Starbucks Corp., a global coffeehouse chain and specialty coffee provider, has witnessed phenomenal growth with its expanding selection of products. Established in 1971 with its first outlet in Seattle’s Pike Place Market, Starbucks has ballooned to over 32,000 stores worldwide. Starbucks went public in 1992, and as of October 1, 2023, the company achieved a net income of $4.1 billion on annual revenue of nearly $36 billion. The total market capitalization of Starbucks as of May 2024 is more than $88.3 billion.
This article provides an up-to-date record, as of the first quarter of 2024, on the top five shareholders of Starbucks. Each of these shareholders is affiliated with the financial services industry. Howard Schultz, the former CEO and founder of Starbucks, no longer ranks among the top five shareholders. The data provided here is derived from mandatory quarterly SEC disclosures.
The top shareholder of Starbucks in the first quarter of 2024 was Vanguard, one of the world's premier investment management firms, with 108 million Starbucks shares. This constitutes 9.42% of the total outstanding shares with a market value exceeding $9.9 billion. Vanguard managed a staggering $8.6 trillion global assets under management (AUM) as of February 2024 and offers 423 low-cost mutual funds and exchange-traded funds (ETFs).
The runner-up is BlackRock, another global leader in asset and investment management, holding over 76 million Starbucks shares, or about 6.6% of the total outstanding shares, with a market value of $6.9 billion. With approximately $10 trillion in AUM as of the end of 2023, BlackRock provides a variety of mutual funds, iShares ETFs, and closed-end funds.
In third place is State Street, a prominent asset and investment management company with around $4.3 trillion in AUM at the end of the first quarter of 2024. State Street held approximately 45.8 million Starbucks shares, equivalent to about 3.99% of total shares outstanding worth roughly $4.2 billion.
Morgan Stanley, a distinguished investment bank and financial services company, stands in fourth place, holding more than 28.2 million Starbucks shares, corresponding to 2.46% of the total outstanding shares with a market value exceeding $2.5 billion.
Lastly, Geode Capital Management, an asset manager focusing on equities and niche asset classes, claimed the fifth position holding over 23 million Starbucks shares, which equals a 2.03% ownership stake with a market value surpassing $2.1 billion as of March 31, 2024.