Bank of America Lowers Starbucks (NASDAQ:SBUX) Price Target to $117.00

Starbucks (NASDAQ:SBUX) had its price target reduced by investment analysts at Bank of America from $118.00 to $117.00 in a report released on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the coffee company’s stock. Bank of America‘s target price indicates a potential upside of 19.82% from the company’s current price.

A number of other equities research analysts have also commented on the stock. Oppenheimer reissued a “market perform” rating on shares of Starbucks in a report on Monday, August 26th. Sanford C. Bernstein raised shares of Starbucks from a “market perform” rating to an “outperform” rating and increased their price target for the company from $92.00 to $115.00 in a research note on Thursday, September 26th. Evercore ISI upgraded shares of Starbucks from an “in-line” rating to an “outperform” rating and boosted their price objective for the stock from $80.00 to $120.00 in a research report on Wednesday, August 14th. Citigroup increased their price objective on Starbucks from $98.00 to $99.00 and gave the company a “neutral” rating in a research report on Tuesday, October 8th. Finally, DZ Bank lowered Starbucks from a “hold” rating to a “sell” rating and set a $85.00 price objective for the company. in a research report on Wednesday, August 21st. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $102.48.

Starbucks Trading Up 0.9 %

NASDAQ SBUX opened at $97.65 on Tuesday. Starbucks has a 1-year low of $71.55 and a 1-year high of $107.66. The company has a 50 day moving average of $95.38 and a 200-day moving average of $84.89. The firm has a market cap of $110.61 billion, a price-to-earnings ratio of 26.90, a PEG ratio of 2.14 and a beta of 0.97.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Tuesday, July 30th. The coffee company reported $0.93 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.93. The firm had revenue of $9.11 billion during the quarter, compared to analysts’ expectations of $9.25 billion. Starbucks had a negative return on equity of 49.38% and a net margin of 11.16%. The business’s revenue was down .6% on a year-over-year basis. During the same period last year, the firm posted $1.00 EPS. On average, analysts forecast that Starbucks will post 3.55 earnings per share for the current year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. AdvisorNet Financial Inc boosted its holdings in shares of Starbucks by 45.5% in the 1st quarter. AdvisorNet Financial Inc now owns 2,024 shares of the coffee company’s stock valued at $185,000 after buying an additional 633 shares during the last quarter. Global Assets Advisory LLC bought a new stake in Starbucks during the first quarter worth $3,219,000. Columbus Macro LLC grew its position in shares of Starbucks by 17.2% in the 1st quarter. Columbus Macro LLC now owns 6,437 shares of the coffee company’s stock valued at $588,000 after acquiring an additional 947 shares during the period. Sound Income Strategies LLC increased its stake in shares of Starbucks by 282.5% during the 1st quarter. Sound Income Strategies LLC now owns 9,520 shares of the coffee company’s stock worth $870,000 after purchasing an additional 7,031 shares during the last quarter. Finally, Brookstone Capital Management raised its holdings in shares of Starbucks by 18.7% in the 1st quarter. Brookstone Capital Management now owns 22,345 shares of the coffee company’s stock valued at $2,042,000 after purchasing an additional 3,516 shares during the period. 72.29% of the stock is owned by institutional investors and hedge funds.

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.