Proathlete Wealth Management LLC Reduces Stake in Starbucks Co. (NASDAQ:SBUX)

by · The Cerbat Gem

Proathlete Wealth Management LLC cut its holdings in shares of Starbucks Co. (NASDAQ:SBUX – Free Report) by 5.1% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 5,909 shares of the coffee company’s stock after selling 317 shares during the period. Proathlete Wealth Management LLC’s holdings in Starbucks were worth $576,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SBUX. Riverview Trust Co lifted its holdings in Starbucks by 3.4% in the third quarter. Riverview Trust Co now owns 3,199 shares of the coffee company’s stock worth $312,000 after buying an additional 105 shares during the period. Astoria Portfolio Advisors LLC. raised its position in shares of Starbucks by 2.0% in the 1st 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 in the last quarter. Keystone Wealth Services LLC lifted its stake in shares of Starbucks by 1.3% in the 3rd quarter. Keystone Wealth Services LLC now owns 10,151 shares of the coffee company’s stock valued at $990,000 after purchasing an additional 130 shares during the period. Chicago Capital LLC boosted its position in shares of Starbucks by 0.6% during the third quarter. Chicago Capital LLC now owns 21,129 shares of the coffee company’s stock valued at $2,060,000 after purchasing an additional 132 shares in the last quarter. Finally, M&R Capital Management Inc. grew 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 purchasing an additional 134 shares during the period. Institutional investors own 72.29% of the company’s stock.

Insider Transactions 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 transaction of $299,916.40. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Starbucks news, CEO Rachel Ruggeri sold 3,290 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $91.16, for a total transaction of $299,916.40. Following the sale, the chief executive officer now owns 62,502 shares in the company, valued at approximately $5,697,682.32. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael Aaron Conway sold 3,250 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $94.03, for a total transaction 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 approximately $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. 1.98% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

SBUX has been the topic of a number of research reports. DZ Bank cut shares of Starbucks from a “hold” rating to a “sell” rating and set a $85.00 target price on the stock. in a report on Wednesday, August 21st. BMO Capital Markets upped their price objective on shares of Starbucks from $100.00 to $110.00 and gave the stock an “outperform” rating in a report on Monday, September 9th. TD Cowen reaffirmed a “buy” rating and set a $110.00 target price on shares of Starbucks in a research note on Thursday, September 12th. Evercore ISI upgraded Starbucks from an “in-line” rating to an “outperform” rating and upped their price target for the stock from $80.00 to $120.00 in a research note on Wednesday, August 14th. Finally, Piper Sandler raised Starbucks from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $85.00 to $103.00 in a research report on Tuesday, August 13th. Two analysts have rated the stock with a sell rating, ten have given a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $102.44.

Get Our Latest Stock Report on Starbucks

Starbucks Stock Performance

SBUX stock opened at $96.84 on Friday. The business’s 50-day moving average is $94.90 and its two-hundred day moving average is $84.70. The company has a market cap of $109.69 billion, a price-to-earnings ratio of 26.68, a P/E/G ratio of 2.08 and a beta of 0.97. Starbucks Co. has a fifty-two week low of $71.55 and a fifty-two week high of $107.66.

Starbucks (NASDAQ:SBUX – Get Free Report) last posted its quarterly earnings data on Tuesday, July 30th. The coffee company reported $0.93 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.93. Starbucks had a net margin of 11.16% and a negative return on equity of 49.38%. The company had revenue of $9.11 billion for the quarter, compared to the consensus estimate of $9.25 billion. During the same quarter last year, the firm posted $1.00 earnings per share. The firm’s revenue was down .6% compared to the same quarter last year. Equities analysts predict that Starbucks Co. will post 3.55 earnings per share for the current year.

Starbucks Company Profile

(Free Report)

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.

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