Rockland Trust Co. Cuts Stake in Starbucks Co. (NASDAQ:SBUX)

Rockland Trust Co. cut its stake in Starbucks Co. (NASDAQ:SBUX) by 3.8% during the 3rd quarter, HoldingsChannel reports. The firm owned 168,798 shares of the coffee company’s stock after selling 6,613 shares during the quarter. Starbucks accounts for about 1.3% of Rockland Trust Co.’s portfolio, making the stock its 26th largest position. Rockland Trust Co.’s holdings in Starbucks were worth $14,292,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in SBUX. Enterprise Trust & Investment Co acquired a new stake in shares of Starbucks during the second quarter valued at about $25,000. Northern Oak Wealth Management Inc. grew its stake in shares of Starbucks by 95.7% during the second quarter. Northern Oak Wealth Management Inc. now owns 362 shares of the coffee company’s stock valued at $31,000 after acquiring an additional 177 shares in the last quarter. Redhawk Wealth Advisors Inc. acquired a new stake in shares of Starbucks during the second quarter valued at about $32,000. Atlas Capital Advisors LLC grew its stake in shares of Starbucks by 53.3% during the second quarter. Atlas Capital Advisors LLC now owns 417 shares of the coffee company’s stock valued at $35,000 after acquiring an additional 145 shares in the last quarter. Finally, Virtus ETF Advisers LLC acquired a new stake in shares of Starbucks during the second quarter valued at about $42,000. 70.73% of the stock is currently owned by institutional investors.

Several analysts have recently weighed in on the company. Wedbush raised their target price on Starbucks from $88.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. ValuEngine downgraded Starbucks from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. UBS Group lifted their price target on Starbucks from $78.00 to $95.00 and gave the stock a “neutral” rating in a research note on Monday, July 29th. BidaskClub downgraded Starbucks from a “buy” rating to a “hold” rating in a research note on Friday, October 4th. Finally, Jefferies Financial Group lifted their price target on Starbucks from $96.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, eighteen have issued a hold rating and thirteen have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $90.10.

NASDAQ SBUX traded up $0.84 during trading hours on Friday, reaching $86.80. The company’s stock had a trading volume of 1,598,570 shares, compared to its average volume of 6,473,095. The business has a 50-day simple moving average of $91.55 and a 200 day simple moving average of $85.17. Starbucks Co. has a 52 week low of $54.71 and a 52 week high of $99.72. The stock has a market cap of $101.64 billion, a PE ratio of 35.87, a PEG ratio of 2.07 and a beta of 0.53.

Starbucks (NASDAQ:SBUX) last issued its earnings results on Thursday, July 25th. The coffee company reported $0.78 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.72 by $0.06. Starbucks had a net margin of 13.63% and a negative return on equity of 125.91%. The firm had revenue of $6.82 billion for the quarter, compared to analysts’ expectations of $6.67 billion. During the same quarter last year, the company posted $0.62 earnings per share. Starbucks’s revenue was up 8.1% on a year-over-year basis. As a group, sell-side analysts forecast that Starbucks Co. will post 2.83 EPS for the current fiscal year.

In other news, CAO Jill Walker sold 2,000 shares of Starbucks stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $95.80, for a total transaction of $191,600.00. Following the sale, the chief accounting officer now owns 39,999 shares of the company’s stock, valued at $3,831,904.20. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Myron E. Ullman III sold 9,973 shares of Starbucks stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $88.63, for a total value of $883,906.99. Following the sale, the director now directly owns 28,407 shares in the company, valued at approximately $2,517,712.41. The disclosure for this sale can be found here. Insiders sold 142,767 shares of company stock worth $13,730,357 in the last three months. 3.98% 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 specialty coffee worldwide. The company operates in four segments: Americas; China/Asia Pacific; Europe, Middle East, and Africa; and Channel Development. Its stores offer coffee and tea beverages, roasted whole bean and ground coffees, single-serve and ready-to-drink beverages, iced tea, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.

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Institutional Ownership by Quarter for Starbucks (NASDAQ:SBUX)

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