Starbucks (NASDAQ:SBUX) Price Target Lowered to $85.00 at Piper Sandler

Starbucks (NASDAQ:SBUX) had its target price lowered by investment analysts at Piper Sandler from $88.00 to $85.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm currently has a “neutral” rating on the coffee company’s stock. Piper Sandler’s price objective points to a potential upside of 15.55% from the company’s previous close.

Several other research analysts have also issued reports on SBUX. Barclays cut their target price on shares of Starbucks from $116.00 to $112.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 31st. TD Cowen reduced their target price on Starbucks from $100.00 to $85.00 and set a “hold” rating for the company in a research note on Wednesday, May 1st. Gordon Haskett downgraded Starbucks from a “buy” rating to a “hold” rating and set a $100.00 price target on the stock. in a research note on Tuesday, January 16th. Deutsche Bank Aktiengesellschaft cut Starbucks from a “buy” rating to a “hold” rating and reduced their price objective for the company from $108.00 to $89.00 in a research note on Wednesday, May 1st. Finally, BTIG Research lowered their target price on Starbucks from $115.00 to $100.00 and set a “buy” rating on the stock in a research report on Wednesday, May 1st. Seventeen analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, Starbucks presently has an average rating of “Hold” and a consensus price target of $96.43.

Starbucks Price Performance

NASDAQ:SBUX opened at $73.56 on Monday. Starbucks has a one year low of $72.67 and a one year high of $108.12. The firm’s 50 day simple moving average is $88.89 and its 200 day simple moving average is $93.84. The company has a market cap of $83.32 billion, a PE ratio of 20.30, a P/E/G ratio of 1.58 and a beta of 0.97.

Starbucks (NASDAQ:SBUX) last posted its quarterly earnings data 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 49.91% and a net margin of 11.38%. The company had revenue of $8.56 billion during the quarter, compared to analyst estimates of $9.12 billion. During the same period in the prior year, the firm earned $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 3.63 EPS for the current year.

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 dated Monday, April 15th. The stock was sold at an average price of $85.39, for a total value of $277,517.50. Following the sale, the chief executive officer now directly owns 81,199 shares in the company, valued at approximately $6,933,582.61. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Over the last ninety days, insiders sold 7,250 shares of company stock valued at $651,738. Company insiders own 1.98% of the company’s stock.

Hedge Funds Weigh In On Starbucks

Several hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in Starbucks by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 107,933,270 shares of the coffee company’s stock valued at $10,362,673,000 after buying an additional 1,041,622 shares in the last quarter. Northern Trust Corp grew its stake in Starbucks by 1.5% during the third quarter. Northern Trust Corp now owns 15,217,752 shares of the coffee company’s stock valued at $1,388,924,000 after acquiring an additional 232,031 shares in the last quarter. Norges Bank bought a new stake in Starbucks during the 4th quarter worth approximately $1,240,652,000. Fisher Asset Management LLC boosted its stake in Starbucks by 2.4% during the fourth quarter. Fisher Asset Management LLC now owns 11,367,331 shares of the coffee company’s stock valued at $1,091,378,000 after buying an additional 268,030 shares during the period. Finally, Invesco Ltd. grew its holdings in shares of Starbucks by 11.8% during the third quarter. Invesco Ltd. now owns 10,541,739 shares of the coffee company’s stock worth $962,144,000 after purchasing an additional 1,115,051 shares in the last quarter. 72.29% of the stock is currently 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 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.