Starbucks (NASDAQ:SBUX) PT Lowered to $98.00 at Morgan Stanley

Starbucks (NASDAQ:SBUX) had its price objective cut by equities research analysts at Morgan Stanley from $104.00 to $98.00 in a report issued on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the coffee company’s stock. Morgan Stanley’s price target suggests a potential upside of 33.70% from the company’s current price.

Several other research analysts have also recently weighed in on the stock. William Blair cut shares of Starbucks from an “outperform” rating to a “market perform” rating in a research report on Wednesday, May 1st. Robert W. Baird decreased their price target on Starbucks from $106.00 to $100.00 and set a “neutral” rating on the stock in a report on Monday, March 18th. Jefferies Financial Group cut their target price on shares of Starbucks from $94.00 to $84.00 and set a “hold” rating on the stock in a research report on Wednesday, May 1st. Deutsche Bank Aktiengesellschaft cut shares of Starbucks from a “buy” rating to a “hold” rating and lowered their price target for the stock from $108.00 to $89.00 in a research report on Wednesday, May 1st. Finally, Guggenheim cut their price objective on shares of Starbucks from $100.00 to $91.00 and set a “buy” rating on the stock in a report on Friday, April 19th. Seventeen analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $93.75.

Starbucks Stock Performance

Shares of SBUX opened at $73.30 on Friday. The company has a market cap of $83.03 billion, a price-to-earnings ratio of 20.19, a PEG ratio of 1.58 and a beta of 0.94. The stock has a fifty day moving average price of $77.84 and a two-hundred day moving average price of $86.74. Starbucks has a 52-week low of $71.80 and a 52-week high of $107.66.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Tuesday, April 30th. The coffee company reported $0.68 earnings per share (EPS) 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 business had revenue of $8.56 billion during the quarter, compared to the consensus estimate of $9.12 billion. During the same period in the prior year, the firm earned $0.74 earnings per share. The business’s quarterly revenue was down 1.8% compared to the same quarter last year. As a group, research analysts predict that Starbucks will post 3.58 EPS for the current fiscal year.

Insider Buying and Selling at Starbucks

In other news, CEO Michael Aaron Conway sold 3,250 shares of the firm’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 completion of the transaction, 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 company’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 transaction of $277,517.50. Following 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 document filed with the SEC, which is available at the SEC website. Also, CFO Rachel Ruggeri sold 3,750 shares of the firm’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $80.00, for a total transaction 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 three months, insiders have sold 10,750 shares of company stock worth $878,893. Insiders own 1.98% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Hudson Bay Capital Management LP acquired a new stake in shares of Starbucks during the 3rd quarter worth about $3,772,000. DNB Asset Management AS lifted its position in Starbucks by 0.8% during the fourth quarter. DNB Asset Management AS now owns 221,292 shares of the coffee company’s stock worth $21,246,000 after acquiring an additional 1,681 shares during the last quarter. Fulton Bank N.A. grew its position in shares of Starbucks by 2.8% in the fourth quarter. Fulton Bank N.A. now owns 17,849 shares of the coffee company’s stock valued at $1,714,000 after purchasing an additional 481 shares during the last quarter. Apella Capital LLC increased its stake in shares of Starbucks by 32.9% during the fourth quarter. Apella Capital LLC now owns 6,903 shares of the coffee company’s stock worth $646,000 after purchasing an additional 1,709 shares during the period. Finally, Tompkins Financial Corp lifted its holdings in Starbucks by 3.5% during the 4th quarter. Tompkins Financial Corp now owns 34,437 shares of the coffee company’s stock worth $3,306,000 after purchasing an additional 1,168 shares during the last quarter. 72.29% of the stock is currently owned by institutional investors and hedge funds.

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.