Starbucks (NASDAQ:SBUX) PT Lowered to $96.00

Starbucks (NASDAQ:SBUX) had its price target cut by Citigroup from $99.00 to $96.00 in a research note released on Wednesday, Benzinga reports. They currently have a neutral rating on the coffee company’s stock.

Several other research analysts have also commented on the stock. BTIG Research lifted their price objective on shares of Starbucks from $100.00 to $115.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. Deutsche Bank Aktiengesellschaft raised shares of Starbucks from a “hold” rating to a “buy” rating and increased their price objective for the stock from $85.00 to $118.00 in a research report on Wednesday, August 14th. Jefferies Financial Group lowered Starbucks from a “hold” rating to an “underperform” rating and dropped their target price for the company from $80.00 to $76.00 in a research report on Tuesday, September 24th. Barclays raised 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, TD Cowen restated a “buy” rating and set a $110.00 price objective on shares of Starbucks in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $102.48.

Starbucks Stock Up 0.9 %

Shares of NASDAQ:SBUX opened at $97.65 on Wednesday. The firm has a fifty day simple moving average of $95.38 and a two-hundred day simple moving average of $84.89. The stock has a market capitalization of $110.61 billion, a P/E ratio of 26.90, a PEG ratio of 2.14 and a beta of 0.97. Starbucks has a 52 week low of $71.55 and a 52 week high of $107.66.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings data on Tuesday, July 30th. The coffee company reported $0.93 earnings per share for the quarter, hitting the consensus estimate of $0.93. The company 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 firm’s revenue for the quarter was down .6% on a year-over-year basis. During the same period in the previous year, the firm posted $1.00 earnings per share. On average, analysts expect that Starbucks will post 3.55 earnings per share for the current year.

Starbucks Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be paid a dividend of $0.61 per share. This represents a $2.44 annualized dividend and a dividend yield of 2.50%. The ex-dividend date of this dividend is Friday, November 15th. This is a positive change from Starbucks’s previous quarterly dividend of $0.57. Starbucks’s payout ratio is 62.81%.

Insider Buying and Selling at Starbucks

In other news, CEO Rachel Ruggeri sold 3,290 shares of the stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $91.16, for a total transaction of $299,916.40. Following the completion of the sale, the chief executive officer now owns 62,502 shares in the company, valued at approximately $5,697,682.32. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Starbucks news, CEO Michael Aaron Conway sold 3,250 shares of the business’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 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 trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Rachel Ruggeri sold 3,290 shares of the firm’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $91.16, for a total transaction of $299,916.40. Following the completion of the transaction, the chief executive officer now directly owns 62,502 shares of the company’s stock, valued at approximately $5,697,682.32. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.98% of the stock is owned by insiders.

Hedge Funds Weigh In On Starbucks

Several hedge funds have recently made changes to their positions in the company. Strategic Investment Solutions Inc. IL purchased a new stake in Starbucks during the 2nd quarter valued at about $25,000. New Millennium Group LLC acquired a new stake in shares of Starbucks during the second quarter worth about $26,000. Stephens Consulting LLC boosted its position in Starbucks by 498.2% in the second quarter. Stephens Consulting LLC now owns 335 shares of the coffee company’s stock valued at $26,000 after buying an additional 279 shares during the last quarter. Hobbs Group Advisors LLC acquired a new position in Starbucks in the 2nd quarter worth approximately $27,000. Finally, Olistico Wealth LLC purchased a new position in Starbucks during the 2nd quarter worth approximately $31,000. 72.29% of the stock is 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.