WealthBridge Investment Counsel Inc. Sells 1,368 Shares of Starbucks Co. (NASDAQ:SBUX)

WealthBridge Investment Counsel Inc. trimmed its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 1.9% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 72,308 shares of the coffee company’s stock after selling 1,368 shares during the quarter. Starbucks accounts for about 2.5% of WealthBridge Investment Counsel Inc.’s holdings, making the stock its 19th largest position. WealthBridge Investment Counsel Inc.’s holdings in Starbucks were worth $7,049,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in the stock. Ontario Teachers Pension Plan Board purchased a new stake in shares of Starbucks in the first quarter worth $415,167,000. Marshall Wace LLP boosted its position in shares of Starbucks by 1,466.3% during the 2nd quarter. Marshall Wace LLP now owns 3,350,932 shares of the coffee company’s stock valued at $260,870,000 after acquiring an additional 3,136,992 shares during the last quarter. Diamond Hill Capital Management Inc. purchased a new position in shares of Starbucks during the second quarter worth about $243,910,000. Flossbach Von Storch AG increased its position in shares of Starbucks by 106.7% in the first quarter. Flossbach Von Storch AG now owns 5,612,687 shares of the coffee company’s stock worth $512,943,000 after purchasing an additional 2,897,282 shares during the last quarter. Finally, Capital World Investors bought a new stake in Starbucks during the first quarter valued at approximately $257,721,000. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Starbucks Stock Performance

Shares of SBUX stock opened at $93.88 on Friday. The company has a market capitalization of $106.38 billion, a price-to-earnings ratio of 26.30, a price-to-earnings-growth ratio of 2.11 and a beta of 0.97. Starbucks Co. has a one year low of $71.55 and a one year high of $107.66. The company’s 50-day moving average is $92.09 and its 200 day moving average is $84.48.

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

Wall Street Analysts Forecast Growth

SBUX has been the subject of a number of research reports. Barclays upped their price objective on Starbucks from $93.00 to $110.00 and gave the stock an “overweight” rating in a report on Wednesday, August 14th. DZ Bank cut shares of Starbucks from a “hold” rating to a “sell” rating and set a $85.00 price target on the stock. in a research report on Wednesday, August 21st. Jefferies Financial Group downgraded shares of Starbucks from a “hold” rating to an “underperform” rating and decreased their price target for the stock from $80.00 to $76.00 in a research note on Tuesday, September 24th. Deutsche Bank Aktiengesellschaft raised shares of Starbucks from a “hold” rating to a “buy” rating and upped their price objective for the company from $85.00 to $118.00 in a research note on Wednesday, August 14th. Finally, Citigroup lifted their target price on shares of Starbucks from $98.00 to $99.00 and gave the stock a “neutral” rating in a research report on Tuesday. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $101.16.

Insider Transactions at Starbucks

In other Starbucks news, CEO Rachel Ruggeri sold 3,290 shares of the business’s stock in a transaction dated Tuesday, August 13th. The stock was 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 owns 62,502 shares of the company’s stock, valued at approximately $5,697,682.32. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Rachel Ruggeri sold 3,290 shares of the firm’s stock in a transaction 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 sale, the chief executive officer now directly owns 62,502 shares in the company, valued at $5,697,682.32. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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, with a total value of $34,770.00. Following the acquisition, the director now directly owns 36,242 shares in the company, valued at $3,316,143. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 1.98% of the company’s stock.

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.