Cornerstone Wealth Group LLC Sells 177 Shares of Starbucks Co. (NASDAQ:SBUX)

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

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Strategic Investment Solutions Inc. IL acquired a new position in shares of Starbucks during the second quarter worth about $25,000. New Millennium Group LLC bought a new stake in Starbucks in the 2nd quarter valued at approximately $26,000. Stephens Consulting LLC boosted its position in Starbucks by 498.2% during the 2nd quarter. Stephens Consulting LLC now owns 335 shares of the coffee company’s stock worth $26,000 after acquiring an additional 279 shares during the last quarter. Hobbs Group Advisors LLC bought a new position in shares of Starbucks during the 2nd quarter worth approximately $27,000. Finally, Olistico Wealth LLC acquired a new stake in shares of Starbucks in the second quarter valued at approximately $31,000. 72.29% of the stock is owned by institutional investors and hedge funds.

Starbucks Stock Up 0.4 %

Shares of Starbucks stock opened at $97.70 on Friday. The stock has a market capitalization of $110.71 billion, a price-to-earnings ratio of 29.52, a price-to-earnings-growth ratio of 2.63 and a beta of 0.97. Starbucks Co. has a twelve month low of $71.55 and a twelve month high of $107.66. The company has a 50-day simple moving average of $95.88 and a two-hundred day simple moving average of $85.37.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings results on Wednesday, October 30th. The coffee company reported $0.80 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.80. Starbucks had a negative return on equity of 45.15% and a net margin of 10.40%. The business had revenue of $9.07 billion during the quarter, compared to analysts’ expectations of $9.60 billion. During the same period in the previous year, the company posted $1.06 earnings per share. The firm’s revenue for the quarter was down 3.2% compared to the same quarter last year. On average, sell-side analysts anticipate 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. Investors of record on Friday, November 15th will be given a $0.61 dividend. The ex-dividend date is Friday, November 15th. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.50%. This is a boost from Starbucks’s previous quarterly dividend of $0.57. Starbucks’s dividend payout ratio (DPR) is presently 68.88%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Bank of America decreased their target price on shares of Starbucks from $118.00 to $117.00 and set a “buy” rating for the company in a research report on Tuesday, October 22nd. Jefferies Financial Group downgraded Starbucks from a “hold” rating to an “underperform” rating and lowered their target price for the company from $80.00 to $76.00 in a research report on Tuesday, September 24th. Baird R W raised Starbucks from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 13th. Morgan Stanley boosted their price target on Starbucks from $98.00 to $115.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Finally, TD Cowen reissued a “buy” rating and issued a $110.00 price objective on shares of Starbucks in a report on Wednesday, October 23rd. Two analysts have rated the stock with a sell rating, ten have given a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Starbucks has a consensus rating of “Moderate Buy” and an average target price of $103.32.

Insider Activity at Starbucks

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

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.