Starbucks (NASDAQ:SBUX) PT Lowered to $92.00 at Wedbush

Starbucks (NASDAQ:SBUX) had its price target lowered by Wedbush from $95.00 to $92.00 in a report released on Friday morning, Benzinga reports. The brokerage currently has a neutral rating on the coffee company’s stock. Wedbush also issued estimates for Starbucks’ Q2 2024 earnings at $0.80 EPS, FY2024 earnings at $4.04 EPS, Q2 2025 earnings at $0.91 EPS and FY2025 earnings at $4.68 EPS.

Other equities research analysts have also issued research reports about the stock. Jefferies Financial Group decreased their price objective on shares of Starbucks from $100.00 to $94.00 and set a hold rating for the company in a research note on Tuesday, April 16th. BMO Capital Markets decreased their price objective on shares of Starbucks from $125.00 to $120.00 and set an outperform rating for the company in a research note on Wednesday, January 31st. Robert W. Baird decreased their price objective on shares of Starbucks from $106.00 to $100.00 and set a neutral rating for the company in a research note on Monday, March 18th. Citigroup decreased their price target on shares of Starbucks from $102.00 to $95.00 and set a neutral rating for the company in a research note on Friday, April 12th. Finally, Stephens restated an equal weight rating and set a $110.00 price target on shares of Starbucks in a research note on Wednesday, January 31st. Fourteen equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of Hold and an average target price of $106.55.

Starbucks Price Performance

SBUX stock opened at $88.25 on Friday. Starbucks has a 1 year low of $84.29 and a 1 year high of $115.48. The stock has a market capitalization of $99.92 billion, a PE ratio of 23.60, a price-to-earnings-growth ratio of 1.48 and a beta of 0.97. The company’s 50-day moving average is $90.36 and its 200-day moving average is $94.27.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings results on Wednesday, January 31st. The coffee company reported $0.90 earnings per share for the quarter, missing the consensus estimate of $0.92 by ($0.02). Starbucks had a net margin of 11.70% and a negative return on equity of 50.76%. The business had revenue of $9.43 billion during the quarter, compared to the consensus estimate of $9.60 billion. During the same period in the previous year, the business posted $0.75 EPS. Starbucks’s revenue was up 8.2% compared to the same quarter last year. On average, analysts anticipate that Starbucks will post 3.99 earnings per share for the current fiscal year.

Starbucks Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Friday, May 17th will be given a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date is Thursday, May 16th. Starbucks’s payout ratio is presently 60.96%.

Insider Buying and Selling

In related news, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction on Monday, April 15th. The shares were sold at an average price of $85.39, for a total value of $277,517.50. Following the transaction, the chief executive officer now owns 81,199 shares in the company, valued at approximately $6,933,582.61. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have sold a total of 7,250 shares of company stock worth $651,738 in the last 90 days. 1.98% of the stock is owned by company insiders.

Hedge Funds Weigh In On Starbucks

Large investors have recently added to or reduced their stakes in the business. Vima LLC purchased a new position in shares of Starbucks in the fourth quarter valued at about $26,000. Scarborough Advisors LLC purchased a new position in shares of Starbucks in the fourth quarter valued at about $26,000. DSM Capital Partners LLC purchased a new position in shares of Starbucks in the fourth quarter valued at about $27,000. Riggs Asset Managment Co. Inc. increased its position in shares of Starbucks by 1,578.9% in the third quarter. Riggs Asset Managment Co. Inc. now owns 319 shares of the coffee company’s stock valued at $29,000 after acquiring an additional 300 shares during the period. Finally, Fairman Group LLC purchased a new position in shares of Starbucks in the fourth quarter valued at about $30,000. Hedge funds and other institutional investors own 72.29% of the company’s stock.

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.