Taurus Asset Management LLC Cuts Stock Holdings in Starbucks Co. (NASDAQ:SBUX)

Taurus Asset Management LLC reduced its stake in Starbucks Co. (NASDAQ:SBUX) by 18.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 21,795 shares of the coffee company’s stock after selling 5,050 shares during the quarter. Taurus Asset Management LLC’s holdings in Starbucks were worth $1,697,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Diamond Hill Capital Management Inc. purchased a new stake in shares of Starbucks in the second quarter valued at about $243,910,000. J.W. Cole Advisors Inc. increased its holdings in Starbucks by 243.7% during the second quarter. J.W. Cole Advisors Inc. now owns 23,346 shares of the coffee company’s stock worth $1,817,000 after buying an additional 16,553 shares during the last quarter. OV Management LLC raised its holdings in shares of Starbucks by 1.4% in the 2nd quarter. OV Management LLC now owns 15,724 shares of the coffee company’s stock worth $1,224,000 after purchasing an additional 224 shares during the period. Oppenheimer Asset Management Inc. raised its stake in shares of Starbucks by 24.4% in the second quarter. Oppenheimer Asset Management Inc. now owns 212,378 shares of the coffee company’s stock valued at $16,534,000 after buying an additional 41,625 shares during the period. Finally, Wrapmanager Inc. increased its holdings in Starbucks by 65.9% in the 2nd quarter. Wrapmanager Inc. now owns 4,165 shares of the coffee company’s stock worth $324,000 after acquiring an additional 1,654 shares during the last quarter. 72.29% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have commented on SBUX. Bank of America upped their price objective on shares of Starbucks from $108.00 to $112.00 and gave the company a “buy” rating in a report on Monday, June 10th. Barclays lifted their price objective on shares of Starbucks from $93.00 to $110.00 and gave the company an “overweight” rating in a research note on Wednesday, August 14th. Wedbush restated a “neutral” rating and set a $80.00 target price on shares of Starbucks in a research report on Tuesday, August 13th. Morgan Stanley reiterated an “overweight” rating and issued a $98.00 price target on shares of Starbucks in a research report on Wednesday, July 31st. Finally, Piper Sandler upgraded Starbucks from a “neutral” rating to an “overweight” rating and upped their price target for the company from $85.00 to $103.00 in a research report on Tuesday, August 13th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $99.83.

Starbucks Price Performance

NASDAQ:SBUX opened at $98.57 on Friday. Starbucks Co. has a one year low of $71.55 and a one year high of $107.66. The firm has a market capitalization of $111.65 billion, a price-to-earnings ratio of 27.15, a price-to-earnings-growth ratio of 2.35 and a beta of 0.96. The business has a fifty day moving average price of $84.39 and a 200-day moving average price of $83.92.

Starbucks (NASDAQ:SBUX) last posted its quarterly earnings results on Tuesday, July 30th. The coffee company reported $0.93 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.93. The business had revenue of $9.11 billion during the quarter, compared to analyst estimates of $9.25 billion. Starbucks had a net margin of 11.16% and a negative return on equity of 49.38%. The company’s revenue was down .6% on a year-over-year basis. During the same period in the prior year, the business posted $1.00 earnings per share. On average, equities research analysts expect that Starbucks Co. will post 3.56 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Michael Aaron Conway sold 3,250 shares of the company’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $94.03, for a total value of $305,597.50. Following the completion of the transaction, the chief executive officer now owns 75,054 shares of the company’s stock, valued at $7,057,327.62. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CEO Michael Aaron Conway sold 3,250 shares of Starbucks 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 sale, the chief executive officer now owns 75,054 shares in the company, valued at $7,057,327.62. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Rachel Ruggeri sold 3,290 shares of the stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $91.16, for a total transaction of $299,916.40. Following the transaction, the chief executive officer now directly owns 62,502 shares of the company’s stock, valued at approximately $5,697,682.32. The disclosure for this sale can be found here. 1.98% of the stock is currently owned by company 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.