Wedbush Boosts Starbucks (NASDAQ:SBUX) Price Target to $88.00

Starbucks (NASDAQ:SBUX) had its price objective hoisted by Wedbush from $81.00 to $88.00 in a research report report published on Monday, Anlyst Ratings reports. They currently have a neutral rating on the coffee company’s stock.

Other research analysts have also issued reports about the company. UBS Group upped their price objective on Starbucks from $77.00 to $81.00 and gave the company a neutral rating in a report on Wednesday, July 29th. Citigroup upped their price objective on Starbucks from $87.00 to $93.00 and gave the company a buy rating in a report on Thursday, July 30th. Wells Fargo & Company upped their price objective on Starbucks from $93.00 to $98.00 and gave the company an overweight rating in a report on Friday, October 16th. JPMorgan Chase & Co. upped their price objective on Starbucks from $76.00 to $80.00 and gave the company a neutral rating in a report on Monday, September 21st. Finally, Telsey Advisory Group upped their price objective on Starbucks from $80.00 to $90.00 and gave the company a market perform rating in a report on Wednesday, September 30th. Sixteen analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Starbucks has a consensus rating of Hold and an average target price of $87.08.

SBUX stock opened at $88.27 on Monday. The firm has a market capitalization of $103.19 billion, a PE ratio of 79.52, a PEG ratio of 2.29 and a beta of 0.81. Starbucks has a 1-year low of $50.02 and a 1-year high of $94.13. The business’s 50 day simple moving average is $86.73 and its 200 day simple moving average is $78.68.

Starbucks (NASDAQ:SBUX) last posted its earnings results on Tuesday, July 28th. The coffee company reported ($0.46) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.61) by $0.15. The business had revenue of $4.22 billion for the quarter, compared to analyst estimates of $4.14 billion. Starbucks had a negative return on equity of 22.26% and a net margin of 5.56%. The firm’s revenue was down 38.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.78 EPS. As a group, research analysts predict that Starbucks will post 0.99 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, November 27th. Shareholders of record on Thursday, November 12th will be issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 2.04%. The ex-dividend date of this dividend is Tuesday, November 10th. This is a boost from Starbucks’s previous quarterly dividend of $0.41. Starbucks’s dividend payout ratio is presently 57.95%.

In other Starbucks news, CEO Kevin R. Johnson sold 107,762 shares of the company’s stock in a transaction dated Friday, October 9th. The stock was sold at an average price of $90.08, for a total value of $9,707,200.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Clara Shih sold 37,498 shares of the stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $79.13, for a total value of $2,967,216.74. The disclosure for this sale can be found here. In the last ninety days, insiders sold 153,764 shares of company stock valued at $13,404,656. Insiders own 0.41% of the company’s stock.

Several hedge funds have recently modified their holdings of SBUX. Fisher Asset Management LLC increased its stake in shares of Starbucks by 138.7% in the second quarter. Fisher Asset Management LLC now owns 7,786,036 shares of the coffee company’s stock valued at $572,974,000 after buying an additional 4,524,099 shares during the period. Jackson Square Partners LLC acquired a new stake in shares of Starbucks in the second quarter valued at about $265,547,000. Nordea Investment Management AB increased its stake in shares of Starbucks by 88.2% in the second quarter. Nordea Investment Management AB now owns 6,929,926 shares of the coffee company’s stock valued at $507,686,000 after buying an additional 3,248,488 shares during the period. Advisor Group Holdings Inc. acquired a new stake in shares of Starbucks in the first quarter valued at about $40,420,000. Finally, Morgan Stanley increased its stake in shares of Starbucks by 15.1% in the first quarter. Morgan Stanley now owns 16,926,014 shares of the coffee company’s stock valued at $1,112,717,000 after buying an additional 2,219,969 shares during the period. 68.36% of the stock is owned by institutional investors.

About Starbucks

Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty coffee worldwide. The company operates in three segments: Americas; International; and Channel Development. Its stores offer coffee and tea beverages, roasted whole bean and ground coffees, single-serve and ready-to-drink beverages, and iced tea; 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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