Spectrum Wealth Counsel LLC trimmed its stake in shares of Starbucks Co. (NASDAQ:SBUX – Free Report) 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.
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.
View Our Latest Report on Starbucks
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.
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