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

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

Other hedge funds have also bought and sold shares of the company. Strategic Investment Solutions Inc. IL bought a new stake in shares of Starbucks during the 2nd quarter worth $25,000. DT Investment Partners LLC raised its position in Starbucks by 39.4% in the third quarter. DT Investment Partners LLC now owns 428 shares of the coffee company’s stock worth $42,000 after acquiring an additional 121 shares during the period. FSA Wealth Management LLC purchased a new position in Starbucks in the third quarter valued at about $49,000. Friedenthal Financial bought a new position in shares of Starbucks during the 3rd quarter valued at approximately $50,000. Finally, Capital Performance Advisors LLP purchased a new stake in shares of Starbucks during the 3rd quarter worth approximately $71,000. 72.29% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on SBUX shares. BTIG Research increased their price objective on Starbucks from $100.00 to $115.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Morgan Stanley increased their price target on Starbucks from $98.00 to $115.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. TD Cowen restated a “buy” rating and issued a $110.00 price objective on shares of Starbucks in a research note on Monday, November 11th. Wells Fargo & Company lifted their target price on shares of Starbucks from $110.00 to $115.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 26th. Finally, Redburn Atlantic restated a “sell” rating and set a $77.00 price target (down from $84.00) on shares of Starbucks in a research note on Wednesday, November 13th. Three equities 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’s stock. According to MarketBeat, Starbucks has a consensus rating of “Moderate Buy” and a consensus price target of $103.92.

Insider Buying and Selling at Starbucks

In related news, CFO Rachel Ruggeri sold 1,491 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $99.54, for a total transaction of $148,414.14. Following the completion of the sale, the chief financial officer now directly owns 80,124 shares in the company, valued at $7,975,542.96. This represents a 1.83 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 1.98% of the company’s stock.

Starbucks Trading Up 0.8 %

SBUX opened at $98.81 on Friday. The stock has a market capitalization of $112.03 billion, a P/E ratio of 29.85, a PEG ratio of 2.91 and a beta of 0.99. The stock has a 50-day moving average price of $95.66 and a 200-day moving average price 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 results on Wednesday, October 30th. The coffee company reported $0.80 EPS for the quarter, meeting analysts’ consensus estimates of $0.80. The business had revenue of $9.07 billion for the quarter, compared to analysts’ expectations of $9.60 billion. Starbucks had a net margin of 10.40% and a negative return on equity of 46.39%. The business’s quarterly revenue was down 3.2% on a year-over-year basis. During the same period last year, the business earned $1.06 earnings per share. On average, equities research analysts predict that Starbucks Co. will post 3.08 EPS for the current year.

Starbucks Announces Dividend

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

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.