Spectrum Wealth Counsel LLC Has $34,000 Stake in Starbucks Co. (NASDAQ:SBUX)

Spectrum Wealth Counsel LLC trimmed its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 69.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 431 shares of the coffee company’s stock after selling 972 shares during the period. Spectrum Wealth Counsel LLC’s holdings in Starbucks were worth $34,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Cox Capital Mgt LLC grew its position in Starbucks by 41.9% in the first quarter. Cox Capital Mgt LLC now owns 45,322 shares of the coffee company’s stock valued at $4,142,000 after purchasing an additional 13,372 shares in the last quarter. Brevan Howard Capital Management LP bought a new position in Starbucks in the fourth quarter valued at $2,781,000. Sanibel Captiva Trust Company Inc. bought a new position in Starbucks in the fourth quarter valued at $31,246,000. Fidelis Capital Partners LLC grew its position in Starbucks by 18.7% in the first quarter. Fidelis Capital Partners LLC now owns 11,116 shares of the coffee company’s stock valued at $1,016,000 after purchasing an additional 1,751 shares in the last quarter. Finally, Bell & Brown Wealth Advisors LLC bought a new position in Starbucks in the fourth quarter valued at $4,048,000. 72.29% of the stock is currently owned by institutional investors and hedge funds.

Starbucks Price Performance

Shares of SBUX opened at $98.57 on Monday. The firm’s 50 day simple moving average is $84.39 and its 200 day simple moving average is $83.86. The company has a market capitalization of $111.70 billion, a P/E ratio of 27.15, a P/E/G ratio of 2.38 and a beta of 0.96. Starbucks Co. has a 1-year low of $71.55 and a 1-year high of $107.66.

Starbucks (NASDAQ:SBUX) last announced its earnings results on Tuesday, July 30th. The coffee company reported $0.93 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.93. The business had revenue of $9.11 billion for the quarter, compared to the consensus estimate of $9.25 billion. Starbucks had a net margin of 11.16% and a negative return on equity of 49.38%. Starbucks’s quarterly revenue was down .6% on a year-over-year basis. During the same period last year, the firm posted $1.00 earnings per share. On average, equities analysts anticipate that Starbucks Co. will post 3.56 earnings per share for the current year.

Insider Activity at Starbucks

In other Starbucks news, CEO Rachel Ruggeri sold 3,290 shares of Starbucks stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $91.16, for a total transaction of $299,916.40. Following the transaction, the chief executive officer now directly owns 62,502 shares of the company’s stock, valued at $5,697,682.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Starbucks news, CEO Rachel Ruggeri sold 3,290 shares of Starbucks stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $91.16, for a total transaction of $299,916.40. Following the transaction, the chief executive officer now directly owns 62,502 shares of the company’s stock, valued at $5,697,682.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $94.03, for a total transaction of $305,597.50. Following the transaction, the chief executive officer now directly owns 75,054 shares in the company, valued at $7,057,327.62. The disclosure for this sale can be found here. 1.98% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft raised shares of Starbucks from a “hold” rating to a “buy” rating and raised their target price for the company from $85.00 to $118.00 in a research report on Wednesday, August 14th. Stifel Nicolaus raised shares of Starbucks from a “hold” rating to a “buy” rating and lifted their target price for the stock from $80.00 to $110.00 in a report on Wednesday, August 14th. Piper Sandler raised shares of Starbucks from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $85.00 to $103.00 in a report on Tuesday, August 13th. Barclays lifted their price objective 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. Finally, Bank of America lifted their price objective on shares of Starbucks from $108.00 to $112.00 and gave the stock a “buy” rating in a research note on Monday, June 10th. One analyst has rated the stock with a sell rating, eleven have given a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $99.83.

About Starbucks

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.