Newbridge Financial Services Group Inc. Trims Holdings in Starbucks Co. (NASDAQ:SBUX)

Newbridge Financial Services Group Inc. lowered its holdings in Starbucks Co. (NASDAQ:SBUX) by 11.1% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 2,081 shares of the coffee company’s stock after selling 261 shares during the period. Newbridge Financial Services Group Inc.’s holdings in Starbucks were worth $162,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. Lazari Capital Management Inc. raised its holdings in shares of Starbucks by 13.0% during the second quarter. Lazari Capital Management Inc. now owns 17,738 shares of the coffee company’s stock valued at $1,381,000 after acquiring an additional 2,044 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in Starbucks during the 2nd quarter valued at $18,704,000. Coronation Fund Managers Ltd. bought a new position in Starbucks in the 2nd quarter worth $2,043,000. Creekside Partners purchased a new stake in shares of Starbucks in the 2nd quarter worth about $357,000. Finally, Brown Financial Advisors bought a new stake in shares of Starbucks during the 2nd quarter valued at about $1,375,000. 72.29% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. The Goldman Sachs Group began coverage on shares of Starbucks in a report on Thursday, June 13th. They issued a “buy” rating and a $100.00 price objective for the company. Morgan Stanley restated an “overweight” rating and set a $98.00 price target on shares of Starbucks in a research report on Wednesday, July 31st. Evercore ISI upgraded Starbucks from an “in-line” rating to an “outperform” rating and increased their price objective for the stock from $80.00 to $120.00 in a report on Wednesday, August 14th. Barclays boosted their target price on shares of Starbucks from $93.00 to $110.00 and gave the company an “overweight” rating in a report on Wednesday, August 14th. Finally, Bank of America increased their price target on shares of Starbucks from $112.00 to $118.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $101.12.

Insider Buying and Selling at Starbucks

In related news, CEO Rachel Ruggeri sold 3,290 shares of Starbucks stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $91.16, for a total value 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 $5,697,682.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Starbucks news, Director Jorgen Vig Knudstorp acquired 380 shares of the stock in a transaction dated Friday, September 6th. The shares were purchased at an average price of $91.50 per share, for a total transaction of $34,770.00. Following the purchase, the director now directly owns 36,242 shares of the company’s stock, valued at $3,316,143. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, CEO Rachel Ruggeri sold 3,290 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 62,502 shares in the company, valued at approximately $5,697,682.32. The disclosure for this sale can be found here. Company insiders own 1.98% of the company’s stock.

Starbucks Stock Performance

Shares of NASDAQ:SBUX opened at $96.50 on Thursday. The firm has a market cap of $109.31 billion, a price-to-earnings ratio of 26.58, a price-to-earnings-growth ratio of 2.33 and a beta of 0.97. The business has a 50-day simple moving average of $90.02 and a two-hundred day simple moving average of $84.32. Starbucks Co. has a fifty-two week low of $71.55 and a fifty-two week high of $107.66.

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, meeting the consensus estimate of $0.93. Starbucks had a net margin of 11.16% and a negative return on equity of 49.38%. The firm had revenue of $9.11 billion during the quarter, compared to analysts’ expectations of $9.25 billion. During the same period in the previous year, the company earned $1.00 earnings per share. The firm’s quarterly revenue was down .6% on a year-over-year basis. As a group, research analysts predict that Starbucks Co. will post 3.56 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.