Starbucks Co. (NASDAQ:SBUX – Get Free Report)’s stock price rose 1.6% during mid-day trading on Thursday after Bank of America raised their price target on the stock from $112.00 to $118.00. Bank of America currently has a buy rating on the stock. Starbucks traded as high as $98.70 and last traded at $97.64. Approximately 2,939,579 shares traded hands during mid-day trading, a decline of 75% from the average daily volume of 11,858,657 shares. The stock had previously closed at $96.12.
Several other analysts also recently weighed in on SBUX. Citigroup lifted their target price on Starbucks from $82.00 to $98.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 14th. TD Cowen restated a “buy” rating and issued a $110.00 target price on shares of Starbucks in a research note on Thursday, September 12th. Barclays raised their target price on shares of Starbucks from $93.00 to $110.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 14th. JPMorgan Chase & Co. dropped their price objective on Starbucks from $92.00 to $90.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 10th. Finally, Robert W. Baird raised Starbucks from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $81.00 to $110.00 in a research report on Tuesday, August 13th. One analyst has rated the stock with a sell rating, eleven have given a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $100.08.
Check Out Our Latest Report on SBUX
Insider Activity
Institutional Investors Weigh In On Starbucks
Large investors have recently made changes to their positions in the stock. Ontario Teachers Pension Plan Board purchased a new stake in shares of Starbucks in the first quarter valued at about $415,167,000. Marshall Wace LLP lifted its holdings in Starbucks by 1,466.3% in the second quarter. Marshall Wace LLP now owns 3,350,932 shares of the coffee company’s stock valued at $260,870,000 after acquiring an additional 3,136,992 shares during the last quarter. Diamond Hill Capital Management Inc. purchased a new position in Starbucks in the second quarter worth approximately $243,910,000. Flossbach Von Storch AG raised its position in Starbucks by 106.7% in 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 purchasing an additional 2,897,282 shares during the period. Finally, Capital World Investors acquired a new position in shares of Starbucks in the 1st quarter valued at $257,721,000. 72.29% of the stock is currently owned by hedge funds and other institutional investors.
Starbucks Trading Up 1.2 %
The firm has a market capitalization of $110.13 billion, a PE ratio of 26.87, a PEG ratio of 2.38 and a beta of 0.96. The business has a fifty day moving average price of $85.77 and a two-hundred day moving average price of $83.98.
Starbucks (NASDAQ:SBUX – Get Free Report) last posted its earnings results on Tuesday, July 30th. The coffee company reported $0.93 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.93. The firm had revenue of $9.11 billion for the quarter, compared to analyst estimates of $9.25 billion. Starbucks had a negative return on equity of 49.38% and a net margin of 11.16%. Starbucks’s revenue was down .6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.00 EPS. On average, equities analysts forecast that Starbucks Co. will post 3.56 earnings per share for the current fiscal year.
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.
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