Starbucks (NASDAQ:SBUX) Stock Price Down 3.4%

Starbucks Co. (NASDAQ:SBUX)’s share price fell 3.4% during trading on Wednesday . The stock traded as low as $91.79 and last traded at $92.68. 13,764,437 shares changed hands during trading, an increase of 17% from the average session volume of 11,772,177 shares. The stock had previously closed at $95.90.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Morgan Stanley reaffirmed an “overweight” rating and set a $98.00 price objective on shares of Starbucks in a report on Wednesday, July 31st. Barclays upped their price objective on Starbucks from $93.00 to $110.00 and gave the stock an “overweight” rating in a report on Wednesday. TD Cowen raised Starbucks from a “hold” rating to a “buy” rating and upped their target price for the company from $81.00 to $105.00 in a report on Tuesday. Guggenheim lowered their target price on Starbucks from $100.00 to $91.00 and set a “buy” rating on the stock in a report on Friday, April 19th. Finally, Wells Fargo & Company cut their price objective on Starbucks from $105.00 to $90.00 and set an “overweight” rating on the stock in a report on Wednesday, May 1st. Twelve analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Starbucks presently has a consensus rating of “Moderate Buy” and an average price target of $98.79.

Starbucks Price Performance

The firm has a market cap of $108.01 billion, a PE ratio of 25.26, a P/E/G ratio of 1.80 and a beta of 0.94. The business has a fifty day moving average price of $77.44 and a two-hundred day moving average price of $83.84.

Starbucks (NASDAQ:SBUX) last issued its earnings results on Tuesday, July 30th. The coffee company reported $0.93 EPS for the quarter, meeting analysts’ consensus estimates of $0.93. Starbucks had a negative return on equity of 49.38% and a net margin of 11.16%. The firm had revenue of $9.11 billion for the quarter, compared to the consensus estimate of $9.25 billion. During the same quarter in the previous year, the company posted $1.00 earnings per share. The business’s quarterly revenue was down .6% compared to the same quarter last year. As a group, sell-side analysts forecast that Starbucks Co. will post 3.55 EPS for the current fiscal year.

Starbucks Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 16th will be paid a dividend of $0.57 per share. The ex-dividend date is Friday, August 16th. This represents a $2.28 annualized dividend and a yield of 2.39%. Starbucks’s dividend payout ratio is 62.81%.

Insider Activity at Starbucks

In other news, CFO Rachel Ruggeri sold 3,750 shares of the company’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $80.00, for a total value of $300,000.00. Following the sale, the chief financial officer now directly owns 65,431 shares in the company, valued at approximately $5,234,480. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $80.00, for a total value of $260,000.00. Following the completion of the sale, the chief executive officer now directly owns 78,304 shares in the company, valued at $6,264,320. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Rachel Ruggeri sold 3,750 shares of the business’s stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $80.00, for a total value of $300,000.00. Following the transaction, the chief financial officer now owns 65,431 shares of the company’s stock, valued at $5,234,480. The disclosure for this sale can be found here. Insiders have sold 7,250 shares of company stock worth $579,375 over the last three months. Company insiders own 1.98% of the company’s stock.

Hedge Funds Weigh In On Starbucks

Several institutional investors have recently modified their holdings of SBUX. Vanguard Group Inc. lifted its holdings in shares of Starbucks by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 108,403,768 shares of the coffee company’s stock valued at $9,907,020,000 after purchasing an additional 470,498 shares in the last quarter. Norges Bank bought a new position in shares of Starbucks during the 4th quarter valued at about $1,240,652,000. Fisher Asset Management LLC lifted its holdings in shares of Starbucks by 2.4% during the 4th quarter. Fisher Asset Management LLC now owns 11,367,331 shares of the coffee company’s stock valued at $1,091,378,000 after purchasing an additional 268,030 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Starbucks by 0.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 10,027,953 shares of the coffee company’s stock valued at $948,093,000 after purchasing an additional 27,496 shares in the last quarter. Finally, Flossbach Von Storch AG lifted its holdings in shares of Starbucks by 106.7% during the 1st quarter. Flossbach Von Storch AG now owns 5,612,687 shares of the coffee company’s stock valued at $512,943,000 after purchasing an additional 2,897,282 shares in the last quarter. 72.29% of the stock is currently owned by institutional investors and hedge funds.

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.