Starbucks Co. (NASDAQ:SBUX) Shares Sold by Cornerstone Capital Inc.

Cornerstone Capital Inc. lowered its holdings in shares of Starbucks Co. (NASDAQ:SBUX) by 87.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund 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 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in SBUX. Heritage Investors Management Corp raised its stake in shares of Starbucks by 52.9% during the third quarter. Heritage Investors Management Corp now owns 5,961 shares of the coffee company’s stock valued at $581,000 after purchasing an additional 2,063 shares during the period. Sentry Investment Management LLC boosted its holdings in Starbucks by 5.9% in the third quarter. Sentry Investment Management LLC now owns 10,080 shares of the coffee company’s stock worth $983,000 after purchasing an additional 560 shares during the period. United Advisor Group LLC raised its stake in Starbucks by 94.1% during the third quarter. United Advisor Group LLC now owns 10,398 shares of the coffee company’s stock worth $1,014,000 after acquiring an additional 5,041 shares during the period. ASB Consultores LLC acquired a new stake in Starbucks in the third quarter worth $213,000. Finally, James J. Burns & Company LLC acquired a new stake in shares of Starbucks in the third quarter valued at approximately $286,000. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Starbucks

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

Starbucks Trading Down 0.4 %

Shares of Starbucks stock traded down $0.36 during trading hours on Tuesday, reaching $96.67. 993,672 shares of the company’s stock were exchanged, compared to its average volume of 11,239,928. Starbucks Co. has a 52-week low of $71.55 and a 52-week high of $107.66. The company has a fifty day moving average of $96.00 and a 200-day moving average of $85.53. The firm has a market capitalization of $109.55 billion, a price-to-earnings ratio of 29.31, a price-to-earnings-growth ratio of 3.17 and a beta of 0.97.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings data on Wednesday, October 30th. The coffee company reported $0.80 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.80. Starbucks had a net margin of 10.40% and a negative return on equity of 46.39%. The company had revenue of $9.07 billion during the quarter, compared to the consensus estimate of $9.60 billion. During the same period in the previous year, the firm earned $1.06 earnings per share. Starbucks’s revenue for the quarter was down 3.2% on a year-over-year basis. On average, equities research analysts anticipate that Starbucks Co. will post 3.22 earnings per share for the current fiscal year.

Starbucks Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be issued a $0.61 dividend. This represents a $2.44 dividend on an annualized basis and a yield of 2.52%. The ex-dividend date of this dividend is Friday, November 15th. This is an increase from Starbucks’s previous quarterly dividend of $0.57. Starbucks’s payout ratio is currently 68.88%.

Analyst Ratings Changes

Several equities analysts recently weighed in on SBUX shares. Bank of America cut their price objective 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. JPMorgan Chase & Co. boosted their price target on shares of Starbucks from $90.00 to $105.00 and gave the stock an “overweight” rating in a research note on Monday, September 30th. Piper Sandler raised Starbucks from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $85.00 to $103.00 in a research note on Tuesday, August 13th. Morgan Stanley lifted their target price on Starbucks from $98.00 to $115.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Finally, TD Cowen reiterated a “buy” rating and issued a $110.00 price objective on shares of Starbucks in a report on Wednesday, October 23rd. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $103.32.

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.