Bank of America Raises Starbucks (NASDAQ:SBUX) Price Target to $118.00

Starbucks (NASDAQ:SBUX) had its price target lifted by Bank of America from $112.00 to $118.00 in a report released on Wednesday, MarketBeat reports. Bank of America currently has a buy rating on the coffee company’s stock.

Several other research analysts have also issued reports on the stock. Baird R W raised shares of Starbucks from a hold rating to a strong-buy rating in a research note on Tuesday, August 13th. Citigroup boosted their target price on Starbucks from $82.00 to $98.00 and gave the company a neutral rating in a research report on Wednesday, August 14th. Robert W. Baird upgraded Starbucks from a neutral rating to an outperform rating and increased their price target for the stock from $81.00 to $110.00 in a report on Tuesday, August 13th. The Goldman Sachs Group assumed coverage on Starbucks in a report on Thursday, June 13th. They set a buy rating and a $100.00 price objective for the company. Finally, Jefferies Financial Group cut their target price on Starbucks from $84.00 to $80.00 and set a hold rating on the stock in a report on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Starbucks presently has an average rating of Moderate Buy and an average price target of $100.08.

Starbucks Stock Performance

NASDAQ:SBUX opened at $96.05 on Wednesday. The company has a market capitalization of $108.84 billion, a PE ratio of 26.46, a P/E/G ratio of 2.31 and a beta of 0.96. Starbucks has a fifty-two week low of $71.55 and a fifty-two week high of $107.66. The company has a 50 day simple moving average of $86.67 and a two-hundred day simple moving average of $84.09.

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

Insider Activity at Starbucks

In related news, Director Jorgen Vig Knudstorp bought 380 shares of the company’s stock in a transaction on Friday, September 6th. The shares were purchased at an average cost of $91.50 per share, for a total transaction of $34,770.00. Following the completion of the purchase, the director now directly owns 36,242 shares in the company, valued at $3,316,143. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. In other Starbucks news, CEO Michael Aaron Conway sold 3,250 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $94.03, for a total transaction of $305,597.50. Following the sale, the chief executive officer now directly owns 75,054 shares of the company’s stock, valued at $7,057,327.62. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Jorgen Vig Knudstorp bought 380 shares of Starbucks stock in a transaction dated Friday, September 6th. The stock was acquired at an average price of $91.50 per share, with a total value of $34,770.00. Following the purchase, the director now directly owns 36,242 shares of the company’s stock, valued at $3,316,143. The disclosure for this purchase can be found here. 1.98% of the stock is owned by company insiders.

Institutional Trading of Starbucks

A number of institutional investors have recently modified their holdings of SBUX. Vanguard Group Inc. boosted its holdings in shares of Starbucks by 0.4% in the first quarter. Vanguard Group Inc. now owns 108,403,768 shares of the coffee company’s stock worth $9,907,020,000 after acquiring an additional 470,498 shares during the period. Fisher Asset Management LLC grew its holdings in Starbucks by 2.3% during the 4th quarter. Fisher Asset Management LLC now owns 11,359,790 shares of the coffee company’s stock valued at $1,090,654,000 after buying an additional 260,489 shares in the last quarter. Legal & General Group Plc increased its position in shares of Starbucks by 2.6% during the second quarter. Legal & General Group Plc now owns 8,720,903 shares of the coffee company’s stock valued at $678,923,000 after buying an additional 221,718 shares during the period. Flossbach Von Storch AG grew its stake in 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 acquiring an additional 2,897,282 shares in the last quarter. Finally, Nordea Investment Management AB increased its holdings in Starbucks by 5.2% during the 1st quarter. Nordea Investment Management AB now owns 5,412,603 shares of the coffee company’s stock worth $495,145,000 after acquiring an additional 266,570 shares during the period. 72.29% of the stock is currently 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.