Cornerstone Capital Inc. Has $1.64 Million Stock Holdings in Starbucks Co. (NASDAQ:SBUX)

Cornerstone Capital Inc. decreased its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 87.5% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 16,867 shares of the coffee company’s stock after selling 117,840 shares during the period. Cornerstone Capital Inc.’s holdings in Starbucks were worth $1,644,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Strategic Investment Solutions Inc. IL bought a new position in Starbucks in the 2nd quarter worth approximately $25,000. New Millennium Group LLC acquired a new stake in Starbucks in the 2nd quarter worth $26,000. Stephens Consulting LLC increased its holdings in shares of 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 purchasing an additional 279 shares during the period. Hobbs Group Advisors LLC bought a new stake in shares of Starbucks in the second quarter valued at about $27,000. Finally, Olistico Wealth LLC acquired a new stake in shares of Starbucks during the 2nd quarter worth approximately $31,000. Institutional investors and hedge funds own 72.29% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on SBUX. Jefferies Financial Group downgraded Starbucks from a “hold” rating to an “underperform” rating and decreased their price objective for the company from $80.00 to $76.00 in a report on Tuesday, September 24th. Robert W. Baird raised Starbucks from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $81.00 to $110.00 in a report on Tuesday, August 13th. Piper Sandler upgraded shares of Starbucks from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $85.00 to $103.00 in a research report on Tuesday, August 13th. Stifel Nicolaus boosted their price target on shares of Starbucks from $105.00 to $110.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Finally, Bank of America dropped their price objective on shares of Starbucks from $118.00 to $117.00 and set a “buy” rating for the company in a report on Tuesday, October 22nd. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $103.32.

Insider Activity

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

Starbucks Stock Performance

Shares of SBUX traded down $0.36 during mid-day trading on Tuesday, reaching $96.67. The company had a trading volume of 993,672 shares, compared to its average volume of 11,239,928. The company’s 50 day simple moving average is $96.00 and its 200 day simple moving average is $85.53. The company has a market capitalization of $109.55 billion, a price-to-earnings ratio of 29.31, a P/E/G ratio of 3.17 and a beta of 0.97. Starbucks Co. has a 1-year low of $71.55 and a 1-year high of $107.66.

Starbucks (NASDAQ:SBUX) last posted its earnings results on Wednesday, October 30th. The coffee company reported $0.80 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.80. Starbucks had a net margin of 10.40% and a negative return on equity of 46.39%. The firm had revenue of $9.07 billion for the quarter, compared to analysts’ expectations of $9.60 billion. During the same quarter in the previous year, the firm posted $1.06 earnings per share. The company’s revenue was down 3.2% on a year-over-year basis. As a group, equities analysts forecast that Starbucks Co. will post 3.22 earnings per share for the current fiscal year.

Starbucks Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.61 per share. This is a boost from Starbucks’s previous quarterly dividend of $0.57. This represents a $2.44 annualized dividend and a dividend yield of 2.52%. The ex-dividend date of this dividend is Friday, November 15th. Starbucks’s 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.