Starbucks (NASDAQ:SBUX) Price Target Raised to $110.00

Starbucks (NASDAQ:SBUX) had its price objective upped by TD Cowen from $105.00 to $110.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the coffee company’s stock. TD Cowen’s target price would indicate a potential upside of 20.14% from the company’s current price.

A number of other research firms also recently issued reports on SBUX. Bank of America raised their price objective on shares of Starbucks from $108.00 to $112.00 and gave the stock a “buy” rating in a report on Monday, June 10th. The Goldman Sachs Group initiated coverage on shares of Starbucks in a report on Thursday, June 13th. They issued a “buy” rating and a $100.00 price objective on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Starbucks from $92.00 to $90.00 and set an “overweight” rating on the stock in a report on Wednesday, July 10th. Piper Sandler raised shares of Starbucks from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $85.00 to $103.00 in a report on Tuesday, August 13th. Finally, Robert W. Baird raised shares of Starbucks from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $81.00 to $110.00 in a report on Tuesday, August 13th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Starbucks has a consensus rating of “Moderate Buy” and a consensus price target of $99.42.

Starbucks Stock Down 0.8 %

Shares of NASDAQ SBUX opened at $91.56 on Wednesday. The firm’s 50-day moving average price is $82.14 and its 200-day moving average price is $83.96. The company has a market cap of $103.71 billion, a PE ratio of 25.22, a PEG ratio of 2.26 and a beta of 0.96. Starbucks has a 52-week low of $71.55 and a 52-week high of $107.66.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings results on Tuesday, July 30th. The coffee company reported $0.93 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.93. The firm had revenue of $9.11 billion for the quarter, compared to the consensus estimate of $9.25 billion. Starbucks had a net margin of 11.16% and a negative return on equity of 49.38%. The business’s quarterly revenue was down .6% compared to the same quarter last year. During the same quarter last year, the firm posted $1.00 EPS. As a group, equities research analysts anticipate that Starbucks will post 3.56 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Michael Aaron Conway sold 3,250 shares of the business’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $80.00, for a total value of $260,000.00. Following the sale, the chief executive officer now owns 78,304 shares in the company, valued at $6,264,320. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Starbucks news, CEO Rachel Ruggeri sold 3,290 shares of Starbucks stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $91.16, for a total transaction of $299,916.40. Following the completion of the transaction, the chief executive officer now directly owns 62,502 shares of the company’s stock, valued at $5,697,682.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction on Friday, June 14th. The stock was sold at an average price of $80.00, for a total transaction of $260,000.00. Following the transaction, the chief executive officer now directly owns 78,304 shares of the company’s stock, valued at $6,264,320. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 9,790 shares of company stock worth $865,514. Insiders own 1.98% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of SBUX. Norges Bank purchased a new position in Starbucks during the fourth quarter worth $1,240,652,000. Ontario Teachers Pension Plan Board purchased a new stake in shares of Starbucks during the first quarter valued at $415,167,000. Marshall Wace LLP boosted its stake in shares of Starbucks by 1,466.3% during the second quarter. Marshall Wace LLP now owns 3,350,932 shares of the coffee company’s stock valued at $260,870,000 after purchasing an additional 3,136,992 shares during the period. Diamond Hill Capital Management Inc. purchased a new stake in shares of Starbucks during the second quarter valued at $243,910,000. Finally, Flossbach Von Storch AG boosted its stake in shares of Starbucks by 106.7% during the first quarter. Flossbach Von Storch AG now owns 5,612,687 shares of the coffee company’s stock valued at $512,943,000 after purchasing an additional 2,897,282 shares during the period. 72.29% of the stock is 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.