Sentry Investment Management LLC Reduces Holdings in Starbucks Co. (NASDAQ:SBUX)

Sentry Investment Management LLC lowered its position in Starbucks Co. (NASDAQ:SBUX) by 8.9% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 9,520 shares of the coffee company’s stock after selling 931 shares during the quarter. Sentry Investment Management LLC’s holdings in Starbucks were worth $741,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. LPL Financial LLC grew its stake in Starbucks by 21.0% in the 2nd quarter. LPL Financial LLC now owns 1,863,431 shares of the coffee company’s stock valued at $145,068,000 after buying an additional 323,114 shares in the last quarter. Marco Investment Management LLC lifted its holdings in Starbucks by 7.7% during the 2nd quarter. Marco Investment Management LLC now owns 36,151 shares of the coffee company’s stock worth $2,814,000 after purchasing an additional 2,600 shares in the last quarter. Studio Investment Management LLC boosted its stake in Starbucks by 15.8% in the 2nd quarter. Studio Investment Management LLC now owns 10,051 shares of the coffee company’s stock worth $782,000 after purchasing an additional 1,371 shares during the period. Carson Advisory Inc. increased its position in shares of Starbucks by 30.1% during the second quarter. Carson Advisory Inc. now owns 3,399 shares of the coffee company’s stock valued at $265,000 after buying an additional 786 shares during the period. Finally, MGO One Seven LLC lifted its holdings in shares of Starbucks by 5.6% in the second quarter. MGO One Seven LLC now owns 28,465 shares of the coffee company’s stock worth $2,216,000 after buying an additional 1,510 shares in the last quarter. 72.29% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

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

Analyst Ratings Changes

Several equities analysts recently commented on SBUX shares. 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. TD Cowen boosted their price target on shares of Starbucks from $105.00 to $110.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Wedbush restated a “neutral” rating and set a $80.00 price objective on shares of Starbucks in a research report on Tuesday, August 13th. DZ Bank lowered shares of Starbucks from a “hold” rating to a “sell” rating and set a $85.00 target price for the company. in a research report on Wednesday, August 21st. Finally, Evercore ISI raised Starbucks from an “in-line” rating to an “outperform” rating and lifted their price target for the stock from $80.00 to $120.00 in a research note on Wednesday, August 14th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $99.83.

Starbucks Stock Performance

SBUX opened at $93.34 on Wednesday. The stock’s 50 day moving average price is $83.04 and its 200-day moving average price is $83.76. Starbucks Co. has a 52-week low of $71.55 and a 52-week high of $107.66. The stock has a market capitalization of $105.73 billion, a PE ratio of 25.71, a price-to-earnings-growth ratio of 2.18 and a beta of 0.96.

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

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.