Hoertkorn Richard Charles trimmed its holdings in Starbucks Co. (NASDAQ:SBUX) by 1.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 47,910 shares of the coffee company’s stock after selling 925 shares during the period. Starbucks makes up about 1.6% of Hoertkorn Richard Charles’ holdings, making the stock its 22nd largest holding. Hoertkorn Richard Charles’ holdings in Starbucks were worth $2,723,000 as of its most recent SEC filing.
Other institutional investors have also modified their holdings of the company. Archford Capital Strategies LLC grew its position in Starbucks by 669.7% in the second quarter. Archford Capital Strategies LLC now owns 2,186 shares of the coffee company’s stock worth $107,000 after acquiring an additional 1,902 shares during the period. Fort L.P. purchased a new position in Starbucks in the second quarter worth approximately $112,000. Point72 Hong Kong Ltd purchased a new position in Starbucks in the second quarter worth approximately $115,000. RPg Family Wealth Advisory LLC grew its position in Starbucks by 155.6% in the second quarter. RPg Family Wealth Advisory LLC now owns 2,748 shares of the coffee company’s stock worth $134,000 after acquiring an additional 1,673 shares during the period. Finally, Moneta Group Investment Advisors LLC grew its position in Starbucks by 274.8% in the second quarter. Moneta Group Investment Advisors LLC now owns 68,607 shares of the coffee company’s stock worth $136,000 after acquiring an additional 50,301 shares during the period. Institutional investors own 72.02% of the company’s stock.
In other Starbucks news, insider Rosalind G. Brewer purchased 5,000 shares of the business’s stock in a transaction on Monday, August 20th. The shares were bought at an average cost of $54.04 per share, for a total transaction of $270,200.00. Following the completion of the purchase, the insider now directly owns 7,302 shares in the company, valued at $394,600.08. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Myron E. Ullman III sold 15,000 shares of the firm’s stock in a transaction on Monday, August 20th. The shares were sold at an average price of $53.98, for a total value of $809,700.00. Following the completion of the sale, the director now owns 29,000 shares in the company, valued at $1,565,420. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 295,832 shares of company stock worth $15,834,037. 3.40% of the stock is owned by insiders.
Starbucks (NASDAQ:SBUX) last posted its quarterly earnings results on Thursday, July 26th. The coffee company reported $0.62 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.02. Starbucks had a return on equity of 67.11% and a net margin of 18.87%. The company had revenue of $6.31 billion for the quarter, compared to analysts’ expectations of $6.25 billion. During the same period last year, the firm earned $0.55 earnings per share. Starbucks’s quarterly revenue was up 11.5% on a year-over-year basis. As a group, analysts anticipate that Starbucks Co. will post 2.4 earnings per share for the current year.
Several research firms have recently commented on SBUX. Sanford C. Bernstein lowered their price target on Starbucks from $64.00 to $58.00 and set a “market perform” rating for the company in a research report on Tuesday, June 26th. Jefferies Financial Group lowered their price target on Starbucks from $69.00 to $61.00 and set a “buy” rating for the company in a research report on Tuesday, June 26th. They noted that the move was a valuation call. Stephens lowered their price target on Starbucks from $58.00 to $53.00 and set an “equal weight” rating for the company in a research report on Monday, July 2nd. ValuEngine lowered Starbucks from a “sell” rating to a “strong sell” rating in a research report on Wednesday, July 4th. Finally, DZ Bank upgraded Starbucks from a “sell” rating to a “hold” rating and lowered their price target for the stock from $52.00 to $48.00 in a research report on Friday, July 6th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. Starbucks presently has a consensus rating of “Buy” and a consensus price target of $60.48.
Starbucks Company Profile
Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty coffee worldwide. The company operates in four segments: Americas; China/Asia Pacific; Europe, Middle East, and Africa; and Channel Development. Its stores offer coffee and tea beverages, roasted whole bean and ground coffees, single-serve and ready-to-drink coffee and tea products, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.
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