Starbucks (NASDAQ:SBUX) Price Target Cut to $117.00

Starbucks (NASDAQ:SBUX) had its price target lowered by equities research analysts at Bank of America from $118.00 to $117.00 in a research report issued on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the coffee company’s stock. Bank of America‘s price objective would suggest a potential upside of 19.82% from the stock’s previous close.

Several other research analysts have also weighed in on the company. JPMorgan Chase & Co. upped their price target on Starbucks from $90.00 to $105.00 and gave the company an “overweight” rating in a research report on Monday, September 30th. Baird R W raised shares of Starbucks from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 13th. Piper Sandler raised shares of Starbucks from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $85.00 to $103.00 in a research report on Tuesday, August 13th. DZ Bank lowered shares of Starbucks from a “hold” rating to a “sell” rating and set a $85.00 price objective on the stock. in a research note on Wednesday, August 21st. Finally, BMO Capital Markets lifted their target price on shares of Starbucks from $100.00 to $110.00 and gave the company an “outperform” rating in a research note on Monday, September 9th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $102.48.

Starbucks Price Performance

Shares of SBUX opened at $97.65 on Tuesday. The company has a 50-day moving average of $95.38 and a two-hundred day moving average of $84.89. The stock has a market cap of $110.61 billion, a price-to-earnings ratio of 26.90, a PEG ratio of 2.14 and a beta of 0.97. Starbucks has a one year low of $71.55 and a one year high of $107.66.

Starbucks (NASDAQ:SBUX) last posted its quarterly earnings data on Tuesday, July 30th. The coffee company reported $0.93 EPS for the quarter, hitting analysts’ consensus estimates of $0.93. The firm had revenue of $9.11 billion during the quarter, compared to analyst estimates of $9.25 billion. Starbucks had a net margin of 11.16% and a negative return on equity of 49.38%. The company’s revenue was down .6% on a year-over-year basis. During the same quarter last year, the business posted $1.00 EPS. Analysts anticipate that Starbucks will post 3.55 earnings per share for the current year.

Insider Buying and Selling

In other Starbucks news, Director Jorgen Vig Knudstorp bought 380 shares of the stock in a transaction on Friday, September 6th. The shares were purchased at an average price of $91.50 per share, with a total value of $34,770.00. Following the acquisition, the director now directly owns 36,242 shares of the company’s stock, valued at $3,316,143. This represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Director Jorgen Vig Knudstorp purchased 380 shares of Starbucks stock in a transaction on Friday, September 6th. The stock was purchased at an average cost of $91.50 per share, with a total value of $34,770.00. Following the acquisition, the director now directly owns 36,242 shares in the company, valued at approximately $3,316,143. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Michael Aaron Conway sold 3,250 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $94.03, for a total transaction of $305,597.50. Following the transaction, the chief executive officer now owns 75,054 shares in the company, valued at approximately $7,057,327.62. The trade was 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

Large investors have recently added to or reduced their stakes in the company. AdvisorNet Financial Inc raised its stake in shares of Starbucks by 45.5% in the 1st quarter. AdvisorNet Financial Inc now owns 2,024 shares of the coffee company’s stock valued at $185,000 after buying an additional 633 shares in the last quarter. Global Assets Advisory LLC acquired a new position in Starbucks in the first quarter worth about $3,219,000. Columbus Macro LLC lifted its stake in Starbucks by 17.2% during the first quarter. Columbus Macro LLC now owns 6,437 shares of the coffee company’s stock worth $588,000 after purchasing an additional 947 shares during the period. Sound Income Strategies LLC boosted its holdings in Starbucks by 282.5% during the first quarter. Sound Income Strategies LLC now owns 9,520 shares of the coffee company’s stock valued at $870,000 after purchasing an additional 7,031 shares in the last quarter. Finally, Brookstone Capital Management grew its stake in shares of Starbucks by 18.7% in the 1st quarter. Brookstone Capital Management now owns 22,345 shares of the coffee company’s stock valued at $2,042,000 after purchasing an additional 3,516 shares during the period. Institutional investors and hedge funds own 72.29% of the company’s stock.

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.