Cornerstone Wealth Group LLC Increases Position in Starbucks Co. (NASDAQ:SBUX)

Cornerstone Wealth Group LLC lifted its position in Starbucks Co. (NASDAQ:SBUX) by 46.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 6,049 shares of the coffee company’s stock after buying an additional 1,906 shares during the period. Cornerstone Wealth Group LLC’s holdings in Starbucks were worth $553,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. CWA Asset Management Group LLC lifted its position in Starbucks by 9.9% during the third quarter. CWA Asset Management Group LLC now owns 3,341 shares of the coffee company’s stock valued at $305,000 after purchasing an additional 300 shares during the period. Waverly Advisors LLC raised its position in Starbucks by 15.7% in the third quarter. Waverly Advisors LLC now owns 5,343 shares of the coffee company’s stock worth $488,000 after acquiring an additional 726 shares during the period. First Business Financial Services Inc. raised its position in Starbucks by 5.7% in the third quarter. First Business Financial Services Inc. now owns 2,605 shares of the coffee company’s stock worth $238,000 after acquiring an additional 141 shares during the period. SRS Capital Advisors Inc. raised its position in Starbucks by 5.4% in the third quarter. SRS Capital Advisors Inc. now owns 4,258 shares of the coffee company’s stock worth $389,000 after acquiring an additional 219 shares during the period. Finally, Insigneo Advisory Services LLC raised its position in Starbucks by 60.6% in the third quarter. Insigneo Advisory Services LLC now owns 9,464 shares of the coffee company’s stock worth $864,000 after acquiring an additional 3,570 shares during the period. Institutional investors own 72.29% of the company’s stock.

Starbucks Stock Down 1.8 %

Shares of Starbucks stock opened at $77.85 on Monday. The firm’s 50 day moving average price is $79.66 and its 200-day moving average price is $87.95. Starbucks Co. has a 52-week low of $71.80 and a 52-week high of $107.66. The company has a market cap of $88.18 billion, a P/E ratio of 21.45, a PEG ratio of 1.70 and a beta of 0.94.

Starbucks (NASDAQ:SBUX) last released its earnings results on Tuesday, April 30th. The coffee company reported $0.68 earnings per share for the quarter, missing the consensus estimate of $0.79 by ($0.11). The company had revenue of $8.56 billion for the quarter, compared to analysts’ expectations of $9.12 billion. Starbucks had a negative return on equity of 49.91% and a net margin of 11.38%. The firm’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.74 EPS. As a group, equities research analysts forecast that Starbucks Co. will post 3.59 EPS for the current fiscal year.

Starbucks Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Friday, August 16th will be given a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 2.93%. The ex-dividend date of this dividend is Friday, August 16th. Starbucks’s dividend payout ratio is presently 62.81%.

Insiders Place Their Bets

In other Starbucks news, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $80.00, for a total transaction of $260,000.00. Following the completion of the sale, the chief executive officer now directly owns 78,304 shares in the company, valued at approximately $6,264,320. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Starbucks news, CFO Rachel Ruggeri sold 3,750 shares of Starbucks stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $80.00, for a total transaction of $300,000.00. Following the completion of the sale, the chief financial officer now directly owns 65,431 shares in the company, valued at approximately $5,234,480. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $80.00, for a total transaction of $260,000.00. Following the sale, the chief executive officer now owns 78,304 shares of the company’s stock, valued at $6,264,320. The disclosure for this sale can be found here. In the last quarter, insiders have sold 10,750 shares of company stock valued at $878,893. Insiders own 1.98% of the company’s stock.

Wall Street Analysts Forecast Growth

SBUX has been the subject of a number of analyst reports. Robert W. Baird reduced their price objective on shares of Starbucks from $106.00 to $100.00 and set a “neutral” rating for the company in a research note on Monday, March 18th. Wedbush reissued a “neutral” rating and issued a $81.00 price objective on shares of Starbucks in a research note on Friday. Morgan Stanley reduced their price objective on shares of Starbucks from $120.00 to $115.00 and set an “overweight” rating for the company in a research note on Friday, April 12th. Stifel Nicolaus reduced their price objective on shares of Starbucks from $90.00 to $80.00 and set a “hold” rating for the company in a research note on Wednesday, May 1st. Finally, William Blair cut shares of Starbucks from an “outperform” rating to a “market perform” rating in a research note on Wednesday, May 1st. Seventeen investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $94.54.

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.