Strait & Sound Wealth Management LLC Has $1.03 Million Holdings in Starbucks Co. (NASDAQ:SBUX)

Strait & Sound Wealth Management LLC decreased its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 12.0% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 10,610 shares of the coffee company’s stock after selling 1,452 shares during the period. Strait & Sound Wealth Management LLC’s holdings in Starbucks were worth $1,034,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in SBUX. Wellington Management Group LLP lifted its stake in shares of Starbucks by 100.6% in the third quarter. Wellington Management Group LLP now owns 15,149,937 shares of the coffee company’s stock worth $1,476,967,000 after buying an additional 7,598,146 shares during the last quarter. FMR LLC lifted its position in Starbucks by 55.0% during the 3rd quarter. FMR LLC now owns 19,779,859 shares of the coffee company’s stock worth $1,928,339,000 after acquiring an additional 7,015,375 shares during the last quarter. Marshall Wace LLP boosted its holdings in Starbucks by 1,466.3% during the second quarter. Marshall Wace LLP now owns 3,350,932 shares of the coffee company’s stock valued at $260,870,000 after acquiring an additional 3,136,992 shares during the period. Diamond Hill Capital Management Inc. acquired a new stake in shares of Starbucks in the second quarter valued at about $243,910,000. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its stake in shares of Starbucks by 1,078.5% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,545,419 shares of the coffee company’s stock worth $248,153,000 after purchasing an additional 2,329,431 shares during the period. 72.29% of the stock is owned by institutional investors.

Starbucks Trading Down 0.8 %

Shares of NASDAQ SBUX opened at $99.31 on Tuesday. The company has a market capitalization of $112.60 billion, a P/E ratio of 30.00, a P/E/G ratio of 2.94 and a beta of 0.97. Starbucks Co. has a 12 month low of $71.55 and a 12 month high of $103.32. The stock has a 50 day moving average of $98.12 and a 200-day moving average of $89.05.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings data on Wednesday, October 30th. The coffee company reported $0.80 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.80. The company had revenue of $9.07 billion during the quarter, compared to analysts’ expectations of $9.60 billion. Starbucks had a negative return on equity of 46.39% and a net margin of 10.40%. The business’s revenue was down 3.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.06 earnings per share. Analysts predict that Starbucks Co. will post 3.11 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on SBUX. Royal Bank of Canada initiated coverage on Starbucks in a report on Friday, November 15th. They issued an “outperform” rating and a $115.00 target price on the stock. Wells Fargo & Company boosted their target price on shares of Starbucks from $110.00 to $115.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 26th. Bank of America lowered their target price on shares of Starbucks from $118.00 to $117.00 and set a “buy” rating on the stock in a research note on Tuesday, October 22nd. Evercore ISI raised Starbucks from an “in-line” rating to an “outperform” rating and lifted their price objective for the company from $80.00 to $120.00 in a report on Wednesday, August 14th. Finally, Baird R W raised Starbucks from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 13th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $103.77.

Insider Activity at Starbucks

In other Starbucks news, CFO Rachel Ruggeri sold 1,491 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $99.54, for a total transaction of $148,414.14. Following the transaction, the chief financial officer now owns 80,124 shares in the company, valued at $7,975,542.96. This represents a 1.83 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.98% of the stock is currently owned by corporate insiders.

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.