Starbucks (NASDAQ:SBUX) Price Target Cut to $100.00

Starbucks (NASDAQ:SBUX) had its price target lowered by BMO Capital Markets from $120.00 to $100.00 in a research note published on Monday, Benzinga reports. The firm currently has an outperform rating on the coffee company’s stock.

SBUX has been the subject of several other reports. The Goldman Sachs Group assumed coverage on Starbucks in a research report on Thursday, June 13th. They set a buy rating and a $100.00 price target for the company. Stifel Nicolaus lowered their price target on Starbucks from $90.00 to $80.00 and set a hold rating for the company in a research report on Wednesday, May 1st. JPMorgan Chase & Co. lowered their price target on Starbucks from $92.00 to $90.00 and set an overweight rating for the company in a research report on Wednesday, July 10th. Evercore ISI cut Starbucks from an outperform rating to an inline rating and reduced their price objective for the company from $92.00 to $80.00 in a research note on Tuesday, July 16th. Finally, Piper Sandler reduced their price objective on Starbucks from $88.00 to $85.00 and set a neutral rating on the stock in a research note on Monday, May 6th. Seventeen investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, Starbucks currently has a consensus rating of Hold and a consensus price target of $91.71.

Starbucks Stock Performance

Shares of Starbucks stock opened at $73.32 on Monday. The firm has a market capitalization of $83.05 billion, a price-to-earnings ratio of 20.20, a PEG ratio of 1.73 and a beta of 0.94. Starbucks has a fifty-two week low of $71.55 and a fifty-two week high of $107.66. The stock has a 50 day moving average of $77.95 and a 200 day moving average of $85.38.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Tuesday, April 30th. The coffee company reported $0.68 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.11). Starbucks had a negative return on equity of 49.91% and a net margin of 11.38%. The firm had revenue of $8.56 billion for the quarter, compared to analysts’ expectations of $9.12 billion. During the same quarter in the prior year, the business earned $0.74 earnings per share. The company’s quarterly revenue was down 1.8% on a year-over-year basis. Analysts forecast that Starbucks will post 3.57 EPS for the current year.

Starbucks Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 16th will be issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date of this dividend is Friday, August 16th. Starbucks’s dividend payout ratio is currently 62.81%.

Insider Buying and Selling at Starbucks

In other Starbucks news, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $80.00, for a total value of $260,000.00. Following the sale, the chief executive officer now owns 78,304 shares of the company’s stock, valued at approximately $6,264,320. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Starbucks news, CFO Rachel Ruggeri sold 3,750 shares of Starbucks 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 owns 65,431 shares of the company’s stock, valued at approximately $5,234,480. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $80.00, for a total transaction of $260,000.00. Following the sale, the chief executive officer now owns 78,304 shares of the company’s stock, valued at $6,264,320. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 7,250 shares of company stock valued at $579,375. 1.98% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Starbucks

A number of hedge funds and other institutional investors have recently modified their holdings of SBUX. Norges Bank acquired a new position in shares of Starbucks during the 4th quarter worth approximately $1,240,652,000. Ontario Teachers Pension Plan Board acquired a new position in Starbucks in the 1st quarter valued at $415,167,000. Flossbach Von Storch AG raised its holdings in Starbucks by 106.7% in 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 acquiring an additional 2,897,282 shares during the last quarter. Capital World Investors acquired a new position in Starbucks in the 1st quarter valued at $257,721,000. Finally, Van ECK Associates Corp raised its holdings in Starbucks by 2,624.3% in the 1st quarter. Van ECK Associates Corp now owns 2,150,309 shares of the coffee company’s stock valued at $196,516,000 after acquiring an additional 2,071,378 shares during the last quarter. 72.29% of the stock is currently owned by institutional investors and hedge funds.

Starbucks Company Profile

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.