Elk River Wealth Management LLC Buys 948 Shares of Starbucks Co. (NASDAQ:SBUX)

Elk River Wealth Management LLC lifted its stake in Starbucks Co. (NASDAQ:SBUX – Get Rating) by 2.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 33,297 shares of the coffee company’s stock after purchasing an additional 948 shares during the period. Elk River Wealth Management LLC’s holdings in Starbucks were worth $3,303,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in SBUX. New Millennium Group LLC bought a new position in Starbucks during the 2nd quarter worth about $25,000. My Personal CFO LLC bought a new position in Starbucks during the 4th quarter worth about $25,000. Piershale Financial Group Inc. bought a new position in Starbucks during the 4th quarter worth about $25,000. Hillsdale Investment Management Inc. bought a new position in Starbucks during the 3rd quarter worth about $27,000. Finally, WJ Interests LLC bought a new position in Starbucks during the 4th quarter worth about $34,000. 69.16% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. BTIG Research increased their target price on shares of Starbucks from $110.00 to $120.00 and gave the stock a “buy” rating in a report on Thursday, January 19th. TD Cowen reissued an “outperform” rating and set a $116.00 price target on shares of Starbucks in a research report on Thursday. Morgan Stanley increased their price target on shares of Starbucks from $96.00 to $100.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 18th. Guggenheim increased their price target on shares of Starbucks from $92.00 to $103.00 in a research report on Friday, January 6th. Finally, Deutsche Bank Aktiengesellschaft lowered shares of Starbucks from a “buy” rating to a “hold” rating and increased their price target for the company from $100.00 to $106.00 in a research report on Monday, December 5th. Thirteen equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $108.74.

Starbucks Stock Performance

Shares of NASDAQ SBUX traded down $1.73 during trading on Friday, hitting $98.70. 10,189,661 shares of the company were exchanged, compared to its average volume of 6,343,857. Starbucks Co. has a 12-month low of $68.39 and a 12-month high of $110.83. The company has a fifty day moving average price of $105.02 and a 200-day moving average price of $97.22. The firm has a market capitalization of $113.44 billion, a PE ratio of 34.39, a P/E/G ratio of 1.69 and a beta of 0.94.

Starbucks (NASDAQ:SBUX – Get Rating) last issued its quarterly earnings data on Thursday, February 2nd. The coffee company reported $0.75 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.77 by ($0.02). The company had revenue of $8.71 billion during the quarter, compared to analysts’ expectations of $8.78 billion. Starbucks had a net margin of 10.09% and a negative return on equity of 39.78%. The firm’s quarterly revenue was up 8.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.72 earnings per share. Research analysts anticipate that Starbucks Co. will post 3.41 earnings per share for the current fiscal year.

Insider Activity at Starbucks

In related news, CFO Rachel Ruggeri sold 736 shares of the business’s stock in a transaction dated Tuesday, February 21st. The shares were sold at an average price of $105.50, for a total value of $77,648.00. Following the sale, the chief financial officer now directly owns 56,028 shares in the company, valued at approximately $5,910,954. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Starbucks news, EVP Zabrina Jenkins sold 2,962 shares of Starbucks stock in a transaction dated Monday, February 13th. The stock was sold at an average price of $108.48, for a total value of $321,317.76. Following the completion of 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 filing with the SEC, which is accessible through this hyperlink. Also, CFO Rachel Ruggeri sold 736 shares of Starbucks stock in a transaction dated Tuesday, February 21st. The shares were sold at an average price of $105.50, for a total value of $77,648.00. Following the completion of the transaction, the chief financial officer now directly owns 56,028 shares of the company’s stock, valued at $5,910,954. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 7,658 shares of company stock worth $820,706. Company insiders own 1.98% of the company’s stock.

About Starbucks

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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.