WealthBridge Investment Counsel Inc. Reduces Stock Position in Starbucks Co. (NASDAQ:SBUX)

WealthBridge Investment Counsel Inc. decreased its holdings in Starbucks Co. (NASDAQ:SBUX) by 1.9% during the third quarter, HoldingsChannel.com reports. The firm owned 72,308 shares of the coffee company’s stock after selling 1,368 shares during the quarter. Starbucks makes up about 2.5% of WealthBridge Investment Counsel Inc.’s holdings, making the stock its 19th biggest holding. WealthBridge Investment Counsel Inc.’s holdings in Starbucks were worth $7,049,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in SBUX. Versant Capital Management Inc increased its holdings in Starbucks by 7.9% during the 1st quarter. Versant Capital Management Inc now owns 1,659 shares of the coffee company’s stock worth $152,000 after purchasing an additional 122 shares during the period. Astoria Portfolio Advisors LLC. lifted its stake in Starbucks by 2.0% in the first quarter. Astoria Portfolio Advisors LLC. now owns 6,393 shares of the coffee company’s stock worth $544,000 after acquiring an additional 127 shares during the period. M&R Capital Management Inc. lifted its stake in Starbucks by 30.9% in the second quarter. M&R Capital Management Inc. now owns 567 shares of the coffee company’s stock worth $44,000 after acquiring an additional 134 shares during the period. Fragasso Financial Advisors Inc increased its position in Starbucks by 1.1% during the 2nd quarter. Fragasso Financial Advisors Inc now owns 12,837 shares of the coffee company’s stock valued at $999,000 after purchasing an additional 135 shares during the period. Finally, Pinnacle West Asset Management Inc. increased its position in Starbucks by 1.8% during the 2nd quarter. Pinnacle West Asset Management Inc. now owns 7,495 shares of the coffee company’s stock valued at $583,000 after purchasing an additional 135 shares during the period. 72.29% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Jorgen Vig Knudstorp purchased 380 shares of the stock in a transaction dated Friday, September 6th. The stock was acquired at an average cost of $91.50 per share, for a total transaction of $34,770.00. Following the completion of the acquisition, the director now directly 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Starbucks news, Director Jorgen Vig Knudstorp acquired 380 shares of the firm’s stock in a transaction dated Friday, September 6th. The shares were acquired at an average price of $91.50 per share, for a total transaction of $34,770.00. Following the completion of the acquisition, the director now directly owns 36,242 shares of the company’s stock, valued at $3,316,143. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Michael Aaron Conway sold 3,250 shares of the company’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 owns 75,054 shares of the company’s stock, valued at $7,057,327.62. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.98% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on SBUX. Citigroup boosted their price objective on shares of Starbucks from $98.00 to $99.00 and gave the stock a “neutral” rating in a research note on Tuesday. JPMorgan Chase & Co. lifted their price objective on shares of Starbucks from $90.00 to $105.00 and gave the stock an “overweight” rating in a research report on Monday, September 30th. TD Cowen reissued a “buy” rating and set a $110.00 target price on shares of Starbucks in a research report on Thursday, September 12th. Deutsche Bank Aktiengesellschaft upgraded Starbucks from a “hold” rating to a “buy” rating and increased their price target for the company from $85.00 to $118.00 in a research note on Wednesday, August 14th. Finally, Barclays raised their price target on shares of Starbucks from $93.00 to $110.00 and gave the stock an “overweight” rating in a report on Wednesday, August 14th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $101.16.

Starbucks Price Performance

NASDAQ SBUX opened at $93.88 on Friday. The business has a 50 day moving average price of $92.09 and a 200 day moving average price of $84.48. The company has a market capitalization of $106.38 billion, a P/E ratio of 26.30, a PEG ratio of 2.11 and a beta of 0.97. Starbucks Co. has a 1-year low of $71.55 and a 1-year high of $107.66.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings data on Tuesday, July 30th. The coffee company reported $0.93 EPS for the quarter, meeting analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $9.25 billion. During the same period in the prior year, the company earned $1.00 EPS. The firm’s revenue was down .6% on a year-over-year basis. On average, research analysts expect that Starbucks Co. will post 3.55 earnings per share for the current fiscal year.

About Starbucks

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.