Starbucks (NASDAQ:SBUX) PT Lowered to $85.00 at Piper Sandler

Starbucks (NASDAQ:SBUX) had its target price cut by Piper Sandler from $88.00 to $85.00 in a research report report published on Monday morning, Benzinga reports. They currently have a neutral rating on the coffee company’s stock.

Other equities research analysts also recently issued reports about the stock. Morgan Stanley dropped their price objective on shares of Starbucks from $120.00 to $115.00 and set an overweight rating on the stock in a report on Friday, April 12th. Jefferies Financial Group cut their price objective on shares of Starbucks from $94.00 to $84.00 and set a hold rating for the company in a report on Wednesday, May 1st. Gordon Haskett lowered shares of Starbucks from a buy rating to a hold rating and set a $100.00 price objective for the company. in a research note on Tuesday, January 16th. Robert W. Baird dropped their target price on Starbucks from $106.00 to $100.00 and set a neutral rating on the stock in a research report on Monday, March 18th. Finally, Deutsche Bank Aktiengesellschaft cut Starbucks from a buy rating to a hold rating and reduced their price target for the company from $108.00 to $89.00 in a research report on Wednesday, May 1st. Seventeen research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, Starbucks presently has an average rating of Hold and an average target price of $96.43.

Starbucks Stock Up 1.4 %

Shares of SBUX stock opened at $73.50 on Monday. The firm has a market cap of $83.25 billion, a P/E ratio of 20.25, a PEG ratio of 1.58 and a beta of 0.97. The company has a 50 day moving average of $88.03 and a 200-day moving average of $93.53. Starbucks has a 12-month low of $71.80 and a 12-month high of $108.11.

Starbucks (NASDAQ:SBUX) last released its 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 negative return on equity of 49.91% and a net margin of 11.38%. The firm had revenue of $8.56 billion during the quarter, compared to analysts’ expectations of $9.12 billion. During the same period in the prior year, the business 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, equities analysts expect that Starbucks will post 3.63 EPS for the current year.

Starbucks Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Friday, May 17th will be given a dividend of $0.57 per share. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $2.28 annualized dividend and a dividend yield of 3.10%. Starbucks’s dividend payout ratio (DPR) is presently 62.81%.

Insider Buying and Selling

In other Starbucks news, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $85.39, for a total transaction of $277,517.50. Following the transaction, the chief executive officer now directly owns 81,199 shares of the company’s stock, valued at $6,933,582.61. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 7,250 shares of company stock worth $651,738 in the last quarter. 1.98% of the stock is owned by insiders.

Hedge Funds Weigh In On Starbucks

A number of large investors have recently bought and sold shares of SBUX. Norges Bank purchased a new stake in Starbucks during the 4th quarter valued at $1,240,652,000. Flossbach Von Storch AG raised 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 acquiring an additional 2,897,282 shares during the last quarter. Van ECK Associates Corp boosted its holdings in shares of Starbucks by 2,624.3% during the first quarter. Van ECK Associates Corp now owns 2,150,309 shares of the coffee company’s stock worth $196,516,000 after purchasing an additional 2,071,378 shares during the period. Bank of Nova Scotia grew its stake in shares of Starbucks by 342.7% in the fourth quarter. Bank of Nova Scotia now owns 2,160,737 shares of the coffee company’s stock worth $207,444,000 after purchasing an additional 1,672,656 shares during the last quarter. Finally, Los Angeles Capital Management LLC increased its holdings in Starbucks by 432.5% during the 4th quarter. Los Angeles Capital Management LLC now owns 2,039,633 shares of the coffee company’s stock valued at $195,825,000 after purchasing an additional 1,656,591 shares during the period. 72.29% of the stock is owned by hedge funds and other 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.