Starbucks Corporation (NASDAQ:SBUX) Shares Sold by Cornerstone Wealth Management LLC

Cornerstone Wealth Management LLC trimmed its holdings in Starbucks Corporation (NASDAQ:SBUX) by 18.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,486 shares of the coffee company’s stock after selling 1,027 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Starbucks were worth $440,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in SBUX. Bender Robert & Associates grew its stake in shares of Starbucks by 2.7% in the first quarter. Bender Robert & Associates now owns 45,583 shares of the coffee company’s stock worth $4,471,000 after purchasing an additional 1,177 shares in the last quarter. Shepherd Financial Partners LLC raised its stake in shares of Starbucks by 1.7% during the first quarter. Shepherd Financial Partners LLC now owns 23,906 shares of the coffee company’s stock valued at $2,345,000 after purchasing an additional 393 shares in the last quarter. Cushing Capital Partners LLC acquired a new stake in Starbucks in the first quarter worth about $607,000. Clarius Group LLC grew its position in Starbucks by 517.2% in the 1st quarter. Clarius Group LLC now owns 412,939 shares of the coffee company’s stock valued at $40,505,000 after buying an additional 346,032 shares in the last quarter. Finally, CENTRAL TRUST Co increased its stake in Starbucks by 1.1% during the 1st quarter. CENTRAL TRUST Co now owns 52,248 shares of the coffee company’s stock valued at $5,125,000 after buying an additional 569 shares during the period. 72.29% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. BMO Capital Markets reduced their price target on shares of Starbucks from $115.00 to $100.00 and set an “outperform” rating for the company in a research note on Wednesday, April 30th. Wells Fargo & Company dropped their target price on Starbucks from $125.00 to $100.00 and set an “overweight” rating on the stock in a report on Tuesday, April 22nd. Jefferies Financial Group raised Starbucks from an “underperform” rating to a “hold” rating and set a $76.00 price target for the company in a research note on Wednesday, April 9th. Stifel Nicolaus lowered their price target on Starbucks from $103.00 to $92.00 and set a “buy” rating on the stock in a research report on Wednesday, April 30th. Finally, Royal Bank Of Canada boosted their price objective on Starbucks from $95.00 to $100.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 11th. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $98.96.

Starbucks Stock Performance

Shares of NASDAQ:SBUX opened at $92.28 on Friday. The firm has a 50 day simple moving average of $85.73 and a 200 day simple moving average of $94.67. Starbucks Corporation has a 52 week low of $71.55 and a 52 week high of $117.46. The company has a market cap of $104.87 billion, a PE ratio of 33.43, a price-to-earnings-growth ratio of 4.70 and a beta of 1.00.

Starbucks (NASDAQ:SBUX) last released its earnings results on Tuesday, April 29th. The coffee company reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.10). The business had revenue of $8.76 billion during the quarter, compared to analysts’ expectations of $8.90 billion. Starbucks had a net margin of 8.61% and a negative return on equity of 42.14%. Starbucks’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.68 EPS. On average, equities analysts predict that Starbucks Corporation will post 2.99 earnings per share for the current year.

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.