Starbucks (NASDAQ:SBUX) Receives “Neutral” Rating from Wedbush

Wedbush reissued their neutral rating on shares of Starbucks (NASDAQ:SBUX) in a research note published on Friday, Benzinga reports. They currently have a $81.00 price target on the coffee company’s stock.

Several other brokerages have also recently issued reports on SBUX. Oppenheimer reiterated a market perform rating on shares of Starbucks in a report on Friday, April 19th. Jefferies Financial Group cut their price objective on shares of Starbucks from $94.00 to $84.00 and set a hold rating on the stock in a report on Wednesday, May 1st. JPMorgan Chase & Co. lowered their target price on Starbucks from $100.00 to $92.00 and set an overweight rating for the company in a report on Wednesday, May 1st. Guggenheim cut their price target on Starbucks from $100.00 to $91.00 and set a buy rating on the stock in a report on Friday, April 19th. Finally, BTIG Research reduced their price target on Starbucks from $115.00 to $100.00 and set a buy rating for the company in a research report on Wednesday, May 1st. Seventeen research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of Hold and a consensus price target of $94.54.

Starbucks Stock Performance

Starbucks stock opened at $77.85 on Friday. The company has a market capitalization of $88.18 billion, a PE ratio of 21.45, a P/E/G ratio of 1.73 and a beta of 0.96. The company has a 50 day moving average price of $79.66 and a 200-day moving average price of $88.09. Starbucks has a fifty-two week low of $71.80 and a fifty-two week high of $107.66.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings data 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 previous year, the business earned $0.74 earnings per share. The company’s revenue for the quarter was down 1.8% compared to the same quarter last year. On average, analysts forecast that Starbucks will post 3.59 earnings per share for the current year.

Starbucks Announces Dividend

The company also recently announced 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 2.93%. The ex-dividend date is Friday, August 16th. Starbucks’s dividend payout ratio (DPR) is 62.81%.

Insider Activity at Starbucks

In other news, CEO Michael Aaron Conway sold 3,250 shares of the company’s stock in a transaction on Monday, April 15th. The shares were sold at an average price of $85.39, for a total value of $277,517.50. Following the sale, the chief executive officer now directly owns 81,199 shares of the company’s stock, valued at approximately $6,933,582.61. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Starbucks news, CFO Rachel Ruggeri sold 3,750 shares of the business’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 completion of the transaction, the chief financial officer now directly owns 65,431 shares of the company’s stock, valued at $5,234,480. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael Aaron Conway sold 3,250 shares of the firm’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $85.39, for a total transaction of $277,517.50. Following the sale, the chief executive officer now directly owns 81,199 shares in the company, valued at approximately $6,933,582.61. The disclosure for this sale can be found here. Insiders have sold a total of 10,750 shares of company stock worth $878,893 over the last quarter. Insiders own 1.98% of the company’s stock.

Institutional Trading of Starbucks

A number of hedge funds have recently added to or reduced their stakes in SBUX. CWA Asset Management Group LLC grew its holdings in Starbucks by 9.9% in the third quarter. CWA Asset Management Group LLC now owns 3,341 shares of the coffee company’s stock valued at $305,000 after purchasing an additional 300 shares during the period. Waverly Advisors LLC increased its holdings in Starbucks by 15.7% in the 3rd quarter. Waverly Advisors LLC now owns 5,343 shares of the coffee company’s stock worth $488,000 after acquiring an additional 726 shares in the last quarter. First Business Financial Services Inc. raised its position in Starbucks by 5.7% during the third quarter. First Business Financial Services Inc. now owns 2,605 shares of the coffee company’s stock worth $238,000 after acquiring an additional 141 shares during the period. SRS Capital Advisors Inc. lifted its holdings in Starbucks by 5.4% during the third quarter. SRS Capital Advisors Inc. now owns 4,258 shares of the coffee company’s stock valued at $389,000 after purchasing an additional 219 shares in the last quarter. Finally, Insigneo Advisory Services LLC grew its position in shares of Starbucks by 60.6% in the third quarter. Insigneo Advisory Services LLC now owns 9,464 shares of the coffee company’s stock valued at $864,000 after purchasing an additional 3,570 shares during the period. 72.29% of the stock is owned by hedge funds and other institutional investors.

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.