Sky Investment Group LLC Reduces Stake in Starbucks Co. (NASDAQ:SBUX)

Sky Investment Group LLC lessened its position in shares of Starbucks Co. (NASDAQ:SBUX) by 0.7% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 20,116 shares of the coffee company’s stock after selling 149 shares during the quarter. Sky Investment Group LLC’s holdings in Starbucks were worth $1,961,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. Fidelis Capital Partners LLC boosted its holdings in shares of Starbucks by 18.7% in the first quarter. Fidelis Capital Partners LLC now owns 11,116 shares of the coffee company’s stock worth $1,016,000 after buying an additional 1,751 shares during the last quarter. AMI Asset Management Corp boosted its stake in shares of Starbucks by 2.8% during the 1st quarter. AMI Asset Management Corp now owns 365,292 shares of the coffee company’s stock worth $33,384,000 after acquiring an additional 10,092 shares during the last quarter. LRI Investments LLC purchased a new stake in shares of Starbucks in the 1st quarter worth $136,000. BNP Paribas bought a new position in Starbucks in the 1st quarter worth $9,332,000. Finally, Great Valley Advisor Group Inc. lifted its position in 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 purchasing an additional 5,377 shares in the last quarter. Institutional investors own 72.29% of the company’s stock.

Starbucks Trading Down 0.2 %

Shares of NASDAQ SBUX traded down $0.15 during trading hours on Tuesday, reaching $96.30. The stock had a trading volume of 745,720 shares, compared to its average volume of 11,315,920. Starbucks Co. has a 52-week low of $71.55 and a 52-week high of $107.66. The firm has a market cap of $109.08 billion, a price-to-earnings ratio of 26.52, a P/E/G ratio of 2.14 and a beta of 0.97. The business’s fifty day moving average price is $95.29 and its two-hundred day moving average price is $84.73.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings data on Tuesday, July 30th. The coffee company reported $0.93 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.93. Starbucks had a net margin of 11.16% and a negative return on equity of 49.38%. The company had revenue of $9.11 billion during the quarter, compared to analyst estimates of $9.25 billion. During the same period in the prior year, the firm earned $1.00 earnings per share. The firm’s revenue for the quarter was down .6% compared to the same quarter last year. Equities research analysts anticipate 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 analyst reports. Baird R W upgraded Starbucks from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 13th. Deutsche Bank Aktiengesellschaft upgraded shares of Starbucks from a “hold” rating to a “buy” rating and raised their target price for the stock from $85.00 to $118.00 in a research note on Wednesday, August 14th. Piper Sandler upgraded shares of Starbucks from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $85.00 to $103.00 in a research report on Tuesday, August 13th. Stifel Nicolaus raised shares of Starbucks from a “hold” rating to a “buy” rating and increased their price objective for the stock from $80.00 to $110.00 in a research note on Wednesday, August 14th. Finally, BTIG Research lifted their target price on shares of Starbucks from $100.00 to $115.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Starbucks presently has a consensus rating of “Moderate Buy” and an average target price of $102.44.

Insider Activity at Starbucks

In other news, Director Jorgen Vig Knudstorp purchased 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 owns 36,242 shares in the company, valued at $3,316,143. This represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through 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 shares were purchased at an average cost of $91.50 per share, for a total transaction of $34,770.00. Following the purchase, the director now directly owns 36,242 shares in the company, valued at $3,316,143. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Michael Aaron Conway sold 3,250 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $94.03, for a total value of $305,597.50. Following the completion of the sale, 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 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.