Cornerstone Wealth Management LLC Has $553,000 Position in Starbucks Co. (NASDAQ:SBUX)

Cornerstone Wealth Management LLC lifted its stake in Starbucks Co. (NASDAQ:SBUX) by 4.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,671 shares of the coffee company’s stock after acquiring an additional 252 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Starbucks were worth $553,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of Starbucks by 0.4% in the first quarter. Vanguard Group Inc. now owns 108,403,768 shares of the coffee company’s stock valued at $9,907,020,000 after buying an additional 470,498 shares during the period. Legal & General Group Plc increased its holdings in shares of Starbucks by 2.6% in the second quarter. Legal & General Group Plc now owns 8,720,903 shares of the coffee company’s stock valued at $678,923,000 after purchasing an additional 221,718 shares in the last quarter. Flossbach Von Storch AG increased its holdings in shares of Starbucks by 106.7% in the first quarter. Flossbach Von Storch AG now owns 5,612,687 shares of the coffee company’s stock valued at $512,943,000 after purchasing an additional 2,897,282 shares in the last quarter. Nordea Investment Management AB increased its holdings in shares of Starbucks by 5.2% in the first quarter. Nordea Investment Management AB now owns 5,412,603 shares of the coffee company’s stock valued at $495,145,000 after purchasing an additional 266,570 shares in the last quarter. Finally, Ontario Teachers Pension Plan Board acquired a new stake in shares of Starbucks in the first quarter valued at approximately $415,167,000. 72.29% of the stock is owned by institutional investors and hedge funds.

Starbucks Price Performance

Starbucks stock opened at $96.84 on Friday. The firm has a market capitalization of $109.69 billion, a PE ratio of 26.68, a P/E/G ratio of 2.08 and a beta of 0.97. The company’s 50-day moving average is $94.90 and its 200-day moving average is $84.73. Starbucks Co. has a fifty-two week low of $71.55 and a fifty-two week high of $107.66.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings data on Tuesday, July 30th. The coffee company reported $0.93 earnings per share for the quarter, hitting the consensus estimate of $0.93. The company had revenue of $9.11 billion for the quarter, compared to analyst estimates of $9.25 billion. Starbucks had a net margin of 11.16% and a negative return on equity of 49.38%. Starbucks’s revenue for the quarter was down .6% compared to the same quarter last year. During the same period in the previous year, the business earned $1.00 EPS. As a group, analysts expect that Starbucks Co. will post 3.55 EPS for the current year.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. BTIG Research raised their price target on shares of Starbucks from $100.00 to $115.00 and gave the company a “buy” rating in a report on Thursday. TD Cowen reaffirmed a “buy” rating and issued a $110.00 price objective on shares of Starbucks in a research note on Thursday, September 12th. Oppenheimer reaffirmed a “market perform” rating on shares of Starbucks in a research note on Monday, August 26th. Citigroup raised their price objective on shares of Starbucks from $98.00 to $99.00 and gave the company a “neutral” rating in a research note on Tuesday, October 8th. Finally, Sanford C. Bernstein raised shares of Starbucks from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $92.00 to $115.00 in a research note on Thursday, September 26th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Starbucks currently has a consensus rating of “Moderate Buy” and a consensus target price of $102.44.

Insider Buying and Selling

In related news, CEO Rachel Ruggeri sold 3,290 shares of Starbucks stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $91.16, for a total transaction of $299,916.40. Following the completion of the sale, the chief executive officer now owns 62,502 shares of the company’s stock, valued at approximately $5,697,682.32. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Starbucks news, CEO Michael Aaron Conway sold 3,250 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $94.03, for a total value of $305,597.50. Following the completion of 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 position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Rachel Ruggeri sold 3,290 shares of the business’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $91.16, for a total transaction of $299,916.40. Following the completion of the sale, the chief executive officer now directly owns 62,502 shares of the company’s stock, valued at $5,697,682.32. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.98% of the stock is currently 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.