Starbucks Co. (NASDAQ:SBUX) Shares Sold by Strait & Sound Wealth Management LLC

Strait & Sound Wealth Management LLC reduced its holdings in Starbucks Co. (NASDAQ:SBUX) by 12.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,610 shares of the coffee company’s stock after selling 1,452 shares during the quarter. Strait & Sound Wealth Management LLC’s holdings in Starbucks were worth $1,034,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. RFG Advisory LLC raised its stake in shares of Starbucks by 15.0% during the second quarter. RFG Advisory LLC now owns 11,908 shares of the coffee company’s stock valued at $927,000 after purchasing an additional 1,555 shares in the last quarter. LVW Advisors LLC raised its position in shares of Starbucks by 6.7% during the 2nd quarter. LVW Advisors LLC now owns 2,649 shares of the coffee company’s stock worth $206,000 after buying an additional 166 shares in the last quarter. Burke & Herbert Bank & Trust Co. acquired a new stake in shares of Starbucks in the 2nd quarter worth approximately $248,000. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Starbucks by 4.5% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 555,484 shares of the coffee company’s stock valued at $43,244,000 after acquiring an additional 24,164 shares in the last quarter. Finally, Great Valley Advisor Group Inc. increased its stake in shares of Starbucks by 45.8% during the second quarter. Great Valley Advisor Group Inc. now owns 17,123 shares of the coffee company’s stock valued at $1,333,000 after acquiring an additional 5,377 shares during the period. Institutional investors own 72.29% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Rachel Ruggeri sold 1,452 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $99.07, for a total value of $143,849.64. Following the completion of the sale, the chief financial officer now owns 65,648 shares of the company’s stock, valued at approximately $6,503,747.36. The trade was a 2.16 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 1.98% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on SBUX. DZ Bank lowered Starbucks from a “hold” rating to a “sell” rating and set a $85.00 price target for the company. in a research note on Wednesday, August 21st. Evercore ISI raised Starbucks from an “in-line” rating to an “outperform” rating and lifted their target price for the stock from $80.00 to $120.00 in a report on Wednesday, August 14th. Baird R W upgraded shares of Starbucks from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 13th. Jefferies Financial Group lowered shares of 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 report on Tuesday, September 24th. Finally, Bank of America dropped their target price on shares of Starbucks from $118.00 to $117.00 and set a “buy” rating on the stock in a report on Tuesday, October 22nd. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $103.77.

Starbucks Stock Performance

Shares of SBUX opened at $99.31 on Tuesday. Starbucks Co. has a 52 week low of $71.55 and a 52 week high of $103.32. The company has a market capitalization of $112.60 billion, a PE ratio of 30.00, a PEG ratio of 2.94 and a beta of 0.97. The company’s 50 day moving average price is $98.12 and its 200 day moving average price is $89.05.

Starbucks (NASDAQ:SBUX) last posted its quarterly earnings results on Wednesday, October 30th. The coffee company reported $0.80 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.80. The business had revenue of $9.07 billion for the quarter, compared to the consensus estimate of $9.60 billion. Starbucks had a net margin of 10.40% and a negative return on equity of 46.39%. Starbucks’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same period in the prior year, the business posted $1.06 earnings per share. On average, equities analysts forecast that Starbucks Co. will post 3.11 earnings per share for the current fiscal year.

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.