Starbucks Co. (NASDAQ:SBUX) Stake Reduced by Benin Management CORP

Benin Management CORP reduced its stake in shares of Starbucks Co. (NASDAQ:SBUX) by 1.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,580 shares of the coffee company’s stock after selling 180 shares during the quarter. Benin Management CORP’s holdings in Starbucks were worth $1,616,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Strategic Investment Solutions Inc. IL acquired a new position in Starbucks during the 2nd quarter worth $25,000. New Millennium Group LLC acquired a new position in Starbucks during the 2nd quarter worth $26,000. Stephens Consulting LLC boosted 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 acquiring an additional 279 shares during the period. Hobbs Group Advisors LLC acquired a new position in Starbucks during the 2nd quarter worth $27,000. Finally, Olistico Wealth LLC acquired a new position in Starbucks during the 2nd quarter worth $31,000. 72.29% of the stock is currently owned by institutional investors.

Starbucks Stock Performance

NASDAQ:SBUX traded down $0.64 during trading hours on Monday, hitting $96.20. 852,733 shares of the company’s stock traded hands, compared to its average volume of 11,352,827. The firm has a market cap of $108.97 billion, a P/E ratio of 26.58, a P/E/G ratio of 2.08 and a beta of 0.97. Starbucks Co. has a twelve month low of $71.55 and a twelve month high of $107.66. The stock’s fifty day moving average price is $94.90 and its two-hundred day moving average price is $84.67.

Starbucks (NASDAQ:SBUX) last posted its quarterly earnings results on Tuesday, July 30th. The coffee company reported $0.93 earnings per share for the quarter, meeting the consensus estimate of $0.93. Starbucks had a negative return on equity of 49.38% and a net margin of 11.16%. The firm had revenue of $9.11 billion for the quarter, compared to analyst estimates of $9.25 billion. During the same period in the previous year, the firm earned $1.00 earnings per share. Starbucks’s quarterly revenue was down .6% on a year-over-year basis. On average, equities research analysts predict that Starbucks Co. will post 3.55 earnings per share for the current year.

Insiders Place Their Bets

In other Starbucks news, CEO Rachel Ruggeri sold 3,290 shares of the company’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $91.16, for a total value of $299,916.40. Following the transaction, the chief executive officer now directly owns 62,502 shares of the company’s stock, valued at $5,697,682.32. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Starbucks news, CEO Rachel Ruggeri sold 3,290 shares of the company’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $91.16, for a total value of $299,916.40. Following the transaction, the chief executive officer now directly owns 62,502 shares of the company’s stock, valued at $5,697,682.32. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Michael Aaron Conway sold 3,250 shares of the company’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $94.03, for a total value of $305,597.50. Following the completion of the transaction, the chief executive officer now directly owns 75,054 shares in the company, valued at approximately $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. Insiders own 1.98% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on SBUX shares. JPMorgan Chase & Co. upped their price objective on Starbucks from $90.00 to $105.00 and gave the company an “overweight” rating in a report on Monday, September 30th. Deutsche Bank Aktiengesellschaft upgraded Starbucks from a “hold” rating to a “buy” rating and upped their price objective for the company from $85.00 to $118.00 in a report on Wednesday, August 14th. Oppenheimer restated a “market perform” rating on shares of Starbucks in a report on Monday, August 26th. BTIG Research upped their price objective on Starbucks from $100.00 to $115.00 and gave the company a “buy” rating in a report on Thursday. Finally, Barclays upped their price objective on Starbucks from $93.00 to $110.00 and gave the company an “overweight” rating in a report on Wednesday, August 14th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Starbucks currently has an average rating of “Moderate Buy” and an average price target of $102.44.

Starbucks Company 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.