2,069 Shares in Starbucks Co. (NASDAQ:SBUX) Bought by Summit Financial Strategies Inc.

by · The Markets Daily

Summit Financial Strategies Inc. bought a new position in Starbucks Co. (NASDAQ:SBUX – Free Report) in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 2,069 shares of the coffee company’s stock, valued at approximately $202,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SBUX. Strategic Investment Solutions Inc. IL acquired a new stake in Starbucks during the 2nd quarter worth about $25,000. Scarborough Advisors LLC acquired a new stake in Starbucks during the 4th quarter worth about $26,000. New Millennium Group LLC acquired a new stake in Starbucks during the 2nd quarter worth about $26,000. Stephens Consulting LLC grew its position 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 purchasing an additional 279 shares during the period. Finally, Hobbs Group Advisors LLC acquired a new stake in Starbucks during the 2nd quarter worth about $27,000. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Starbucks Trading Up 0.2 %

Shares of SBUX stock traded up $0.23 on Thursday, reaching $95.69. 1,304,109 shares of the stock were exchanged, compared to its average volume of 11,409,551. The business’s 50 day moving average price is $94.08 and its 200 day moving average price is $84.62. The company has a market capitalization of $108.39 billion, a price-to-earnings ratio of 26.26, a PEG ratio of 2.06 and a beta of 0.97. Starbucks Co. has a twelve month low of $71.55 and a twelve month high of $107.66.

Starbucks (NASDAQ:SBUX – Get Free Report) last issued its earnings results on Tuesday, July 30th. The coffee company reported $0.93 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 firm had revenue of $9.11 billion during the quarter, compared to the consensus estimate of $9.25 billion. During the same quarter in the previous year, the firm posted $1.00 earnings per share. The company’s revenue was down .6% compared to the same quarter last year. 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 weighed in on SBUX shares. Baird R W raised Starbucks from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 13th. Bank of America raised their target price on Starbucks from $112.00 to $118.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Jefferies Financial Group cut Starbucks from a “hold” rating to an “underperform” rating and dropped their target price for the company from $80.00 to $76.00 in a research report on Tuesday, September 24th. Oppenheimer reiterated a “market perform” rating on shares of Starbucks in a report on Monday, August 26th. Finally, TD Cowen reissued a “buy” rating and issued a $110.00 target price on shares of Starbucks in a research note on Thursday, September 12th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $102.44.

Check Out Our Latest Report on SBUX

Insider Activity at Starbucks

In related news, Director Jorgen Vig Knudstorp purchased 380 shares of Starbucks stock in a transaction that occurred on Friday, September 6th. The stock was purchased at an average cost of $91.50 per share, with a total value of $34,770.00. Following the completion of the transaction, the director now directly owns 36,242 shares in the company, valued at approximately $3,316,143. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Starbucks news, Director Jorgen Vig Knudstorp bought 380 shares of Starbucks stock in a transaction dated Friday, September 6th. The stock was acquired at an average cost of $91.50 per share, with a total value of $34,770.00. Following the completion of the acquisition, the director now owns 36,242 shares of the company’s stock, valued at approximately $3,316,143. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael Aaron Conway sold 3,250 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $94.03, for a total transaction of $305,597.50. Following the completion of the sale, the chief executive officer now directly 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. 1.98% of the stock is owned by corporate insiders.

About Starbucks

(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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