McIlrath & Eck LLC Lowers Holdings in Starbucks Co. (NASDAQ:SBUX)

McIlrath & Eck LLC decreased its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 6.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,178 shares of the coffee company’s stock after selling 484 shares during the quarter. McIlrath & Eck LLC’s holdings in Starbucks were worth $700,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SBUX. State Street Corp lifted its stake in Starbucks by 1.0% during the third quarter. State Street Corp now owns 45,974,407 shares of the coffee company’s stock worth $4,482,045,000 after purchasing an additional 437,218 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Starbucks by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 24,277,756 shares of the coffee company’s stock valued at $2,358,464,000 after acquiring an additional 333,004 shares during the period. FMR LLC grew its position in Starbucks by 55.0% in the 3rd quarter. FMR LLC now owns 19,779,859 shares of the coffee company’s stock valued at $1,928,339,000 after acquiring an additional 7,015,375 shares in the last quarter. Wellington Management Group LLP increased its stake in Starbucks by 100.6% during the third quarter. Wellington Management Group LLP now owns 15,149,937 shares of the coffee company’s stock worth $1,476,967,000 after purchasing an additional 7,598,146 shares during the period. Finally, Fisher Asset Management LLC lifted its position in shares of Starbucks by 2.9% during the third quarter. Fisher Asset Management LLC now owns 11,762,684 shares of the coffee company’s stock worth $1,146,744,000 after purchasing an additional 327,734 shares in the last quarter. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Starbucks Trading Down 1.2 %

Shares of SBUX opened at $98.16 on Wednesday. The company’s 50 day simple moving average is $98.12 and its 200-day simple moving average is $89.05. Starbucks Co. has a 12-month low of $71.55 and a 12-month high of $103.32. The firm has a market cap of $111.29 billion, a PE ratio of 29.66, a price-to-earnings-growth ratio of 2.94 and a beta of 0.97.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings data on Wednesday, October 30th. The coffee company reported $0.80 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.80. Starbucks had a net margin of 10.40% and a negative return on equity of 46.39%. The company had revenue of $9.07 billion for the quarter, compared to the consensus estimate of $9.60 billion. During the same period last year, the firm posted $1.06 EPS. Starbucks’s revenue for the quarter was down 3.2% on a year-over-year basis. As a group, equities research analysts forecast that Starbucks Co. will post 3.11 EPS for the current fiscal year.

Insider Activity at Starbucks

In other Starbucks news, CFO Rachel Ruggeri sold 1,452 shares of Starbucks stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $99.07, for a total value of $143,849.64. Following the transaction, the chief financial officer now directly owns 65,648 shares in the company, valued at approximately $6,503,747.36. This trade represents a 2.16 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.98% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Piper Sandler upgraded shares of Starbucks from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $85.00 to $103.00 in a report on Tuesday, August 13th. Wells Fargo & Company increased their price objective on Starbucks from $110.00 to $115.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. Citigroup boosted their target price on Starbucks from $96.00 to $99.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Sanford C. Bernstein raised Starbucks from a “market perform” rating to an “outperform” rating and increased their price target for the company from $92.00 to $115.00 in a research report on Thursday, September 26th. Finally, BTIG Research boosted their price objective on Starbucks from $100.00 to $115.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Starbucks currently has an average rating of “Moderate Buy” and a consensus price target of $103.77.

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.