Vision Capital Management Inc. Lowers Stock Position in Starbucks Co. (NASDAQ:SBUX)

Vision Capital Management Inc. trimmed its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 3.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 94,417 shares of the coffee company’s stock after selling 3,030 shares during the period. Starbucks comprises 1.1% of Vision Capital Management Inc.’s investment portfolio, making the stock its 25th biggest holding. Vision Capital Management Inc.’s holdings in Starbucks were worth $7,350,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the business. Doheny Asset Management CA raised its position in Starbucks by 84.0% in the second quarter. Doheny Asset Management CA now owns 16,535 shares of the coffee company’s stock worth $1,217,000 after acquiring an additional 7,551 shares in the last quarter. Hutchinson Capital Management CA purchased a new position in shares of Starbucks in the 2nd quarter valued at about $12,966,000. Royal London Asset Management Ltd. lifted its stake in shares of Starbucks by 1.6% in the second quarter. Royal London Asset Management Ltd. now owns 450,600 shares of the coffee company’s stock valued at $35,079,000 after purchasing an additional 7,233 shares during the period. Dorsey & Whitney Trust CO LLC boosted its holdings in Starbucks by 6.5% during the second quarter. Dorsey & Whitney Trust CO LLC now owns 17,623 shares of the coffee company’s stock worth $1,372,000 after buying an additional 1,074 shares in the last quarter. Finally, LGT Fund Management Co Ltd. acquired a new position in Starbucks during the second quarter worth about $550,000. 72.29% of the stock is owned by institutional investors and hedge funds.

Starbucks Stock Up 1.2 %

Shares of NASDAQ:SBUX opened at $92.21 on Tuesday. The company has a market cap of $104.45 billion, a P/E ratio of 25.40, a P/E/G ratio of 2.18 and a beta of 0.96. The business has a fifty day simple moving average of $82.71 and a 200-day simple moving average of $83.77. Starbucks Co. has a 52 week low of $71.55 and a 52 week high of $107.66.

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

Insider Buying and Selling

In related news, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction on Friday, June 14th. The stock was sold at an average price of $80.00, for a total value of $260,000.00. Following the transaction, the chief executive officer now owns 78,304 shares in the company, valued at $6,264,320. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Rachel Ruggeri sold 3,290 shares of the firm’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $91.16, for a total value of $299,916.40. Following the transaction, the chief executive officer now owns 62,502 shares of the company’s stock, valued at approximately $5,697,682.32. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction on Friday, June 14th. The shares were sold at an average price of $80.00, for a total transaction of $260,000.00. Following the transaction, the chief executive officer now owns 78,304 shares in the company, valued at approximately $6,264,320. The disclosure for this sale can be found here. Over the last quarter, insiders sold 9,790 shares of company stock valued at $865,514. Insiders own 1.98% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on SBUX. DZ Bank lowered Starbucks from a “hold” rating to a “sell” rating and set a $85.00 price target on the stock. in a research note on Wednesday, August 21st. Piper Sandler upgraded Starbucks from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $85.00 to $103.00 in a research report on Tuesday, August 13th. Morgan Stanley restated an “overweight” rating and issued a $98.00 price target on shares of Starbucks in a research report on Wednesday, July 31st. TD Cowen boosted their price objective on shares of Starbucks from $105.00 to $110.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Finally, BMO Capital Markets increased their price objective on shares of Starbucks from $100.00 to $110.00 and gave the company an “outperform” rating in a research note on Monday. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Starbucks has a consensus rating of “Moderate Buy” and a consensus price target of $99.83.

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.