Summit Financial LLC Sells 4,583 Shares of Starbucks Co. (NASDAQ:SBUX)

Summit Financial LLC cut its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 11.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 35,323 shares of the coffee company’s stock after selling 4,583 shares during the period. Summit Financial LLC’s holdings in Starbucks were worth $3,223,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Financial Life Planners acquired a new position in shares of Starbucks in the 4th quarter valued at approximately $25,000. Graney & King LLC acquired a new position in shares of Starbucks in the fourth quarter valued at approximately $26,000. Collier Financial bought a new stake in shares of Starbucks during the fourth quarter worth $27,000. Runnymede Capital Advisors Inc. acquired a new stake in shares of Starbucks during the fourth quarter worth $27,000. Finally, Marshall Investment Management LLC bought a new stake in Starbucks in the 4th quarter valued at $30,000. 72.29% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

SBUX has been the subject of a number of research reports. BMO Capital Markets increased their target price on Starbucks from $110.00 to $115.00 and gave the stock an “outperform” rating in a report on Wednesday, January 29th. Stifel Nicolaus lifted their target price on Starbucks from $110.00 to $114.00 and gave the company a “buy” rating in a research report on Monday, January 27th. Wedbush boosted their target price on Starbucks from $95.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday, January 29th. UBS Group raised their price target on shares of Starbucks from $98.00 to $105.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 29th. Finally, Wells Fargo & Company boosted their price objective on shares of Starbucks from $115.00 to $125.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 25th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $106.12.

Starbucks Price Performance

NASDAQ:SBUX opened at $98.09 on Tuesday. The firm’s fifty day moving average price is $105.81 and its two-hundred day moving average price is $99.54. The company has a market cap of $111.42 billion, a P/E ratio of 31.64, a P/E/G ratio of 3.59 and a beta of 0.99. Starbucks Co. has a one year low of $71.55 and a one year high of $117.46.

Starbucks (NASDAQ:SBUX) last announced its quarterly 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 net margin of 9.73% and a negative return on equity of 44.97%. During the same period last year, the company posted $0.90 EPS. As a group, equities research analysts expect that Starbucks Co. will post 2.99 earnings per share for the current year.

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.