Red Spruce Capital LLC Sells 225 Shares of Starbucks Co. (NASDAQ:SBUX)

Red Spruce Capital LLC cut its holdings in Starbucks Co. (NASDAQ:SBUX) by 3.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 6,670 shares of the coffee company’s stock after selling 225 shares during the period. Red Spruce Capital LLC’s holdings in Starbucks were worth $661,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. America First Investment Advisors LLC purchased a new position in shares of Starbucks in the first quarter valued at $25,000. Cranbrook Wealth Management LLC bought a new position in Starbucks in the 1st quarter worth about $26,000. Freedom Wealth Alliance LLC purchased a new position in Starbucks during the 4th quarter valued at about $26,000. Delta Asset Management LLC TN bought a new stake in shares of Starbucks during the fourth quarter valued at about $28,000. Finally, Princeton Global Asset Management LLC purchased a new stake in shares of Starbucks in the first quarter worth about $29,000. 70.13% of the stock is currently owned by hedge funds and other institutional investors.

Starbucks Stock Performance

SBUX stock traded up $0.09 during trading on Thursday, hitting $97.02. 1,352,735 shares of the company traded hands, compared to its average volume of 6,201,101. The company has a 50-day moving average of $99.19 and a 200-day moving average of $101.54. The firm has a market capitalization of $111.13 billion, a PE ratio of 29.55, a P/E/G ratio of 1.67 and a beta of 0.93. Starbucks Co. has a 1 year low of $82.43 and a 1 year high of $115.48.

Starbucks (NASDAQ:SBUX) last issued its earnings results on Tuesday, August 1st. The coffee company reported $1.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.05. The firm had revenue of $9.17 billion for the quarter, compared to analysts’ expectations of $9.29 billion. Starbucks had a net margin of 10.81% and a negative return on equity of 44.46%. The business’s revenue was up 12.5% on a year-over-year basis. During the same quarter last year, the business earned $0.84 earnings per share. Sell-side analysts expect that Starbucks Co. will post 3.45 EPS for the current year.

Insider Transactions at Starbucks

In other Starbucks news, CFO Rachel Ruggeri sold 679 shares of the company’s stock in a transaction that occurred on Wednesday, June 21st. The stock was sold at an average price of $100.60, for a total transaction of $68,307.40. Following the completion of the transaction, the chief financial officer now owns 54,761 shares of the company’s stock, valued at approximately $5,508,956.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.98% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on SBUX. Morgan Stanley reaffirmed an “equal weight” rating and set a $104.00 target price on shares of Starbucks in a report on Wednesday, August 2nd. Stephens reiterated an “equal weight” rating and issued a $110.00 price objective on shares of Starbucks in a research report on Wednesday, August 2nd. StockNews.com started coverage on Starbucks in a research report on Thursday, August 17th. They set a “buy” rating for the company. Wells Fargo & Company decreased their target price on Starbucks from $125.00 to $120.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 19th. Finally, TD Cowen reiterated an “outperform” rating and set a $117.00 price target on shares of Starbucks in a research report on Wednesday, August 2nd. Ten analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $113.70.

Starbucks Company Profile

Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty 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.