Goldman Sachs Group Lowers Starbucks (SBUX) to Neutral

Goldman Sachs Group lowered shares of Starbucks (NASDAQ:SBUX) from a buy rating to a neutral rating in a report published on Friday morning, Marketbeat.com reports. Goldman Sachs Group currently has $68.00 target price on the coffee company’s stock, down from their prior target price of $75.00.

A number of other equities research analysts also recently commented on SBUX. ValuEngine raised Starbucks from a hold rating to a buy rating in a report on Friday, October 26th. UBS Group set a $72.00 price target on Starbucks and gave the stock a buy rating in a research report on Friday, November 2nd. BidaskClub lowered Starbucks from a strong-buy rating to a buy rating in a research report on Friday, November 2nd. Bank of America boosted their price target on Starbucks from $57.00 to $64.00 and gave the stock a buy rating in a research report on Wednesday, October 10th. Finally, KeyCorp reissued a buy rating on shares of Starbucks in a research report on Thursday, October 4th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of Buy and an average target price of $66.12.

Shares of NASDAQ SBUX traded down $0.46 during mid-day trading on Friday, hitting $63.73. 13,796,713 shares of the company were exchanged, compared to its average volume of 11,950,264. The company has a debt-to-equity ratio of 7.73, a current ratio of 2.20 and a quick ratio of 1.95. Starbucks has a 1-year low of $47.37 and a 1-year high of $68.98. The company has a market cap of $79.25 billion, a PE ratio of 26.33, a P/E/G ratio of 1.79 and a beta of 0.53.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings results on Thursday, November 1st. The coffee company reported $0.62 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.02. Starbucks had a return on equity of 86.33% and a net margin of 18.28%. The firm had revenue of $6.30 billion during the quarter, compared to the consensus estimate of $6.28 billion. During the same period last year, the company earned $0.55 earnings per share. The company’s revenue for the quarter was up 10.6% on a year-over-year basis. Analysts anticipate that Starbucks will post 2.64 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the company. CI Global Investments Inc. boosted its stake in Starbucks by 1.3% during the 3rd quarter. CI Global Investments Inc. now owns 120,363 shares of the coffee company’s stock valued at $6,841,000 after purchasing an additional 1,523 shares during the period. Middleton & Co Inc MA increased its holdings in Starbucks by 1.3% during the 3rd quarter. Middleton & Co Inc MA now owns 142,998 shares of the coffee company’s stock valued at $8,128,000 after purchasing an additional 1,768 shares in the last quarter. Taylor Hoffman Wealth Management increased its holdings in Starbucks by 83.8% during the 3rd quarter. Taylor Hoffman Wealth Management now owns 3,437 shares of the coffee company’s stock valued at $195,000 after purchasing an additional 1,567 shares in the last quarter. Standard Life Aberdeen plc increased its holdings in Starbucks by 5.4% during the 3rd quarter. Standard Life Aberdeen plc now owns 653,570 shares of the coffee company’s stock valued at $37,153,000 after purchasing an additional 33,573 shares in the last quarter. Finally, Calton & Associates Inc. increased its holdings in Starbucks by 84.9% during the 3rd quarter. Calton & Associates Inc. now owns 7,575 shares of the coffee company’s stock valued at $431,000 after purchasing an additional 3,478 shares in the last quarter. Institutional investors and hedge funds own 76.01% of the company’s stock.

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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