Gateway Investment Advisers LLC Reduces Holdings in Starbucks Co. (NASDAQ:SBUX)

Gateway Investment Advisers LLC reduced its position in Starbucks Co. (NASDAQ:SBUX) by 4.5% in the 3rd quarter, Holdings Channel reports. The firm owned 68,868 shares of the coffee company’s stock after selling 3,238 shares during the period. Gateway Investment Advisers LLC’s holdings in Starbucks were worth $6,714,000 as of its most recent filing with the SEC.

A number of other large investors have also recently made changes to their positions in the company. Cox Capital Mgt LLC boosted its holdings in shares of 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 acquiring an additional 13,372 shares during the period. Fidelis Capital Partners LLC increased its stake 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 during the period. AMI Asset Management Corp raised its holdings in shares of Starbucks by 2.8% in the first quarter. AMI Asset Management Corp now owns 365,292 shares of the coffee company’s stock valued at $33,384,000 after buying an additional 10,092 shares during the last quarter. LRI Investments LLC acquired a new stake in shares of Starbucks during the first quarter worth about $136,000. Finally, BNP Paribas purchased a new position in shares of Starbucks during the first quarter worth about $9,332,000. 72.29% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

SBUX has been the subject of several analyst reports. Jefferies Financial Group downgraded Starbucks from a “hold” rating to an “underperform” rating and reduced their price objective for the company from $80.00 to $76.00 in a research note on Tuesday, September 24th. Sanford C. Bernstein raised Starbucks from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $92.00 to $115.00 in a report on Thursday, September 26th. Bank of America boosted their price objective on shares of Starbucks from $112.00 to $118.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. 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 research note on Tuesday, August 13th. Finally, Stifel Nicolaus upgraded shares of Starbucks from a “hold” rating to a “buy” rating and boosted their price target for the stock from $80.00 to $110.00 in a research note on Wednesday, August 14th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $101.16.

Starbucks Stock Performance

SBUX stock opened at $95.55 on Friday. The stock’s 50 day moving average price is $92.86 and its 200 day moving average price is $84.54. The firm has a market cap of $108.28 billion, a P/E ratio of 26.76, a PEG ratio of 2.11 and a beta of 0.97. Starbucks Co. has a 1 year low of $71.55 and a 1 year high of $107.66.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings data on Tuesday, July 30th. The coffee company reported $0.93 earnings per share (EPS) for the quarter, meeting the consensus estimate 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 negative return on equity of 49.38% and a net margin of 11.16%. The business’s revenue was down .6% on a year-over-year basis. During the same period in the prior year, the business earned $1.00 earnings per share. On average, research analysts predict that Starbucks Co. will post 3.55 earnings per share for the current year.

Insiders Place Their Bets

In other 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 value of $299,916.40. Following the completion of the transaction, the chief executive officer now 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 the SEC website. In other Starbucks news, Director Jorgen Vig Knudstorp bought 380 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The stock was purchased at an average cost of $91.50 per share, for a total transaction of $34,770.00. Following the completion of the purchase, the director now owns 36,242 shares of the company’s stock, valued at $3,316,143. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Rachel Ruggeri sold 3,290 shares of the firm’s stock in a transaction dated 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 in the company, valued at approximately $5,697,682.32. 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 corporate insiders.

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.