Starbucks (NASDAQ:SBUX) Shares Down 1.1%

Starbucks Co. (NASDAQ:SBUX)’s share price traded down 1.1% during mid-day trading on Wednesday . The stock traded as low as $95.87 and last traded at $96.34. 924,317 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 11,729,366 shares. The stock had previously closed at $97.43.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on SBUX. Jefferies Financial Group downgraded shares of Starbucks from a “hold” rating to an “underperform” rating and reduced their price objective for the stock from $80.00 to $76.00 in a report on Tuesday, September 24th. Bank of America boosted their price objective on Starbucks from $112.00 to $118.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. TD Cowen reaffirmed a “buy” rating and issued a $110.00 target price on shares of Starbucks in a research note on Thursday, September 12th. Evercore ISI raised Starbucks from an “in-line” rating to an “outperform” rating and lifted their price objective for the stock from $80.00 to $120.00 in a research note on Wednesday, August 14th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Starbucks from $90.00 to $105.00 and gave the company an “overweight” rating in a report on Monday. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Starbucks presently has a consensus rating of “Moderate Buy” and an average target price of $101.12.

Starbucks Stock Performance

The firm’s fifty day simple moving average is $89.58 and its 200 day simple moving average is $84.24. The stock has a market capitalization of $109.09 billion, a P/E ratio of 26.54, a price-to-earnings-growth ratio of 2.33 and a beta of 0.96.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings data on Tuesday, July 30th. The coffee company reported $0.93 earnings per share for the quarter, hitting the consensus estimate of $0.93. The business had revenue of $9.11 billion during the quarter, compared to the consensus estimate of $9.25 billion. Starbucks had a negative return on equity of 49.38% and a net margin of 11.16%. Starbucks’s revenue for the quarter was down .6% on a year-over-year basis. During the same period in the prior year, the company earned $1.00 EPS. Analysts anticipate that Starbucks Co. will post 3.56 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Jorgen Vig Knudstorp acquired 380 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The shares were bought at an average price of $91.50 per share, with a total value of $34,770.00. Following the acquisition, the director now directly owns 36,242 shares in the company, valued at approximately $3,316,143. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Jorgen Vig Knudstorp bought 380 shares of Starbucks stock in a transaction that occurred on Friday, September 6th. The shares were acquired at an average cost of $91.50 per share, for a total transaction of $34,770.00. Following the completion of the acquisition, the director now directly owns 36,242 shares of the company’s stock, valued at approximately $3,316,143. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Rachel Ruggeri sold 3,290 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $91.16, for a total value of $299,916.40. Following the completion of the sale, the chief executive officer now owns 62,502 shares of the company’s stock, valued at $5,697,682.32. The disclosure for this sale can be found here. Insiders own 1.98% of the company’s stock.

Hedge Funds Weigh In On Starbucks

A number of hedge funds have recently added to or reduced their stakes in the stock. Versant Capital Management Inc boosted its holdings in Starbucks by 7.9% during the 1st quarter. Versant Capital Management Inc now owns 1,659 shares of the coffee company’s stock worth $152,000 after acquiring an additional 122 shares during the last quarter. Astoria Portfolio Advisors LLC. boosted its stake in shares of Starbucks by 2.0% in the 1st quarter. Astoria Portfolio Advisors LLC. now owns 6,393 shares of the coffee company’s stock worth $544,000 after buying an additional 127 shares during the last quarter. Edge Capital Group LLC boosted its position in Starbucks by 3.4% in the fourth quarter. Edge Capital Group LLC now owns 4,062 shares of the coffee company’s stock worth $390,000 after purchasing an additional 134 shares during the last quarter. M&R Capital Management Inc. grew its stake in Starbucks by 30.9% in the 2nd quarter. M&R Capital Management Inc. now owns 567 shares of the coffee company’s stock valued at $44,000 after purchasing an additional 134 shares during the period. Finally, Fragasso Financial Advisors Inc grew its stake in Starbucks by 1.1% in the 2nd quarter. Fragasso Financial Advisors Inc now owns 12,837 shares of the coffee company’s stock valued at $999,000 after purchasing an additional 135 shares during the period. Institutional investors and hedge funds own 72.29% of the company’s stock.

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.