Strategic Advisors LLC reduced its stake in Starbucks Co. (NASDAQ:SBUX) by 13.6% in the third quarter, Holdings Channel reports. The institutional investor owned 6,776 shares of the coffee company’s stock after selling 1,071 shares during the quarter. Strategic Advisors LLC’s holdings in Starbucks were worth $385,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Archford Capital Strategies LLC increased its position in shares of Starbucks by 669.7% during the 2nd quarter. Archford Capital Strategies LLC now owns 2,186 shares of the coffee company’s stock valued at $107,000 after purchasing an additional 1,902 shares during the last quarter. Fort L.P. purchased a new stake in shares of Starbucks during the 2nd quarter valued at $112,000. Point72 Hong Kong Ltd purchased a new stake in shares of Starbucks during the 2nd quarter valued at $115,000. RPg Family Wealth Advisory LLC increased its position in shares of Starbucks by 155.6% during the 2nd quarter. RPg Family Wealth Advisory LLC now owns 2,748 shares of the coffee company’s stock valued at $134,000 after purchasing an additional 1,673 shares during the last quarter. Finally, Moneta Group Investment Advisors LLC increased its position in shares of Starbucks by 274.8% during the 2nd quarter. Moneta Group Investment Advisors LLC now owns 68,607 shares of the coffee company’s stock valued at $136,000 after purchasing an additional 50,301 shares during the last quarter. 72.02% of the stock is owned by institutional investors and hedge funds.
In other Starbucks news, Director Myron E. Ullman III sold 15,000 shares of the firm’s stock in a transaction dated Friday, August 3rd. The stock was sold at an average price of $52.13, for a total value of $781,950.00. Following the completion of the transaction, the director now owns 29,000 shares in the company, valued at approximately $1,511,770. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Javier G. Teruel sold 166,666 shares of the firm’s stock in a transaction dated Friday, August 24th. The stock was sold at an average price of $52.70, for a total value of $8,783,298.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 295,832 shares of company stock valued at $15,834,037. 3.40% of the stock is owned by corporate insiders.
Starbucks (NASDAQ:SBUX) last issued its earnings results on Thursday, July 26th. The coffee company reported $0.62 EPS for the quarter, topping the 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 business had revenue of $6.31 billion during the quarter, compared to the consensus estimate of $6.25 billion. During the same quarter last year, the company earned $0.55 EPS. The firm’s revenue was up 11.5% compared to the same quarter last year. On average, equities analysts forecast that Starbucks Co. will post 2.4 earnings per share for the current fiscal year.
Several equities research analysts have recently issued reports on SBUX shares. Wedbush decreased their target price on Starbucks from $54.00 to $53.00 and set a “neutral” rating for the company in a research report on Friday, July 27th. BidaskClub downgraded Starbucks from a “buy” rating to a “hold” rating in a research note on Tuesday, October 2nd. Sanford C. Bernstein cut their price target on Starbucks from $64.00 to $58.00 and set a “market perform” rating for the company in a research note on Tuesday, June 26th. Barclays cut their price target on Starbucks from $60.00 to $57.00 and set a “$51.15” rating for the company in a research note on Wednesday, July 18th. Finally, Zacks Investment Research upgraded Starbucks from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 21st. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average 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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