Citigroup Lowers Starbucks (NASDAQ:SBUX) Price Target to $96.00

Starbucks (NASDAQ:SBUX) had its price objective decreased by Citigroup from $99.00 to $96.00 in a research report report published on Wednesday, Benzinga reports. Citigroup currently has a neutral rating on the coffee company’s stock.

Several other equities analysts have also recently commented on the stock. DZ Bank cut shares of Starbucks from a “hold” rating to a “sell” rating and set a $85.00 price target on the stock. in a report on Wednesday, August 21st. Stifel Nicolaus dropped their target price on Starbucks from $110.00 to $105.00 and set a “buy” rating on the stock in a research report on Wednesday. BTIG Research lifted their price target on Starbucks from $100.00 to $115.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Robert W. Baird upgraded Starbucks from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $81.00 to $110.00 in a report on Tuesday, August 13th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Starbucks from a “hold” rating to a “buy” rating and raised their price objective for the company from $85.00 to $118.00 in a research report on Wednesday, August 14th. Two analysts have rated the stock with a sell rating, ten have given a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $102.48.

Starbucks Trading Up 0.2 %

NASDAQ:SBUX opened at $97.31 on Wednesday. Starbucks has a 1-year low of $71.55 and a 1-year high of $107.66. The firm has a market capitalization of $110.22 billion, a price-to-earnings ratio of 26.81, a PEG ratio of 2.14 and a beta of 0.97. The business’s fifty day moving average price is $95.48 and its 200 day moving average price is $85.03.

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

Starbucks Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.61 per share. This is an increase from Starbucks’s previous quarterly dividend of $0.57. The ex-dividend date is Friday, November 15th. This represents a $2.44 annualized dividend and a dividend yield of 2.51%. Starbucks’s payout ratio is presently 67.22%.

Insider Activity

In related news, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $94.03, for a total transaction of $305,597.50. Following the sale, the chief executive officer now directly owns 75,054 shares of the company’s stock, valued at $7,057,327.62. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Starbucks news, Director Jorgen Vig Knudstorp bought 380 shares of the firm’s stock in a transaction dated 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 transaction, the director now owns 36,242 shares in the company, valued at approximately $3,316,143. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Michael Aaron Conway sold 3,250 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $94.03, for a total transaction of $305,597.50. Following the completion of the sale, the chief executive officer now directly owns 75,054 shares in the company, valued at approximately $7,057,327.62. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.98% of the stock is owned by company insiders.

Institutional Investors Weigh In On Starbucks

A number of institutional investors have recently added to or reduced their stakes in SBUX. Dakota Wealth Management grew its position in Starbucks by 0.5% in the third quarter. Dakota Wealth Management now owns 55,793 shares of the coffee company’s stock valued at $5,439,000 after acquiring an additional 300 shares during the period. Fidelis Capital Partners LLC grew its holdings in shares of Starbucks by 18.7% in the 1st quarter. Fidelis Capital Partners LLC now owns 11,116 shares of the coffee company’s stock worth $1,016,000 after purchasing an additional 1,751 shares during the last quarter. AMI Asset Management Corp increased its position in shares of Starbucks by 2.8% during the 1st quarter. AMI Asset Management Corp now owns 365,292 shares of the coffee company’s stock worth $33,384,000 after purchasing an additional 10,092 shares in the last quarter. LRI Investments LLC bought a new position in Starbucks during the 1st quarter valued at about $136,000. Finally, BNP Paribas acquired a new position in Starbucks in the first quarter valued at about $9,332,000. 72.29% of the stock is owned by institutional investors and hedge funds.

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.