Sunbelt Securities Inc. Sells 674 Shares of Starbucks Co. (NASDAQ:SBUX)

Sunbelt Securities Inc. cut its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 2.6% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 25,380 shares of the coffee company’s stock after selling 674 shares during the period. Sunbelt Securities Inc.’s holdings in Starbucks were worth $2,474,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of SBUX. Strategic Investment Solutions Inc. IL bought a new position in shares of Starbucks in the 2nd quarter worth $25,000. New Millennium Group LLC bought a new stake in shares of Starbucks in the 2nd quarter valued at about $26,000. Stephens Consulting LLC boosted its holdings in shares of Starbucks by 498.2% in the 2nd quarter. Stephens Consulting LLC now owns 335 shares of the coffee company’s stock valued at $26,000 after buying an additional 279 shares in the last quarter. Hobbs Group Advisors LLC bought a new position in shares of Starbucks during the 2nd quarter worth approximately $27,000. Finally, MFA Wealth Advisors LLC bought a new position in shares of Starbucks during the 2nd quarter worth approximately $31,000. 72.29% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Starbucks

In related news, CFO Rachel Ruggeri sold 1,491 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $99.54, for a total transaction of $148,414.14. Following the completion of the sale, the chief financial officer now directly owns 80,124 shares in the company, valued at approximately $7,975,542.96. The trade was a 1.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.98% of the company’s stock.

Starbucks Stock Performance

SBUX opened at $98.16 on Wednesday. The company has a fifty day moving average of $98.12 and a two-hundred day moving average of $89.05. Starbucks Co. has a fifty-two week low of $71.55 and a fifty-two week high of $103.32. The stock has a market capitalization of $111.29 billion, a price-to-earnings ratio of 29.66, a PEG ratio of 2.94 and a beta of 0.97.

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

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. TD Cowen reaffirmed a “buy” rating and set a $110.00 price target on shares of Starbucks in a research report on Monday, November 11th. Piper Sandler upgraded Starbucks from a “neutral” rating to an “overweight” rating and increased their price target for the company from $85.00 to $103.00 in a research note on Tuesday, August 13th. Robert W. Baird upgraded Starbucks from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $81.00 to $110.00 in a research note on Tuesday, August 13th. Evercore ISI upgraded shares of 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 research note on Wednesday, August 14th. Finally, Stifel Nicolaus lifted their target price on shares of Starbucks from $105.00 to $110.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating, seventeen 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 target price of $103.77.

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.