Starbucks Co. (NASDAQ:SBUX) Stake Lifted by Naviter Wealth LLC

Naviter Wealth LLC boosted its position in Starbucks Co. (NASDAQ:SBUX) by 15.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 21,487 shares of the coffee company’s stock after purchasing an additional 2,858 shares during the period. Naviter Wealth LLC’s holdings in Starbucks were worth $2,095,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of SBUX. Strategic Investment Solutions Inc. IL bought a new position in Starbucks during the second quarter valued at about $25,000. Scarborough Advisors LLC acquired a new position in shares of Starbucks in the 4th quarter worth approximately $26,000. New Millennium Group LLC bought a new stake in shares of Starbucks in the 2nd quarter worth approximately $26,000. Stephens Consulting LLC lifted its stake in Starbucks by 498.2% during the second quarter. Stephens Consulting LLC now owns 335 shares of the coffee company’s stock valued at $26,000 after purchasing an additional 279 shares during the last quarter. Finally, Hobbs Group Advisors LLC acquired a new position in Starbucks in the second quarter worth approximately $27,000. 72.29% of the stock is currently owned by institutional investors and hedge funds.

Starbucks Stock Performance

Shares of NASDAQ SBUX traded down $0.14 during mid-day trading on Thursday, hitting $95.32. 142,246 shares of the stock were exchanged, compared to its average volume of 11,403,771. The company has a market cap of $107.97 billion, a P/E ratio of 26.26, a PEG ratio of 2.06 and a beta of 0.97. Starbucks Co. has a twelve month low of $71.55 and a twelve month high of $107.66. The stock’s fifty day simple moving average is $94.08 and its two-hundred day simple moving average is $84.62.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Tuesday, July 30th. The coffee company reported $0.93 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.93. Starbucks had a negative return on equity of 49.38% and a net margin of 11.16%. The business had revenue of $9.11 billion during the quarter, compared to analysts’ expectations of $9.25 billion. During the same period in the previous year, the business posted $1.00 earnings per share. The firm’s revenue for the quarter was down .6% compared to the same quarter last year. As a group, equities research analysts predict that Starbucks Co. will post 3.55 earnings per share for the current fiscal year.

Insider Transactions at Starbucks

In other news, CEO Rachel Ruggeri sold 3,290 shares of Starbucks stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $91.16, for a total value of $299,916.40. Following the completion of the sale, the chief executive officer now directly owns 62,502 shares of the company’s stock, valued at approximately $5,697,682.32. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Rachel Ruggeri sold 3,290 shares of the business’s 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 completion of the sale, the chief executive officer now directly owns 62,502 shares of the company’s stock, valued at $5,697,682.32. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Michael Aaron Conway sold 3,250 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $94.03, for a total transaction of $305,597.50. Following the completion of the transaction, the chief executive officer now directly owns 75,054 shares in the company, valued at approximately $7,057,327.62. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.98% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on SBUX. Morgan Stanley raised their price objective on Starbucks from $98.00 to $115.00 and gave the stock an “overweight” rating in a research note on Wednesday. Piper Sandler upgraded shares of Starbucks from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $85.00 to $103.00 in a report on Tuesday, August 13th. Oppenheimer restated a “market perform” rating on shares of Starbucks in a research report on Monday, August 26th. Barclays raised their target price on Starbucks from $93.00 to $110.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 14th. Finally, Stifel Nicolaus raised Starbucks from a “hold” rating to a “buy” rating and upped their price target for the company from $80.00 to $110.00 in a research report on Wednesday, August 14th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Starbucks presently has a consensus rating of “Moderate Buy” and a consensus price target of $101.84.

Starbucks Company Profile

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.