Why This Trader Bought Starbucks Stock

Starbucks Corporation (NASDAQ: SBUX) reached a new all-time high in trading this week. 

NewEdge Wealth's Rob Sechan said Friday on CNBC's "Fast Money Halftime Report" that he recently added Starbucks to his portfolio.

Sechan told CNBC he was looking for a "more defensive cyclical name that's tied to the momentum of return to work in person in a strengthening labor market."

He removed Schlumberger NV (NYSE: SLB) from his portfolio in order to add Starbucks, he noted.

Oppenheimer analyst Brian Bittner maintained Starbucks with an Outperform rating and raised the price target from $135 to $140 Friday.

Starbucks is set to report its quarterly financial results July 27.

Related Link: Pete Najarian Buys Call Options In Starbucks As The Stock Reaches All-Time Highs

SBUX Price Action: Starbucks has traded as high as $120.83 and as low as $73.21 over a 52-week period.

At last check Friday, the stock was up 0.059% at $119.04.

Photo by Engin Akyurt from Pixabay.