Starbucks Co. (NASDAQ:SBUX – Get Free Report)’s share price dropped 0.1% on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $92.00 to $90.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Starbucks traded as low as $72.35 and last traded at $72.68. Approximately 2,874,515 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 10,300,646 shares. The stock had previously closed at $72.75.
SBUX has been the topic of several other research reports. Citigroup cut their price objective on Starbucks from $95.00 to $85.00 and set a “neutral” rating on the stock in a report on Wednesday, May 1st. Jefferies Financial Group lowered their target price on Starbucks from $94.00 to $84.00 and set a “hold” rating for the company in a research note on Wednesday, May 1st. Robert W. Baird dropped their price objective on shares of Starbucks from $106.00 to $100.00 and set a “neutral” rating on the stock in a research report on Monday, March 18th. Bank of America upped their price objective on Starbucks from $108.00 to $112.00 and gave the stock a “buy” rating in a research report on Monday, June 10th. Finally, BTIG Research cut 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 research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, Starbucks has a consensus rating of “Hold” and an average price target of $94.46.
Insiders Place Their Bets
In other Starbucks news, CFO Rachel Ruggeri sold 3,750 shares of the company’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $80.00, for a total transaction of $300,000.00. Following the transaction, the chief financial officer now directly owns 65,431 shares in the company, valued at $5,234,480. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Starbucks news, CFO Rachel Ruggeri sold 3,750 shares of the company’s stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $80.00, for a total value of $300,000.00. Following the sale, the chief financial officer now owns 65,431 shares of the company’s stock, valued at $5,234,480. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction on Monday, April 15th. The stock was sold at an average price of $85.39, for a total value of $277,517.50. Following the transaction, the chief executive officer now directly owns 81,199 shares of the company’s stock, valued at approximately $6,933,582.61. The disclosure for this sale can be found here. Over the last quarter, insiders sold 10,750 shares of company stock worth $878,893. 1.98% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Starbucks
Hedge funds have recently bought and sold shares of the stock. Vima LLC purchased a new stake in Starbucks during the 4th quarter worth about $26,000. Scarborough Advisors LLC purchased a new stake in Starbucks in the 4th quarter worth approximately $26,000. DSM Capital Partners LLC purchased a new position in shares of Starbucks during the 4th quarter worth $27,000. Fairman Group LLC acquired a new stake in shares of Starbucks during the fourth quarter worth $30,000. Finally, Cypress Capital Management LLC WY grew its position in shares of Starbucks by 133.1% in the fourth quarter. Cypress Capital Management LLC WY now owns 324 shares of the coffee company’s stock valued at $31,000 after purchasing an additional 185 shares during the period. Hedge funds and other institutional investors own 72.29% of the company’s stock.
Starbucks Stock Down 0.3 %
The company has a 50 day moving average of $77.91 and a 200 day moving average of $86.93. The stock has a market capitalization of $82.13 billion, a price-to-earnings ratio of 20.06, a price-to-earnings-growth ratio of 1.63 and a beta of 0.94.
Starbucks (NASDAQ:SBUX – Get Free Report) last released its earnings results on Tuesday, April 30th. The coffee company reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.79 by ($0.11). The company had revenue of $8.56 billion during the quarter, compared to analyst estimates of $9.12 billion. Starbucks had a negative return on equity of 49.91% and a net margin of 11.38%. Starbucks’s revenue was down 1.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.74 earnings per share. On average, research analysts forecast that Starbucks Co. will post 3.58 earnings per share for the current fiscal year.
Starbucks Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 16th will be issued a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 3.14%. The ex-dividend date of this dividend is Friday, August 16th. Starbucks’s payout ratio is currently 62.81%.
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.