626 Financial LLC Reduces Position in Starbucks Co. (NASDAQ:SBUX)

626 Financial LLC trimmed its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 4.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,501 shares of the coffee company’s stock after selling 164 shares during the quarter. 626 Financial LLC’s holdings in Starbucks were worth $341,000 at the end of the most recent quarter.

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

Starbucks Stock Up 0.3 %

Shares of Starbucks stock opened at $95.04 on Wednesday. Starbucks Co. has a 12 month low of $71.55 and a 12 month high of $107.66. The stock has a market cap of $107.65 billion, a PE ratio of 26.18, a price-to-earnings-growth ratio of 2.06 and a beta of 0.97. The business has a fifty day simple moving average of $93.67 and a 200-day simple moving average of $84.54.

Starbucks (NASDAQ:SBUX) last released its earnings results on Tuesday, July 30th. The coffee company reported $0.93 earnings per share for the quarter, meeting the consensus estimate of $0.93. The company had revenue of $9.11 billion for the quarter, compared to analysts’ expectations 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 for the quarter was down .6% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.00 EPS. Analysts expect that Starbucks Co. will post 3.55 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Jorgen Vig Knudstorp purchased 380 shares of the company’s stock in a transaction dated Friday, September 6th. The shares were acquired at an average cost of $91.50 per share, with a total value 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. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, 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 transaction, the chief executive officer now owns 75,054 shares of the company’s stock, valued at approximately $7,057,327.62. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jorgen Vig Knudstorp bought 380 shares of the firm’s stock in a transaction on Friday, September 6th. The stock was acquired at an average cost of $91.50 per share, with a total value of $34,770.00. Following the completion of the transaction, the director now directly owns 36,242 shares of the company’s stock, valued at approximately $3,316,143. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 1.98% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on SBUX shares. JPMorgan Chase & Co. raised their price target on Starbucks from $90.00 to $105.00 and gave the company an “overweight” rating in a report on Monday, September 30th. Piper Sandler upgraded shares of Starbucks from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $85.00 to $103.00 in a report on Tuesday, August 13th. Robert W. Baird upgraded shares of Starbucks from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $81.00 to $110.00 in a research note on Tuesday, August 13th. TD Cowen restated a “buy” rating and issued a $110.00 target price on shares of Starbucks in a research report on Thursday, September 12th. Finally, Oppenheimer reiterated a “market perform” rating on shares of Starbucks in a research report on Monday, August 26th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $101.16.

Starbucks 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.