objective on Starbucks from $92.00 to $103.00 in a report on Friday, January 6th. Citigroup lifted their price objective on Starbucks from $111.00 to $112.00 and gave the company a “neutral” rating in a report on Monday, February 6th. Royal Bank of Canada lowered their price target on Starbucks from $112.00 to $109.00 and set a “sector perform” rating for the company in a report on Friday, February 3rd. Finally, StockNews.com assumed coverage on Starbucks in a report on Thursday. They set a “hold” rating for the company. Thirteen analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $108.74.
Starbucks Corp. engages in the production, marketing, and retailing of specialty coffee. It operates through the following segments: North America, International, Channel Development, and Corporate and Other. The North America segment focuses on the United States and Canada. The International segment is involved in China, Japan, Asia Pacific, Europe, Middle East, Africa, Latin America, and Caribbean.
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