Starbucks (NASDAQ:SBUX) Given New $90.00 Price Target at JPMorgan Chase & Co.

Starbucks (NASDAQ:SBUX) had its price objective cut by research analysts at JPMorgan Chase & Co. from $92.00 to $90.00 in a research report issued on Wednesday, MarketBeat Ratings reports. The brokerage currently has an “overweight” rating on the coffee company’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 22.78% from the company’s previous close.

Several other equities research analysts also recently commented on SBUX. Oppenheimer reaffirmed a “market perform” rating on shares of Starbucks in a report on Friday, April 19th. Stifel Nicolaus dropped their price target on Starbucks from $90.00 to $80.00 and set a “hold” rating on the stock in a research report on Wednesday, May 1st. Citigroup dropped their price target on Starbucks from $95.00 to $85.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 1st. Deutsche Bank Aktiengesellschaft lowered Starbucks from a “buy” rating to a “hold” rating and dropped their price target for the company from $108.00 to $89.00 in a research report on Wednesday, May 1st. Finally, William Blair lowered Starbucks from an “outperform” rating to a “market perform” rating 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 stock. According to MarketBeat, Starbucks currently has a consensus rating of “Hold” and a consensus target price of $94.46.

Starbucks Stock Up 1.1 %

Shares of NASDAQ SBUX opened at $73.30 on Wednesday. Starbucks has a 12 month low of $71.80 and a 12 month high of $107.66. The company has a market cap of $83.03 billion, a price-to-earnings ratio of 20.19, a P/E/G ratio of 1.63 and a beta of 0.94. The business has a fifty day simple moving average of $77.84 and a 200-day simple moving average of $86.74.

Starbucks (NASDAQ:SBUX) last announced its earnings results on Tuesday, April 30th. The coffee company reported $0.68 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.11). Starbucks had a net margin of 11.38% and a negative return on equity of 49.91%. The company had revenue of $8.56 billion for the quarter, compared to analysts’ expectations of $9.12 billion. During the same period in the prior year, the company earned $0.74 earnings per share. The company’s revenue for the quarter was down 1.8% on a year-over-year basis. As a group, sell-side analysts expect that Starbucks will post 3.58 EPS for the current fiscal year.

Insiders Place Their Bets

In other Starbucks news, CEO Michael Aaron Conway sold 3,250 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, 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 Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Michael Aaron Conway sold 3,250 shares of the stock in a transaction that occurred 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 completion of 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 legal filing with the SEC, which is available at this link. Also, CFO Rachel Ruggeri sold 3,750 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now directly owns 65,431 shares of the company’s stock, valued at $5,234,480. The disclosure for this sale can be found here. In the last quarter, insiders sold 10,750 shares of company stock worth $878,893. 1.98% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Starbucks

Hedge funds have recently modified their holdings of the stock. GUNN & Co INVESTMENT MANAGEMENT INC. acquired a new stake in Starbucks during the 3rd quarter valued at $3,042,000. Neo Ivy Capital Management bought a new position in Starbucks in the 3rd quarter valued at $566,000. American Century Companies Inc. boosted its position in Starbucks by 35.7% in the 3rd quarter. American Century Companies Inc. now owns 2,224,544 shares of the coffee company’s stock valued at $203,034,000 after buying an additional 584,979 shares during the last quarter. Fortis Group Advisors LLC bought a new position in Starbucks in the 3rd quarter valued at $51,000. Finally, B. Riley Wealth Advisors Inc. boosted its position in Starbucks by 17.9% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 63,205 shares of the coffee company’s stock valued at $5,769,000 after buying an additional 9,617 shares during the last quarter. 72.29% of the stock is owned by institutional investors and hedge funds.

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.