Starbucks Corporation (NASDAQ:SBUX)‘s stock had its “buy” rating restated by research analysts at Bank of America Corporation in a research note issued on Sunday, July 30th. They currently have a $65.00 price objective on the coffee company’s stock, down from their prior price objective of $66.00. Bank of America Corporation’s target price indicates a potential upside of 23.34% from the company’s current price.
Other analysts have also recently issued reports about the stock. Jefferies Group LLC reissued an “average” rating and set a $65.00 target price on shares of Starbucks Corporation in a report on Friday, July 28th. Zacks Investment Research raised shares of Starbucks Corporation from a “hold” rating to a “buy” rating and set a $64.00 target price on the stock in a report on Tuesday, April 18th. Vetr cut shares of Starbucks Corporation from a “strong-buy” rating to a “buy” rating and set a $64.50 price objective on the stock. in a report on Tuesday, April 18th. Stifel Nicolaus raised shares of Starbucks Corporation from a “hold” rating to a “buy” rating and increased their price objective for the stock from $60.00 to $67.00 in a report on Wednesday, April 19th. They noted that the move was a valuation call. Finally, BMO Capital Markets reaffirmed a “buy” rating and issued a $62.00 price objective on shares of Starbucks Corporation in a report on Tuesday, April 4th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty-one have given a buy rating and three have given a strong buy rating to the stock. Starbucks Corporation presently has a consensus rating of “Buy” and an average target price of $64.93.
Shares of Starbucks Corporation (NASDAQ SBUX) traded down 0.64% during midday trading on Friday, reaching $52.70. 10,370,499 shares of the company traded hands. Starbucks Corporation has a 12 month low of $50.84 and a 12 month high of $64.87. The firm has a market capitalization of $76.09 billion, a P/E ratio of 26.60 and a beta of 0.80. The company has a 50 day moving average of $56.32 and a 200 day moving average of $58.13.
Starbucks Corporation (NASDAQ:SBUX) last issued its earnings results on Thursday, July 27th. The coffee company reported $0.55 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.55. The company had revenue of $5.66 billion for the quarter, compared to analysts’ expectations of $5.76 billion. Starbucks Corporation had a net margin of 12.93% and a return on equity of 52.82%. The firm’s revenue was up 8.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.49 earnings per share. On average, equities research analysts predict that Starbucks Corporation will post $2.07 earnings per share for the current fiscal year.
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In other news, Director Myron E. Ullman III sold 10,000 shares of the business’s stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $60.63, for a total value of $606,300.00. Following the sale, the director now owns 24,000 shares in the company, valued at approximately $1,455,120. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jorgen Vig Knudstorp purchased 18,000 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The stock was acquired at an average cost of $55.30 per share, with a total value of $995,400.00. Following the completion of the acquisition, the director now directly owns 18,000 shares of the company’s stock, valued at $995,400. The disclosure for this purchase can be found here. 3.40% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Capital Guardian Trust Co. boosted its stake in shares of Starbucks Corporation by 14.6% in the fourth quarter. Capital Guardian Trust Co. now owns 2,995,363 shares of the coffee company’s stock valued at $166,303,000 after buying an additional 381,302 shares in the last quarter. RB Capital Management LLC bought a new stake in shares of Starbucks Corporation during the fourth quarter worth approximately $2,875,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new stake in shares of Starbucks Corporation during the fourth quarter worth approximately $1,746,000. Teachers Retirement System of The State of Kentucky boosted its stake in shares of Starbucks Corporation by 2.2% in the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 586,847 shares of the coffee company’s stock worth $32,582,000 after buying an additional 12,700 shares during the period. Finally, Castleark Management LLC boosted its stake in shares of Starbucks Corporation by 5.5% in the fourth quarter. Castleark Management LLC now owns 237,456 shares of the coffee company’s stock worth $13,184,000 after buying an additional 12,466 shares during the period. 69.98% of the stock is owned by institutional investors and hedge funds.
About Starbucks Corporation
Starbucks Corporation (Starbucks) is a roaster, marketer and retailer of coffee. As of October 2, 2016, the Company operated in 75 countries. The Company operates through four segments: Americas, which is inclusive of the United States, Canada, and Latin America; China/Asia Pacific (CAP); Europe, Middle East, and Africa (EMEA), and Channel Development.
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