CX Institutional Cuts Stake in Starbucks Co. (NASDAQ:SBUX)

CX Institutional cut its position in Starbucks Co. (NASDAQ:SBUX) by 18.4% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 6,280 shares of the coffee company’s stock after selling 1,412 shares during the quarter. CX Institutional’s holdings in Starbucks were worth $612,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in SBUX. Cox Capital Mgt LLC raised its holdings in Starbucks by 41.9% in the 1st quarter. Cox Capital Mgt LLC now owns 45,322 shares of the coffee company’s stock worth $4,142,000 after acquiring an additional 13,372 shares during the last quarter. Fidelis Capital Partners LLC increased its holdings in shares of Starbucks by 18.7% in the 1st quarter. Fidelis Capital Partners LLC now owns 11,116 shares of the coffee company’s stock worth $1,016,000 after purchasing an additional 1,751 shares in the last quarter. AMI Asset Management Corp raised its stake in shares of Starbucks by 2.8% in the first quarter. AMI Asset Management Corp now owns 365,292 shares of the coffee company’s stock worth $33,384,000 after purchasing an additional 10,092 shares during the last quarter. LRI Investments LLC bought a new position in shares of Starbucks during the first quarter valued at $136,000. Finally, BNP Paribas purchased a new stake in shares of Starbucks during the first quarter valued at $9,332,000. Institutional investors own 72.29% of the company’s stock.

Insider Buying and Selling

In other Starbucks news, CEO Rachel Ruggeri sold 3,290 shares of Starbucks stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $91.16, for a total value of $299,916.40. Following the sale, the chief executive officer now directly owns 62,502 shares in the company, valued at approximately $5,697,682.32. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CEO Michael Aaron Conway sold 3,250 shares of the firm’s stock in a transaction on 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 transaction, the chief executive officer now directly 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Rachel Ruggeri sold 3,290 shares of the business’s stock in a transaction on 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 in the company, valued at $5,697,682.32. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.98% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Piper Sandler upgraded shares of Starbucks from a “neutral” rating to an “overweight” rating and upped their target price for the company from $85.00 to $103.00 in a research note on Tuesday, August 13th. Baird R W upgraded shares of Starbucks from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 13th. Jefferies Financial Group downgraded shares of Starbucks from a “hold” rating to an “underperform” rating and cut their target price for the stock from $80.00 to $76.00 in a research report on Tuesday, September 24th. JPMorgan Chase & Co. increased their price target on Starbucks from $90.00 to $105.00 and gave the company an “overweight” rating in a report on Monday, September 30th. Finally, Evercore ISI raised Starbucks from an “in-line” rating to an “outperform” rating and lifted their price objective for the stock from $80.00 to $120.00 in a report on Wednesday, August 14th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Starbucks has a consensus rating of “Moderate Buy” and a consensus price target of $101.84.

Starbucks Stock Up 0.4 %

Shares of Starbucks stock opened at $95.46 on Thursday. Starbucks Co. has a 52 week low of $71.55 and a 52 week high of $107.66. The stock’s 50-day simple moving average is $94.08 and its 200-day simple moving average is $84.62. The company has a market capitalization of $108.13 billion, a price-to-earnings ratio of 26.30, a PEG ratio of 2.06 and a beta of 0.97.

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 the consensus estimate of $0.93. Starbucks had a negative return on equity of 49.38% and a net margin of 11.16%. The business had revenue of $9.11 billion during the quarter, compared to the consensus estimate of $9.25 billion. During the same period in the prior year, the company posted $1.00 EPS. The firm’s revenue for the quarter was down .6% compared to the same quarter last year. On average, equities analysts expect that Starbucks Co. will post 3.55 earnings per share for the current year.

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.