Cornerstone Advisors LLC Has $4.67 Million Position in Starbucks Co. (NASDAQ:SBUX)

Cornerstone Advisors LLC grew its position in Starbucks Co. (NASDAQ:SBUX) by 9.4% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 47,900 shares of the coffee company’s stock after purchasing an additional 4,100 shares during the period. Cornerstone Advisors LLC’s holdings in Starbucks were worth $4,670,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Riverview Trust Co lifted its holdings in shares of Starbucks by 3.4% in the third quarter. Riverview Trust Co now owns 3,199 shares of the coffee company’s stock valued at $312,000 after purchasing an additional 105 shares in the last quarter. Essex Savings Bank lifted its position in shares of Starbucks by 1.6% in the third quarter. Essex Savings Bank now owns 7,250 shares of the coffee company’s stock worth $707,000 after purchasing an additional 112 shares in the last quarter. DT Investment Partners LLC boosted its holdings in Starbucks by 39.4% during the third quarter. DT Investment Partners LLC now owns 428 shares of the coffee company’s stock worth $42,000 after purchasing an additional 121 shares during the last quarter. Childress Capital Advisors LLC grew its position in Starbucks by 4.8% in the third quarter. Childress Capital Advisors LLC now owns 2,727 shares of the coffee company’s stock valued at $266,000 after purchasing an additional 126 shares in the last quarter. Finally, Keystone Wealth Services LLC lifted its position in Starbucks by 1.3% during the 3rd quarter. Keystone Wealth Services LLC now owns 10,151 shares of the coffee company’s stock worth $990,000 after buying an additional 130 shares in the last quarter. Institutional investors own 72.29% of the company’s stock.

Starbucks Price Performance

NASDAQ:SBUX opened at $98.26 on Thursday. The company has a market cap of $111.35 billion, a P/E ratio of 29.69, a P/E/G ratio of 2.85 and a beta of 0.97. Starbucks Co. has a 1 year low of $71.55 and a 1 year high of $104.68. The stock’s fifty day moving average price is $97.01 and its two-hundred day moving average price is $86.70.

Starbucks (NASDAQ:SBUX) last issued its earnings results on Wednesday, October 30th. The coffee company reported $0.80 EPS 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 company had revenue of $9.07 billion for the quarter, compared to analysts’ expectations of $9.60 billion. During the same quarter last year, the company earned $1.06 EPS. The firm’s revenue was down 3.2% compared to the same quarter last year. On average, analysts expect that Starbucks Co. will post 3.15 earnings per share for the current fiscal year.

Starbucks Increases Dividend

The business 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. The ex-dividend date is Friday, November 15th. This is an increase from Starbucks’s previous quarterly dividend of $0.57. This represents a $2.44 annualized dividend and a dividend yield of 2.48%. Starbucks’s dividend payout ratio (DPR) is presently 73.72%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on SBUX shares. Jefferies Financial Group downgraded Starbucks from a “hold” rating to an “underperform” rating and cut their price objective for the company from $80.00 to $76.00 in a report on Tuesday, September 24th. TD Cowen reissued a “buy” rating and issued a $110.00 price objective on shares of Starbucks in a research report on Monday, November 11th. JPMorgan Chase & Co. upped their target price on shares of Starbucks from $90.00 to $105.00 and gave the company an “overweight” rating in a report on Monday, September 30th. Royal Bank of Canada assumed coverage on Starbucks in a report on Friday, November 15th. They set an “outperform” rating and a $115.00 price target for the company. Finally, Citigroup raised their price objective on Starbucks from $96.00 to $99.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $102.81.

Insiders Place Their Bets

In other Starbucks news, Director Jorgen Vig Knudstorp bought 380 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The shares were bought at an average price of $91.50 per share, with a total value of $34,770.00. Following the purchase, the director now owns 36,242 shares of the company’s stock, valued at $3,316,143. This trade represents a 1.06 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Rachel Ruggeri sold 1,452 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $99.07, for a total value of $143,849.64. Following the sale, the chief financial officer now directly owns 65,648 shares in the company, valued at $6,503,747.36. This trade represents a 2.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.98% of the company’s stock.

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.