Bard Financial Services Inc. decreased its stake in shares of Starbucks Co. (NASDAQ:SBUX – Free Report) by 1.2% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 81,088 shares of the coffee company’s stock after selling 1,000 shares during the quarter. Bard Financial Services Inc.’s holdings in Starbucks were worth $8,033,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently modified their holdings of SBUX. America First Investment Advisors LLC bought a new stake in shares of Starbucks during the first quarter valued at approximately $25,000. Cranbrook Wealth Management LLC acquired a new position in Starbucks during the first quarter worth $26,000. Freedom Wealth Alliance LLC bought a new position in shares of Starbucks in the fourth quarter valued at $26,000. Delta Asset Management LLC TN acquired a new position in shares of Starbucks during the fourth quarter valued at about $28,000. Finally, Princeton Global Asset Management LLC bought a new stake in shares of Starbucks during the first quarter worth about $29,000. Institutional investors own 70.13% of the company’s stock.
Insider Transactions at Starbucks
In related news, CFO Rachel Ruggeri sold 679 shares of the firm’s stock in a transaction that occurred on Wednesday, June 21st. The shares were sold at an average price of $100.60, for a total value of $68,307.40. Following the completion of the transaction, the chief financial officer now directly owns 54,761 shares of the company’s stock, valued at approximately $5,508,956.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 1.98% of the company’s stock.
Starbucks Price Performance
Starbucks (NASDAQ:SBUX – Get Free Report) last announced its quarterly earnings data on Tuesday, August 1st. The coffee company reported $1.00 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.05. The company had revenue of $9.17 billion during the quarter, compared to analyst estimates of $9.29 billion. Starbucks had a negative return on equity of 44.46% and a net margin of 10.81%. The firm’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.84 EPS. As a group, analysts anticipate that Starbucks Co. will post 3.45 earnings per share for the current year.
Analyst Ratings Changes
A number of equities analysts have issued reports on SBUX shares. Wedbush cut their price target on Starbucks from $112.00 to $105.00 in a research note on Wednesday, August 2nd. Wells Fargo & Company cut their target price on Starbucks from $125.00 to $120.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 19th. Stifel Nicolaus lowered their price target on Starbucks from $117.00 to $110.00 and set a “hold” rating for the company in a research report on Wednesday, August 2nd. Bank of America upped their target price on shares of Starbucks from $131.00 to $150.00 and gave the stock a “buy” rating in a research note on Friday, July 21st. Finally, StockNews.com started coverage on shares of Starbucks in a report on Thursday, August 17th. They issued a “buy” rating for the company. Nine analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, Starbucks has an average rating of “Moderate Buy” and a consensus price target of $115.24.
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.
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