NewEdge Wealth LLC Reduces Stock Holdings in Starbucks Co. (NASDAQ:SBUX)

NewEdge Wealth LLC reduced its stake in Starbucks Co. (NASDAQ:SBUX) by 19.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 52,281 shares of the coffee company’s stock after selling 12,585 shares during the period. NewEdge Wealth LLC’s holdings in Starbucks were worth $4,771,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Kuhn & Co Investment Counsel increased its stake in Starbucks by 2.3% in the fourth quarter. Kuhn & Co Investment Counsel now owns 4,240 shares of the coffee company’s stock valued at $387,000 after purchasing an additional 96 shares during the last quarter. Jmac Enterprises LLC increased its stake in Starbucks by 1.0% in the fourth quarter. Jmac Enterprises LLC now owns 9,995 shares of the coffee company’s stock valued at $912,000 after purchasing an additional 103 shares during the last quarter. Aspire Capital Advisors LLC increased its stake in Starbucks by 0.5% in the fourth quarter. Aspire Capital Advisors LLC now owns 23,210 shares of the coffee company’s stock valued at $2,118,000 after purchasing an additional 104 shares during the last quarter. Optas LLC increased its stake in Starbucks by 0.6% in the fourth quarter. Optas LLC now owns 16,711 shares of the coffee company’s stock valued at $1,525,000 after purchasing an additional 105 shares during the last quarter. Finally, Boomfish Wealth Group LLC increased its stake in Starbucks by 0.7% in the fourth quarter. Boomfish Wealth Group LLC now owns 15,335 shares of the coffee company’s stock valued at $1,399,000 after purchasing an additional 108 shares during the last quarter. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

Starbucks Stock Performance

Starbucks stock opened at $114.49 on Friday. Starbucks Co. has a one year low of $71.55 and a one year high of $115.70. The business has a fifty day moving average of $101.55 and a two-hundred day moving average of $98.22. The company has a market cap of $130.05 billion, a P/E ratio of 36.93, a price-to-earnings-growth ratio of 3.59 and a beta of 1.00.

Starbucks (NASDAQ:SBUX) last released its earnings results on Tuesday, January 28th. The coffee company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.68 by $0.01. Starbucks had a negative return on equity of 44.97% and a net margin of 9.73%. During the same period in the prior year, the company earned $0.90 earnings per share. Sell-side analysts predict that Starbucks Co. will post 2.99 EPS for the current year.

Analysts Set New Price Targets

SBUX has been the subject of several research analyst reports. Citigroup increased their price objective on Starbucks from $96.00 to $99.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Wedbush increased their price objective on Starbucks from $95.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, January 29th. Barclays increased their price objective on Starbucks from $119.00 to $124.00 and gave the company an “overweight” rating in a report on Wednesday, January 29th. Redburn Atlantic reissued a “sell” rating and issued a $77.00 price objective (down from $84.00) on shares of Starbucks in a report on Wednesday, November 13th. Finally, Stifel Nicolaus increased their price objective on Starbucks from $110.00 to $114.00 and gave the company a “buy” rating in a report on Monday, January 27th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Starbucks presently has a consensus rating of “Moderate Buy” and an average target price of $105.75.

About Starbucks

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.