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

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

Other large investors have also modified their holdings of the company. Strategic Financial Concepts LLC purchased a new stake in shares of Starbucks during the fourth quarter worth $62,000. Weil Company Inc. grew its holdings in shares of Starbucks by 31.2% during the third quarter. Weil Company Inc. now owns 34,580 shares of the coffee company’s stock worth $3,371,000 after buying an additional 8,222 shares in the last quarter. Maia Wealth LLC grew its holdings in shares of Starbucks by 69.1% during the third quarter. Maia Wealth LLC now owns 18,582 shares of the coffee company’s stock worth $1,805,000 after buying an additional 7,596 shares in the last quarter. Investment Management Corp of Ontario grew its holdings in shares of Starbucks by 48.6% during the third quarter. Investment Management Corp of Ontario now owns 37,584 shares of the coffee company’s stock worth $3,664,000 after buying an additional 12,300 shares in the last quarter. Finally, Aljian Capital Management LLC grew its holdings in shares of Starbucks by 48.5% during the third quarter. Aljian Capital Management LLC now owns 30,422 shares of the coffee company’s stock worth $2,966,000 after buying an additional 9,936 shares in the last quarter. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Starbucks Price Performance

Shares of NASDAQ:SBUX opened at $114.49 on Friday. The firm has a market capitalization of $130.05 billion, a PE ratio of 36.93, a price-to-earnings-growth ratio of 3.59 and a beta of 1.00. The firm’s 50-day moving average is $101.55 and its two-hundred day moving average is $98.22. Starbucks Co. has a 1 year low of $71.55 and a 1 year high of $115.70.

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

Analysts Set New Price Targets

Several research analysts have recently weighed in on SBUX shares. Wedbush boosted their price target on shares of Starbucks from $95.00 to $100.00 and gave the company a “neutral” rating in a research report on Wednesday, January 29th. Royal Bank of Canada reissued an “outperform” rating and set a $115.00 price target on shares of Starbucks in a research report on Friday, January 24th. TD Cowen reissued a “buy” rating and set a $110.00 price target on shares of Starbucks in a research report on Monday, November 11th. UBS Group boosted their price target on shares of Starbucks from $98.00 to $105.00 and gave the company a “neutral” rating in a research report on Wednesday, January 29th. Finally, Citigroup boosted their price target on shares of Starbucks from $96.00 to $99.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Three analysts have rated the stock with a sell rating, six have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target 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.