Cornerstone Advisors LLC Sells 200 Shares of Starbucks Co. (NASDAQ:SBUX)

Cornerstone Advisors LLC lowered its stake in Starbucks Co. (NASDAQ:SBUX) by 0.5% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 43,800 shares of the coffee company’s stock after selling 200 shares during the quarter. Cornerstone Advisors LLC’s holdings in Starbucks were worth $3,410,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Cox Capital Mgt LLC raised its holdings in shares of Starbucks by 41.9% during the first quarter. Cox Capital Mgt LLC now owns 45,322 shares of the coffee company’s stock valued at $4,142,000 after acquiring an additional 13,372 shares in the last quarter. Brevan Howard Capital Management LP bought a new position in shares of Starbucks during the fourth quarter valued at approximately $2,781,000. Sanibel Captiva Trust Company Inc. bought a new position in shares of Starbucks during the fourth quarter valued at approximately $31,246,000. Fidelis Capital Partners LLC raised its holdings in shares of Starbucks by 18.7% during the first quarter. Fidelis Capital Partners LLC now owns 11,116 shares of the coffee company’s stock valued at $1,016,000 after acquiring an additional 1,751 shares in the last quarter. Finally, Bell & Brown Wealth Advisors LLC bought a new position in shares of Starbucks during the fourth quarter valued at approximately $4,048,000. Institutional investors own 72.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Baird R W raised Starbucks from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 13th. Piper Sandler raised Starbucks from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $85.00 to $103.00 in a research note on Tuesday, August 13th. Wedbush reaffirmed a “neutral” rating and issued a $80.00 price target on shares of Starbucks in a research note on Tuesday, August 13th. Barclays upped their price target on Starbucks from $93.00 to $110.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 14th. Finally, DZ Bank cut Starbucks from a “hold” rating to a “sell” rating and set a $85.00 target price on the stock. in a research note on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Starbucks currently has a consensus rating of “Moderate Buy” and an average price target of $99.83.

Starbucks Price Performance

Shares of SBUX stock opened at $96.31 on Tuesday. The business has a fifty day moving average of $84.82 and a 200 day moving average of $83.87. The firm has a market capitalization of $109.14 billion, a price-to-earnings ratio of 26.53, a price-to-earnings-growth ratio of 2.38 and a beta of 0.96. 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 Tuesday, July 30th. The coffee company reported $0.93 EPS for the quarter, meeting analysts’ consensus estimates of $0.93. The firm had revenue of $9.11 billion for the quarter, compared to analysts’ expectations of $9.25 billion. Starbucks had a negative return on equity of 49.38% and a net margin of 11.16%. The company’s quarterly revenue was down .6% on a year-over-year basis. During the same period last year, the firm earned $1.00 EPS. As a group, equities research analysts expect that Starbucks Co. will post 3.56 earnings per share for the current year.

Insiders Place Their Bets

In other Starbucks news, 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 transaction, the chief executive officer now directly owns 75,054 shares of the company’s stock, valued at approximately $7,057,327.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $94.03, for a total transaction of $305,597.50. Following the sale, the chief executive officer now owns 75,054 shares of the company’s stock, valued at approximately $7,057,327.62. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Rachel Ruggeri sold 3,290 shares of Starbucks stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $91.16, for a total transaction of $299,916.40. Following the sale, the chief executive officer now directly owns 62,502 shares in the company, valued at approximately $5,697,682.32. The disclosure for this sale can be found here. Corporate insiders own 1.98% of the company’s stock.

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.