Starbucks (NASDAQ:SBUX) Given New $92.00 Price Target at JPMorgan Chase & Co.

Starbucks (NASDAQ:SBUX) had its price objective trimmed by JPMorgan Chase & Co. from $100.00 to $92.00 in a research note published on Wednesday morning, Benzinga reports. The brokerage currently has an overweight rating on the coffee company’s stock.

A number of other analysts have also recently issued reports on SBUX. Piper Sandler decreased their target price on Starbucks from $107.00 to $100.00 and set a neutral rating for the company in a research report on Friday, January 19th. Wells Fargo & Company decreased their target price on Starbucks from $105.00 to $90.00 and set an overweight rating for the company in a research report on Wednesday. Guggenheim decreased their target price on Starbucks from $100.00 to $91.00 and set a buy rating for the company in a research report on Friday, April 19th. Jefferies Financial Group decreased their target price on Starbucks from $94.00 to $84.00 and set a hold rating for the company in a research report on Wednesday. Finally, BTIG Research decreased their target price on Starbucks from $115.00 to $100.00 and set a buy rating for the company in a research report on Wednesday. Sixteen analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, Starbucks has a consensus rating of Hold and an average target price of $100.39.

Starbucks Stock Performance

NASDAQ:SBUX opened at $74.44 on Wednesday. The stock has a 50-day simple moving average of $89.76 and a 200-day simple moving average of $94.11. The stock has a market cap of $84.28 billion, a P/E ratio of 20.51, a P/E/G ratio of 1.49 and a beta of 0.97. Starbucks has a 1 year low of $72.67 and a 1 year high of $114.56.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings data on Tuesday, April 30th. The coffee company reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.79 by ($0.11). The business had revenue of $8.56 billion for the quarter, compared to analyst estimates of $9.12 billion. Starbucks had a negative return on equity of 50.10% and a net margin of 11.38%. The company’s revenue was down 1.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.74 earnings per share. On average, equities research analysts predict that Starbucks will post 3.99 EPS for the current year.

Starbucks Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Friday, May 17th will be issued a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.06%. The ex-dividend date of this dividend is Thursday, May 16th. Starbucks’s dividend payout ratio is currently 62.81%.

Insider Buying and Selling

In related 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 value 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 7,250 shares of company stock worth $651,738 in the last quarter. Company insiders own 1.98% of the company’s stock.

Institutional Investors Weigh In On Starbucks

A number of institutional investors and hedge funds have recently modified their holdings of SBUX. Vanguard Group Inc. grew its holdings in Starbucks by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 107,933,270 shares of the coffee company’s stock valued at $10,362,673,000 after buying an additional 1,041,622 shares during the last quarter. Northern Trust Corp grew its holdings in Starbucks by 1.5% during the 3rd quarter. Northern Trust Corp now owns 15,217,752 shares of the coffee company’s stock valued at $1,388,924,000 after buying an additional 232,031 shares during the last quarter. Norges Bank acquired a new stake in Starbucks during the 4th quarter valued at $1,240,652,000. Fisher Asset Management LLC grew its holdings in Starbucks by 2.4% during the 4th quarter. Fisher Asset Management LLC now owns 11,367,331 shares of the coffee company’s stock valued at $1,091,378,000 after buying an additional 268,030 shares during the last quarter. Finally, Invesco Ltd. grew its holdings in Starbucks by 11.8% during the 3rd quarter. Invesco Ltd. now owns 10,541,739 shares of the coffee company’s stock valued at $962,144,000 after buying an additional 1,115,051 shares during the last quarter. Institutional investors and hedge funds own 72.29% of the company’s stock.

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.