Cornerstone Wealth Group LLC Has $569,000 Stock Holdings in Starbucks Co. (NASDAQ:SBUX)

Cornerstone Wealth Group LLC trimmed its position in Starbucks Co. (NASDAQ:SBUX) by 2.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,842 shares of the coffee company’s stock after selling 177 shares during the quarter. Cornerstone Wealth Group LLC’s holdings in Starbucks were worth $569,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Allspring Global Investments Holdings LLC raised its stake in shares of Starbucks by 95.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 312,309 shares of the coffee company’s stock valued at $28,542,000 after purchasing an additional 152,849 shares in the last quarter. Kovack Advisors Inc. raised its stake in shares of Starbucks by 1.8% in the 1st quarter. Kovack Advisors Inc. now owns 8,019 shares of the coffee company’s stock valued at $733,000 after buying an additional 140 shares in the last quarter. Diversify Advisory Services LLC bought a new position in shares of Starbucks during the 1st quarter worth about $2,299,000. Prosperity Consulting Group LLC acquired a new stake in shares of Starbucks during the 1st quarter valued at about $268,000. Finally, Blue Trust Inc. increased its stake in Starbucks by 25.2% in the first quarter. Blue Trust Inc. now owns 7,246 shares of the coffee company’s stock valued at $662,000 after acquiring an additional 1,460 shares during the period. 72.29% of the stock is owned by institutional investors.

Insider Transactions at Starbucks

In related news, Director Jorgen Vig Knudstorp acquired 380 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The stock was acquired at an average price of $91.50 per share, for a total transaction of $34,770.00. Following the completion of the acquisition, the director now owns 36,242 shares of the company’s stock, valued at $3,316,143. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO Michael Aaron Conway sold 3,250 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $94.03, for a total value of $305,597.50. Following the completion of the transaction, the chief executive officer now owns 75,054 shares of the company’s stock, valued at $7,057,327.62. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jorgen Vig Knudstorp acquired 380 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The shares were acquired at an average cost of $91.50 per share, for a total transaction of $34,770.00. Following the purchase, the director now directly owns 36,242 shares in the company, valued at $3,316,143. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. 1.98% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have weighed in on SBUX shares. Sanford C. Bernstein raised Starbucks from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $92.00 to $115.00 in a report on Thursday, September 26th. Barclays decreased their price target on Starbucks from $110.00 to $108.00 and set an “overweight” rating on the stock in a research note on Thursday. UBS Group increased their price objective on Starbucks from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 23rd. Wedbush reduced their target price on shares of Starbucks from $98.00 to $95.00 and set a “neutral” rating on the stock in a research note on Thursday. Finally, Stifel Nicolaus upped their target price on shares of Starbucks from $105.00 to $110.00 and gave the stock a “buy” rating in a report on Thursday. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $103.32.

Starbucks Stock Up 0.4 %

Shares of SBUX stock opened at $97.70 on Friday. The firm has a market cap of $110.71 billion, a price-to-earnings ratio of 29.52, a PEG ratio of 2.63 and a beta of 0.97. Starbucks Co. has a 12 month low of $71.55 and a 12 month high of $107.66. The stock has a 50-day moving average price of $95.88 and a 200 day moving average price of $85.37.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings results on Wednesday, October 30th. The coffee company reported $0.80 EPS for the quarter, hitting the consensus estimate of $0.80. Starbucks had a net margin of 10.40% and a negative return on equity of 45.15%. The company had revenue of $9.07 billion during the quarter, compared to analysts’ expectations of $9.60 billion. During the same quarter in the previous year, the company earned $1.06 EPS. Starbucks’s revenue was down 3.2% on a year-over-year basis. Sell-side analysts predict that Starbucks Co. will post 3.45 earnings per share for the current fiscal year.

Starbucks Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be paid a $0.61 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.50%. This is an increase from Starbucks’s previous quarterly dividend of $0.57. Starbucks’s dividend payout ratio is 68.88%.

Starbucks Company 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.