Armstrong Advisory Group Inc. Takes Position in Starbucks Co. (NASDAQ:SBUX)

Posted by on Mar 25th, 2023

Armstrong Advisory Group Inc. acquired a new stake in shares of Starbucks Co. (NASDAQ:SBUX – Get Rating) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 661 shares of the coffee company’s stock, valued at approximately $66,000.

A number of other hedge funds also recently made changes to their positions in the company. New Millennium Group LLC acquired a new stake in shares of Starbucks during the second quarter worth approximately $25,000. My Personal CFO LLC acquired a new stake in shares of Starbucks during the fourth quarter worth approximately $25,000. Piershale Financial Group Inc. acquired a new stake in shares of Starbucks during the fourth quarter worth approximately $25,000. Hillsdale Investment Management Inc. acquired a new stake in shares of Starbucks during the third quarter worth approximately $27,000. Finally, Bell Investment Advisors Inc grew its position in shares of Starbucks by 44.4% during the third quarter. Bell Investment Advisors Inc now owns 478 shares of the coffee company’s stock worth $40,000 after buying an additional 147 shares in the last quarter. Hedge funds and other institutional investors own 69.16% of the company’s stock.

Starbucks Stock Down 0.1 %

Shares of NASDAQ SBUX opened at $98.34 on Friday. Starbucks Co. has a fifty-two week low of $68.39 and a fifty-two week high of $110.83. The firm’s 50-day simple moving average is $104.35 and its 200 day simple moving average is $97.76. The stock has a market cap of $113.02 billion, a P/E ratio of 34.26, a P/E/G ratio of 1.69 and a beta of 0.94.

Starbucks (NASDAQ:SBUX – Get Rating) last issued its quarterly earnings data on Thursday, February 2nd. The coffee company reported $0.75 earnings per share for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.02). Starbucks had a net margin of 10.09% and a negative return on equity of 39.78%. The company had revenue of $8.71 billion for the quarter, compared to the consensus estimate of $8.78 billion. During the same quarter in the prior year, the firm earned $0.72 earnings per share. Starbucks’s revenue for the quarter was up 8.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Starbucks Co. will post 3.41 earnings per share for the current fiscal year.

Insider Activity at Starbucks

In related news, CFO Rachel Ruggeri sold 736 shares of Starbucks stock in a transaction dated Tuesday, February 21st. The shares were sold at an average price of $105.50, for a total transaction of $77,648.00. Following the sale, the chief financial officer now directly owns 56,028 shares in the company, valued at $5,910,954. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Starbucks news, CFO Rachel Ruggeri sold 736 shares of the business’s stock in a transaction dated Tuesday, February 21st. The shares were sold at an average price of $105.50, for a total value of $77,648.00. Following the sale, the chief financial officer now directly owns 56,028 shares in the company, valued at $5,910,954. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Zabrina Jenkins sold 2,962 shares of the business’s stock in a transaction dated Monday, February 13th. The stock was sold at an average price of $108.48, for a total transaction of $321,317.76. Following the completion of the sale, the executive vice president now owns 38,258 shares in the company, valued at $4,150,227.84. The disclosure for this sale can be found here. Insiders have sold a total of 7,658 shares of company stock worth $820,706 over the last ninety days. 1.98% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

SBUX has been the subject of a number of recent analyst reports. Citigroup raised their price target on shares of Starbucks from $111.00 to $112.00 and gave the stock a “neutral” rating in a research report on Monday, February 6th. Tigress Financial reaffirmed a “buy” rating and issued a $136.00 price objective on shares of Starbucks in a report on Friday, January 20th. Royal Bank of Canada decreased their price objective on shares of Starbucks from $112.00 to $109.00 and set a “sector perform” rating for the company in a report on Friday, February 3rd. BTIG Research lifted their price objective on shares of Starbucks from $110.00 to $120.00 and gave the stock a “buy” rating in a report on Thursday, January 19th. Finally, Bank of America lifted their price objective on shares of Starbucks from $109.00 to $125.00 in a report on Tuesday, January 3rd. Twelve analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $108.74.

Starbucks Profile

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Starbucks Corp. engages in the production, marketing, and retailing of specialty coffee. It operates through the following segments: North America, International, Channel Development, and Corporate and Other. The North America segment focuses on the United States and Canada. The International segment is involved in China, Japan, Asia Pacific, Europe, Middle East, Africa, Latin America, and Caribbean.

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Institutional Ownership by Quarter for Starbucks (NASDAQ:SBUX)

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