Starbucks (NASDAQ:SBUX) Price Target Cut to $117.00

Starbucks (NASDAQ:SBUX) had its price target cut by Bank of America from $118.00 to $117.00 in a note issued to investors on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the coffee company’s stock. Bank of America‘s target price would indicate a potential upside of 20.54% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the company. JPMorgan Chase & Co. lifted their price objective on Starbucks from $90.00 to $105.00 and gave the stock an “overweight” rating in a research note on Monday, September 30th. Piper Sandler raised Starbucks from a “neutral” rating to an “overweight” rating and upped their price target for the company from $85.00 to $103.00 in a research note on Tuesday, August 13th. Morgan Stanley increased their price target on shares of Starbucks from $98.00 to $115.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Baird R W upgraded shares of Starbucks from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 13th. Finally, BTIG Research increased their target price on shares of Starbucks from $100.00 to $115.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $102.40.

Starbucks Stock Up 0.6 %

SBUX stock traded up $0.61 during midday trading on Tuesday, reaching $97.06. The stock had a trading volume of 1,782,030 shares, compared to its average volume of 11,321,306. Starbucks has a twelve month low of $71.55 and a twelve month high of $107.66. The firm has a market cap of $109.94 billion, a price-to-earnings ratio of 26.74, a PEG ratio of 2.14 and a beta of 0.97. The business has a fifty day simple moving average of $95.29 and a two-hundred day simple moving average of $84.73.

Starbucks (NASDAQ:SBUX) last posted its quarterly earnings results on Tuesday, July 30th. The coffee company reported $0.93 earnings per share for the quarter, hitting 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 during the quarter, compared to the consensus estimate of $9.25 billion. During the same period in the previous year, the firm posted $1.00 earnings per share. Starbucks’s revenue for the quarter was down .6% compared to the same quarter last year. On average, equities analysts predict that Starbucks will post 3.55 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Jorgen Vig Knudstorp bought 380 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The stock was acquired at an average cost of $91.50 per share, with a total value of $34,770.00. Following the completion of the purchase, the director now owns 36,242 shares of the company’s stock, valued at $3,316,143. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. In other news, Director Jorgen Vig Knudstorp bought 380 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The stock was acquired at an average cost of $91.50 per share, for a total transaction of $34,770.00. Following the purchase, the director now owns 36,242 shares of the company’s stock, valued at approximately $3,316,143. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Michael Aaron Conway sold 3,250 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $94.03, for a total value of $305,597.50. Following the transaction, the chief executive officer now directly owns 75,054 shares in the company, valued at approximately $7,057,327.62. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.98% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of SBUX. Strategic Investment Solutions Inc. IL bought a new position in shares of Starbucks during the second quarter worth approximately $25,000. New Millennium Group LLC acquired a new stake in shares of Starbucks during the second quarter worth $26,000. Stephens Consulting LLC boosted its position in shares of Starbucks by 498.2% in the second quarter. Stephens Consulting LLC now owns 335 shares of the coffee company’s stock valued at $26,000 after acquiring an additional 279 shares during the period. Hobbs Group Advisors LLC acquired a new position in shares of Starbucks in the second quarter valued at about $27,000. Finally, Olistico Wealth LLC bought a new position in Starbucks during the second quarter worth about $31,000. 72.29% of the stock is owned by institutional investors.

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.