Starbucks (NASDAQ:SBUX) Shares Up 1.6% After Analyst Upgrade

Starbucks Co. (NASDAQ:SBUX)’s stock price traded up 1.6% on Thursday after Bank of America raised their price target on the stock from $112.00 to $118.00. Bank of America currently has a buy rating on the stock. Starbucks traded as high as $98.70 and last traded at $97.64. 2,939,579 shares were traded during trading, a decline of 75% from the average session volume of 11,858,657 shares. The stock had previously closed at $96.12.

SBUX has been the subject of several other research reports. Wedbush reiterated a “neutral” rating and set a $80.00 target price on shares of Starbucks in a research note on Tuesday, August 13th. Morgan Stanley reaffirmed an “overweight” rating and set a $98.00 price objective on shares of Starbucks in a research report on Wednesday, July 31st. Barclays lifted their target price on Starbucks from $93.00 to $110.00 and gave the company an “overweight” rating in a research note on Wednesday, August 14th. BMO Capital Markets upped their price target on Starbucks from $100.00 to $110.00 and gave the stock an “outperform” rating in a research note on Monday, September 9th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Starbucks from $92.00 to $90.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 10th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $100.08.

Insider Transactions at Starbucks

In related news, CEO Rachel Ruggeri sold 3,290 shares of the stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $91.16, for a total transaction of $299,916.40. Following the transaction, the chief executive officer now directly owns 62,502 shares in the company, valued at $5,697,682.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Jorgen Vig Knudstorp acquired 380 shares of the business’s stock in a transaction dated Friday, September 6th. The shares were bought at an average cost of $91.50 per share, for a total transaction of $34,770.00. Following the acquisition, the director now directly owns 36,242 shares in the company, valued at approximately $3,316,143. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, CEO Rachel Ruggeri sold 3,290 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 62,502 shares of the company’s stock, valued at approximately $5,697,682.32. The disclosure for this sale can be found here. Insiders own 1.98% of the company’s stock.

Institutional Trading of Starbucks

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in Starbucks by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 108,403,768 shares of the coffee company’s stock worth $9,907,020,000 after acquiring an additional 470,498 shares during the period. Fisher Asset Management LLC grew its holdings in Starbucks by 2.3% during the 4th quarter. Fisher Asset Management LLC now owns 11,359,790 shares of the coffee company’s stock valued at $1,090,654,000 after purchasing an additional 260,489 shares in the last quarter. Legal & General Group Plc increased its stake in Starbucks by 2.6% during the 2nd quarter. Legal & General Group Plc now owns 8,720,903 shares of the coffee company’s stock worth $678,923,000 after buying an additional 221,718 shares during the period. Flossbach Von Storch AG lifted 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 worth $512,943,000 after buying an additional 2,897,282 shares in the last quarter. Finally, Nordea Investment Management AB boosted its position in Starbucks by 5.2% in the 1st quarter. Nordea Investment Management AB now owns 5,412,603 shares of the coffee company’s stock valued at $495,145,000 after buying an additional 266,570 shares during the last quarter. 72.29% of the stock is owned by hedge funds and other institutional investors.

Starbucks Stock Up 0.8 %

The company has a market capitalization of $109.81 billion, a price-to-earnings ratio of 26.69, a P/E/G ratio of 2.31 and a beta of 0.96. The firm has a 50 day moving average price of $86.24 and a two-hundred day moving average price of $84.07.

Starbucks (NASDAQ:SBUX) last announced its earnings results on Tuesday, July 30th. The coffee company reported $0.93 earnings per share (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 company had revenue of $9.11 billion for the quarter, compared to analyst estimates of $9.25 billion. During the same period in the prior year, the company posted $1.00 EPS. Starbucks’s quarterly revenue was down .6% on a year-over-year basis. Analysts predict that Starbucks Co. will post 3.56 earnings per share for the current year.

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.