Starbucks Co. (NASDAQ:SBUX – Get Free Report) shares hit a new 52-week low during mid-day trading on Tuesday after Piper Sandler lowered their price target on the stock from $88.00 to $85.00. Piper Sandler currently has a neutral rating on the stock. Starbucks traded as low as $72.13 and last traded at $72.58, with a volume of 2279499 shares changing hands. The stock had previously closed at $72.90.
Several other research firms have also recently issued reports on SBUX. UBS Group cut their price objective on Starbucks from $95.00 to $85.00 and set a “neutral” rating for the company in a research report on Wednesday, May 1st. Deutsche Bank Aktiengesellschaft cut shares of 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. HSBC lowered their target price on shares of Starbucks from $107.00 to $84.00 and set a “hold” rating on the stock in a research report on Friday. Citigroup decreased their price objective on shares of Starbucks from $95.00 to $85.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 1st. Finally, TD Cowen dropped their target price on shares of Starbucks from $100.00 to $85.00 and set a “hold” rating for the company in a report on Wednesday, May 1st. Seventeen equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $96.43.
Insider Activity
In related news, CEO Michael Aaron Conway sold 3,250 shares of the 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders sold 7,250 shares of company stock valued at $651,738 in the last ninety days. Company insiders own 1.98% of the company’s stock.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently bought and sold shares of SBUX. Meeder Asset Management Inc. raised its stake in shares of Starbucks by 26.9% in the 1st quarter. Meeder Asset Management Inc. now owns 3,100 shares of the coffee company’s stock valued at $283,000 after acquiring an additional 658 shares during the period. NorthRock Partners LLC lifted its stake in shares of Starbucks by 18.0% during the first quarter. NorthRock Partners LLC now owns 14,599 shares of the coffee company’s stock worth $1,334,000 after purchasing an additional 2,227 shares in the last quarter. Choate Investment Advisors boosted its position in shares of Starbucks by 38.4% in the first quarter. Choate Investment Advisors now owns 68,182 shares of the coffee company’s stock worth $6,231,000 after buying an additional 18,935 shares during the period. Sfmg LLC grew its stake in shares of Starbucks by 1.4% in the first quarter. Sfmg LLC now owns 37,343 shares of the coffee company’s stock valued at $3,413,000 after buying an additional 503 shares in the last quarter. Finally, Stonebrook Private Inc. raised its holdings in shares of Starbucks by 2.8% during the 1st quarter. Stonebrook Private Inc. now owns 7,738 shares of the coffee company’s stock valued at $707,000 after buying an additional 213 shares during the period. 72.29% of the stock is owned by institutional investors and hedge funds.
Starbucks Stock Performance
The stock has a fifty day simple moving average of $88.03 and a two-hundred day simple moving average of $93.53. The stock has a market cap of $82.12 billion, a PE ratio of 19.97, a PEG ratio of 1.58 and a beta of 0.97.
Starbucks (NASDAQ:SBUX – Get Free Report) last released its quarterly earnings results on Tuesday, April 30th. The coffee company reported $0.68 earnings per share for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.11). Starbucks had a net margin of 11.38% and a negative return on equity of 49.91%. The firm had revenue of $8.56 billion for the quarter, compared to analyst estimates of $9.12 billion. During the same period in the previous year, the business posted $0.74 earnings per share. Starbucks’s revenue for the quarter was down 1.8% on a year-over-year basis. On average, equities analysts predict that Starbucks Co. will post 3.63 EPS for the current fiscal year.
Starbucks Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 17th will be issued a dividend of $0.57 per share. The ex-dividend date is Thursday, May 16th. This represents a $2.28 annualized dividend and a yield of 3.14%. Starbucks’s dividend payout ratio is presently 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.