Moors & Cabot Inc. Cuts Position in Starbucks Co. (NASDAQ:SBUX)

Moors & Cabot Inc. decreased its position in Starbucks Co. (NASDAQ:SBUX) by 62.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 21,134 shares of the coffee company’s stock after selling 34,717 shares during the quarter. Moors & Cabot Inc.’s holdings in Starbucks were worth $1,645,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Starbucks by 0.4% during the first quarter. Vanguard Group Inc. now owns 108,403,768 shares of the coffee company’s stock worth $9,907,020,000 after acquiring an additional 470,498 shares during the period. Fisher Asset Management LLC increased its position in shares of Starbucks by 2.3% during the fourth quarter. Fisher Asset Management LLC now owns 11,359,790 shares of the coffee company’s stock worth $1,090,654,000 after acquiring an additional 260,489 shares during the period. Flossbach Von Storch AG increased its position in shares of Starbucks by 106.7% during the first quarter. Flossbach Von Storch AG now owns 5,612,687 shares of the coffee company’s stock worth $512,943,000 after acquiring an additional 2,897,282 shares during the period. Franklin Resources Inc. increased its position in shares of Starbucks by 3.1% during the fourth quarter. Franklin Resources Inc. now owns 5,511,378 shares of the coffee company’s stock worth $529,147,000 after acquiring an additional 166,010 shares during the period. Finally, Nordea Investment Management AB increased its position in shares of Starbucks by 5.2% during the first quarter. Nordea Investment Management AB now owns 5,412,603 shares of the coffee company’s stock worth $495,145,000 after acquiring an additional 266,570 shares during the period. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on SBUX shares. Stifel Nicolaus raised Starbucks from a “hold” rating to a “buy” rating and upped their price objective for the stock from $80.00 to $110.00 in a research report on Wednesday, August 14th. Robert W. Baird raised Starbucks from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $81.00 to $110.00 in a research report on Tuesday, August 13th. Piper Sandler raised Starbucks from a “neutral” rating to an “overweight” rating and increased their target price for the company from $85.00 to $103.00 in a report on Tuesday, August 13th. JPMorgan Chase & Co. dropped their target price on Starbucks from $92.00 to $90.00 and set an “overweight” rating on the stock in a report on Wednesday, July 10th. Finally, Oppenheimer reissued a “market perform” rating on shares of Starbucks in a report on Monday, August 26th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Starbucks presently has a consensus rating of “Moderate Buy” and an average price target of $99.83.

Starbucks Stock Performance

Shares of SBUX opened at $96.44 on Wednesday. Starbucks Co. has a fifty-two week low of $71.55 and a fifty-two week high of $107.66. The company has a market capitalization of $109.29 billion, a price-to-earnings ratio of 26.57, a price-to-earnings-growth ratio of 2.38 and a beta of 0.96. The firm has a 50-day simple moving average of $85.30 and a 200-day simple moving average of $83.89.

Starbucks (NASDAQ:SBUX) last announced its earnings results on Tuesday, July 30th. The coffee company reported $0.93 earnings per share for the quarter, hitting the consensus estimate of $0.93. Starbucks had a net margin of 11.16% and a negative return on equity of 49.38%. The business had revenue of $9.11 billion during the quarter, compared to the consensus estimate of $9.25 billion. During the same quarter in the prior year, the firm earned $1.00 earnings per share. The business’s quarterly revenue was down .6% compared to the same quarter last year. Equities research analysts forecast that Starbucks Co. will post 3.56 EPS for the current year.

Insider Buying and Selling

In other news, Director Jorgen Vig Knudstorp purchased 380 shares of the business’s 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 acquisition, the director now directly owns 36,242 shares of the company’s stock, valued at approximately $3,316,143. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO Rachel Ruggeri sold 3,290 shares of the stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $91.16, for a total transaction of $299,916.40. Following the completion of the transaction, the chief executive officer now directly owns 62,502 shares of the company’s stock, valued at $5,697,682.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jorgen Vig Knudstorp bought 380 shares of the company’s stock in a transaction on Friday, September 6th. The stock was bought 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. The disclosure for this purchase can be found here. 1.98% of the stock is currently owned by corporate insiders.

Starbucks Profile

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.