Rede Wealth LLC Buys 385 Shares of Starbucks Co. (NASDAQ:SBUX)

by · The Cerbat Gem

Rede Wealth LLC raised its stake in Starbucks Co. (NASDAQ:SBUX – Free Report) by 7.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 5,349 shares of the coffee company’s stock after buying an additional 385 shares during the period. Rede Wealth LLC’s holdings in Starbucks were worth $521,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Strategic Investment Solutions Inc. IL acquired a new position in Starbucks in the second quarter valued at $25,000. New Millennium Group LLC bought a new stake in Starbucks in the second quarter valued at $26,000. Stephens Consulting LLC raised its stake in Starbucks by 498.2% during the 2nd quarter. Stephens Consulting LLC now owns 335 shares of the coffee company’s stock worth $26,000 after buying an additional 279 shares during the period. Hobbs Group Advisors LLC acquired a new position in shares of Starbucks during the second quarter worth approximately $27,000. Finally, Olistico Wealth LLC bought a new position in shares of Starbucks in the second quarter valued at $31,000. Institutional investors own 72.29% of the company’s stock.

Starbucks Trading Up 1.6 %

Shares of NASDAQ SBUX traded up $1.57 during mid-day trading on Friday, hitting $96.84. The company had a trading volume of 6,178,250 shares, compared to its average volume of 11,404,794. Starbucks Co. has a 1 year low of $71.55 and a 1 year high of $107.66. The company has a market capitalization 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. The stock’s 50-day moving average price is $94.90 and its 200-day moving average price is $84.70.

Starbucks (NASDAQ:SBUX – Get Free Report) last announced its quarterly earnings results 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 negative return on equity of 49.38% and a net margin of 11.16%. 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 business posted $1.00 earnings per share. The company’s revenue was down .6% on a year-over-year basis. As a group, equities research analysts forecast that Starbucks Co. will post 3.55 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Barclays boosted their target price on shares of Starbucks from $93.00 to $110.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 14th. JPMorgan Chase & Co. increased their price objective on Starbucks from $90.00 to $105.00 and gave the stock an “overweight” rating in a research note on Monday, September 30th. Citigroup lifted their target price on Starbucks from $98.00 to $99.00 and gave the company a “neutral” rating in a research report on Tuesday, October 8th. Evercore ISI upgraded Starbucks from an “in-line” rating to an “outperform” rating and raised their price objective for the company from $80.00 to $120.00 in a research note on Wednesday, August 14th. Finally, Baird R W upgraded shares of Starbucks from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 13th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Starbucks presently has an average rating of “Moderate Buy” and a consensus price target of $102.44.

Check Out Our Latest Stock Analysis on SBUX

Insider Buying and Selling at Starbucks

In other news, CEO Rachel Ruggeri sold 3,290 shares of the company’s 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 transaction, the chief executive officer now owns 62,502 shares of the company’s stock, valued at approximately $5,697,682.32. This 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 the SEC website. In related news, Director Jorgen Vig Knudstorp bought 380 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The stock was bought at an average cost of $91.50 per share, for a total transaction of $34,770.00. Following the acquisition, the director now directly owns 36,242 shares of the company’s stock, valued at $3,316,143. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Rachel Ruggeri sold 3,290 shares of the business’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 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 trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.98% of the company’s stock.

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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