Cornerstone Wealth Management LLC Reduces Stock Position in Starbucks Co. (NASDAQ:SBUX)

Cornerstone Wealth Management LLC lessened its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 2.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,513 shares of the coffee company’s stock after selling 158 shares during the period. Cornerstone Wealth Management LLC’s holdings in Starbucks were worth $503,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of SBUX. Brighton Jones LLC increased its position in Starbucks by 86.5% during the 4th quarter. Brighton Jones LLC now owns 176,722 shares of the coffee company’s stock valued at $16,126,000 after purchasing an additional 81,952 shares during the period. Key Client Fiduciary Advisors LLC boosted its stake in shares of Starbucks by 19.1% during the 4th quarter. Key Client Fiduciary Advisors LLC now owns 2,954 shares of the coffee company’s stock valued at $270,000 after purchasing an additional 473 shares in the last quarter. Secure Asset Management LLC purchased a new position in shares of Starbucks during the fourth quarter valued at about $238,000. Red Door Wealth Management LLC raised its stake in Starbucks by 2.4% in the fourth quarter. Red Door Wealth Management LLC now owns 4,985 shares of the coffee company’s stock worth $455,000 after buying an additional 118 shares in the last quarter. Finally, Olistico Wealth LLC boosted its position in Starbucks by 193.3% during the 4th quarter. Olistico Wealth LLC now owns 789 shares of the coffee company’s stock valued at $72,000 after acquiring an additional 520 shares in the last quarter. Institutional investors own 72.29% of the company’s stock.

Starbucks Trading Up 0.8 %

NASDAQ:SBUX opened at $98.81 on Friday. The company has a market cap of $112.03 billion, a PE ratio of 29.85, a price-to-earnings-growth ratio of 2.91 and a beta of 0.99. The company has a 50 day simple moving average of $95.66 and a two-hundred day simple moving average of $92.25. Starbucks Co. has a 12 month low of $71.55 and a 12 month high of $103.32.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings data on Wednesday, October 30th. The coffee company reported $0.80 EPS for the quarter, hitting the consensus estimate of $0.80. Starbucks had a negative return on equity of 46.39% and a net margin of 10.40%. The company had revenue of $9.07 billion during the quarter, compared to analyst estimates of $9.60 billion. During the same quarter in the previous year, the company posted $1.06 earnings per share. Starbucks’s revenue was down 3.2% compared to the same quarter last year. Research analysts forecast that Starbucks Co. will post 3.08 earnings per share for the current year.

Starbucks Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 14th will be paid a $0.61 dividend. This represents a $2.44 annualized dividend and a dividend yield of 2.47%. The ex-dividend date of this dividend is Friday, February 14th. Starbucks’s dividend payout ratio (DPR) is presently 73.72%.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. BTIG Research increased their target price on Starbucks from $100.00 to $115.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Barclays lowered their price objective on Starbucks from $110.00 to $108.00 and set an “overweight” rating for the company in a research report on Thursday, October 31st. Bank of America reduced their target price on shares of Starbucks from $118.00 to $117.00 and set a “buy” rating on the stock in a research report on Tuesday, October 22nd. Wedbush dropped their price objective on shares of Starbucks from $98.00 to $95.00 and set a “neutral” rating on the stock in a research note on Thursday, October 31st. Finally, Morgan Stanley raised their target price on shares of Starbucks from $98.00 to $115.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Starbucks presently has an average rating of “Moderate Buy” and a consensus price target of $103.92.

Insider Buying and Selling

In other Starbucks news, CFO Rachel Ruggeri sold 1,491 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $99.54, for a total value of $148,414.14. Following the transaction, the chief financial officer now directly owns 80,124 shares in the company, valued at approximately $7,975,542.96. This trade represents a 1.83 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.98% of the stock is currently owned by insiders.

Starbucks 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.