Starbucks (NASDAQ:SBUX) Price Target Raised to $93.00

Starbucks (NASDAQ:SBUX) had its target price hoisted by Citigroup from $87.00 to $93.00 in a report issued on Thursday morning, BenzingaRatingsTable reports. Citigroup currently has a buy rating on the coffee company’s stock.

Other equities research analysts have also issued research reports about the company. TheStreet lowered Starbucks from a b- rating to a c rating in a report on Tuesday, April 28th. Credit Suisse Group reaffirmed a buy rating and issued a $82.00 price objective on shares of Starbucks in a report on Wednesday, April 29th. Zacks Investment Research raised Starbucks from a sell rating to a hold rating and set a $86.00 price objective on the stock in a report on Monday, June 8th. MKM Partners lifted their price objective on Starbucks from $74.00 to $79.00 in a report on Wednesday. Finally, Barclays lifted their price objective on Starbucks from $88.00 to $94.00 and gave the company an overweight rating in a report on Wednesday. One analyst has rated the stock with a sell rating, eighteen have given a hold rating and fourteen have given a buy rating to the stock. Starbucks has an average rating of Hold and an average price target of $84.04.

Shares of NASDAQ SBUX traded down $0.11 during midday trading on Thursday, reaching $76.53. 7,424,977 shares of the company were exchanged, compared to its average volume of 8,243,539. Starbucks has a 1 year low of $50.02 and a 1 year high of $98.14. The stock has a fifty day simple moving average of $74.75 and a 200 day simple moving average of $77.29. The stock has a market cap of $89.46 billion, a P/E ratio of 56.69, a PEG ratio of 5.86 and a beta of 0.79.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Tuesday, July 28th. The coffee company reported ($0.46) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.61) by $0.15. Starbucks had a negative return on equity of 22.26% and a net margin of 5.56%. The firm had revenue of $4.22 billion for the quarter, compared to analyst estimates of $4.14 billion. During the same quarter last year, the company posted $0.78 earnings per share. The business’s revenue was down 38.1% on a year-over-year basis. As a group, equities research analysts predict that Starbucks will post 0.96 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 21st. Investors of record on Friday, August 7th will be given a dividend of $0.41 per share. The ex-dividend date is Thursday, August 6th. This represents a $1.64 annualized dividend and a dividend yield of 2.14%. Starbucks’s dividend payout ratio is currently 57.95%.

In other Starbucks news, Director Myron E. Ullman III sold 4,252 shares of Starbucks stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $74.09, for a total value of $315,030.68. Following the completion of the sale, the director now directly owns 22,752 shares of the company’s stock, valued at approximately $1,685,695.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Jill Walker sold 2,000 shares of Starbucks stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $82.64, for a total transaction of $165,280.00. The disclosure for this sale can be found here. Insiders have sold a total of 10,504 shares of company stock valued at $810,521 over the last 90 days. Insiders own 0.41% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the business. RMR Wealth Builders purchased a new stake in Starbucks in the 4th quarter worth approximately $26,000. HighMark Wealth Management LLC grew its stake in Starbucks by 351.9% in the 2nd quarter. HighMark Wealth Management LLC now owns 366 shares of the coffee company’s stock worth $27,000 after acquiring an additional 285 shares during the period. Engrave Wealth Partners LLC purchased a new stake in Starbucks in the 4th quarter worth approximately $34,000. Centerpoint Advisors LLC grew its stake in Starbucks by 4,644.4% in the 2nd quarter. Centerpoint Advisors LLC now owns 427 shares of the coffee company’s stock worth $31,000 after acquiring an additional 418 shares during the period. Finally, Shine Investment Advisory Services Inc. grew its stake in Starbucks by 63.5% in the 2nd quarter. Shine Investment Advisory Services Inc. now owns 453 shares of the coffee company’s stock worth $33,000 after acquiring an additional 176 shares during the period. 68.51% of the stock is owned by hedge funds and other institutional investors.

Starbucks Company Profile

Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty coffee worldwide. The company operates in four segments: Americas; China/Asia Pacific; Europe, Middle East, and Africa; and Channel Development. Its stores offer coffee and tea beverages, roasted whole bean and ground coffees, single-serve and ready-to-drink beverages, iced tea, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.

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Analyst Recommendations for Starbucks (NASDAQ:SBUX)

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