Institute for Wealth Management LLC. Sells 1,463 Shares of Starbucks Corporation $SBUX

Institute for Wealth Management LLC. trimmed its holdings in Starbucks Corporation (NASDAQ:SBUX) by 1.9% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 76,429 shares of the coffee company’s stock after selling 1,463 shares during the period. Starbucks accounts for approximately 0.8% of Institute for Wealth Management LLC.’s holdings, making the stock its 15th largest position. Institute for Wealth Management LLC.’s holdings in Starbucks were worth $7,003,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in SBUX. Napa Wealth Management bought a new stake in shares of Starbucks during the 1st quarter worth $1,435,000. Personal CFO Solutions LLC boosted its holdings in shares of Starbucks by 125.5% during the 1st quarter. Personal CFO Solutions LLC now owns 9,254 shares of the coffee company’s stock worth $908,000 after buying an additional 5,151 shares during the period. First Manhattan CO. LLC. boosted its holdings in shares of Starbucks by 33.1% during the 1st quarter. First Manhattan CO. LLC. now owns 446,294 shares of the coffee company’s stock worth $43,777,000 after buying an additional 111,015 shares during the period. Fox Run Management L.L.C. bought a new stake in shares of Starbucks during the 1st quarter worth $998,000. Finally, Norden Group LLC boosted its holdings in shares of Starbucks by 66.1% during the 1st quarter. Norden Group LLC now owns 30,219 shares of the coffee company’s stock worth $2,964,000 after buying an additional 12,027 shares during the period. 72.29% of the stock is owned by institutional investors.

Starbucks Stock Performance

Shares of SBUX stock opened at $84.60 on Wednesday. Starbucks Corporation has a 52-week low of $75.50 and a 52-week high of $117.46. The stock has a market cap of $96.16 billion, a price-to-earnings ratio of 36.47, a P/E/G ratio of 5.15 and a beta of 1.00. The firm has a fifty day moving average of $88.09 and a 200-day moving average of $88.80.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings data on Tuesday, July 29th. The coffee company reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.14). Starbucks had a net margin of 7.18% and a negative return on equity of 36.23%. The business had revenue of $9.46 billion during the quarter, compared to analyst estimates of $9.29 billion. During the same quarter in the prior year, the company posted $0.93 EPS. The company’s quarterly revenue was up 3.8% compared to the same quarter last year. On average, sell-side analysts predict that Starbucks Corporation will post 2.99 earnings per share for the current year.

Analyst Ratings Changes

Several analysts recently issued reports on SBUX shares. Citigroup decreased their price objective on shares of Starbucks from $100.00 to $99.00 and set a “neutral” rating for the company in a report on Wednesday, July 30th. TD Securities reiterated a “hold” rating and set a $90.00 target price on shares of Starbucks in a research note on Monday, June 23rd. Piper Sandler set a $105.00 target price on shares of Starbucks and gave the company an “overweight” rating in a research note on Wednesday, July 30th. CICC Research initiated coverage on shares of Starbucks in a research note on Monday, June 30th. They set an “outperform” rating and a $100.00 target price for the company. Finally, BMO Capital Markets reiterated an “outperform” rating and set a $115.00 target price (up from $100.00) on shares of Starbucks in a research note on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $104.00.

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.