Starbucks (NASDAQ:SBUX) Price Target Cut to $100.00 by Analysts at BTIG Research

Starbucks (NASDAQ:SBUX) had its target price cut by BTIG Research from $115.00 to $100.00 in a research note released on Wednesday morning, Benzinga reports. They currently have a buy rating on the coffee company’s stock.

A number of other equities analysts have also commented on the company. Robert W. Baird lowered their price objective on Starbucks from $106.00 to $100.00 and set a neutral rating on the stock in a research note on Monday, March 18th. William Blair cut Starbucks from an outperform rating to a market perform rating in a research report on Wednesday. Oppenheimer reaffirmed a market perform rating on shares of Starbucks in a research report on Friday, April 19th. Wells Fargo & Company restated an overweight rating and issued a $105.00 target price on shares of Starbucks in a research report on Monday, April 1st. Finally, Gordon Haskett lowered shares of Starbucks from a buy rating to a hold rating and set a $100.00 price target on the stock. in a research report on Tuesday, January 16th. Sixteen analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, Starbucks has a consensus rating of Hold and an average target price of $100.39.

Starbucks Stock Down 15.9 %

Shares of NASDAQ:SBUX opened at $74.44 on Wednesday. The stock has a market cap of $84.28 billion, a PE ratio of 20.51, a P/E/G ratio of 1.49 and a beta of 0.97. The business has a 50 day moving average of $89.76 and a 200-day moving average of $94.11. Starbucks has a 12-month low of $72.67 and a 12-month high of $114.56.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Tuesday, April 30th. The coffee company reported $0.68 EPS for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.11). Starbucks had a negative return on equity of 50.10% and a net margin of 11.38%. The business had revenue of $8.56 billion for the quarter, compared to the consensus estimate of $9.12 billion. During the same period in the prior year, the business posted $0.74 earnings per share. Starbucks’s revenue was down 1.8% compared to the same quarter last year. Equities research analysts expect that Starbucks will post 3.99 earnings per share for the current year.

Starbucks Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Friday, May 17th will be issued a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 3.06%. The ex-dividend date is Thursday, May 16th. Starbucks’s payout ratio is presently 62.81%.

Insider Buying and Selling at Starbucks

In related news, CEO Michael Aaron Conway sold 3,250 shares of the business’s 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 $6,933,582.61. The transaction was disclosed in a document filed with the SEC, which is available through this link. In the last 90 days, insiders sold 7,250 shares of company stock valued at $651,738. 1.98% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Starbucks

A number of institutional investors and hedge funds have recently modified their holdings of the business. Norges Bank acquired a new stake in shares of Starbucks in the 4th quarter valued at about $1,240,652,000. Flossbach Von Storch AG grew its stake in Starbucks by 8,677.8% in the fourth quarter. Flossbach Von Storch AG now owns 2,715,405 shares of the coffee company’s stock valued at $260,706,000 after acquiring an additional 2,684,470 shares during the period. Van ECK Associates Corp increased its holdings in shares of Starbucks by 2,624.3% during the first quarter. Van ECK Associates Corp now owns 2,150,309 shares of the coffee company’s stock valued at $196,516,000 after acquiring an additional 2,071,378 shares in the last quarter. Bank of Nova Scotia raised its position in shares of Starbucks by 342.7% during the fourth quarter. Bank of Nova Scotia now owns 2,160,737 shares of the coffee company’s stock worth $207,444,000 after purchasing an additional 1,672,656 shares during the period. Finally, Los Angeles Capital Management LLC lifted its holdings in shares of Starbucks by 432.5% in the 4th quarter. Los Angeles Capital Management LLC now owns 2,039,633 shares of the coffee company’s stock worth $195,825,000 after purchasing an additional 1,656,591 shares in the last quarter. 72.29% of the stock is currently owned by institutional investors.

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.