Starbucks (NASDAQ:SBUX) Price Target Cut to $115.00

Starbucks (NASDAQ:SBUX) had its target price trimmed by Morgan Stanley from $120.00 to $115.00 in a research note released on Friday morning, MarketBeat.com reports. The firm currently has an overweight rating on the coffee company’s stock.

A number of other equities analysts have also recently issued reports on the company. Piper Sandler cut their price objective on Starbucks from $107.00 to $100.00 and set a neutral rating for the company in a report on Friday, January 19th. Citigroup decreased their price target on shares of Starbucks from $102.00 to $95.00 and set a neutral rating on the stock in a research note on Friday. Royal Bank of Canada restated a sector perform rating and issued a $102.00 price objective on shares of Starbucks in a report on Wednesday, January 31st. Wells Fargo & Company reaffirmed an overweight rating and set a $105.00 target price on shares of Starbucks in a report on Monday, April 1st. Finally, Stifel Nicolaus lowered their price target on shares of Starbucks from $102.00 to $90.00 and set a hold rating for the company in a research note on Thursday, April 11th. Twelve equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of Hold and a consensus price target of $107.71.

Starbucks Price Performance

NASDAQ SBUX opened at $85.17 on Friday. The company’s 50 day simple moving average is $91.71 and its two-hundred day simple moving average is $94.57. The stock has a market capitalization of $96.43 billion, a PE ratio of 22.77, a P/E/G ratio of 1.36 and a beta of 0.98. Starbucks has a 1 year low of $84.29 and a 1 year high of $115.48.

Starbucks (NASDAQ:SBUX) last announced its earnings results on Wednesday, January 31st. The coffee company reported $0.90 earnings per share for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.02). The business had revenue of $9.43 billion during the quarter, compared to the consensus estimate of $9.60 billion. Starbucks had a negative return on equity of 50.76% and a net margin of 11.70%. Starbucks’s revenue was up 8.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.75 earnings per share. On average, research analysts anticipate that Starbucks will post 4.05 EPS for the current year.

Starbucks Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Friday, May 17th will be issued a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 2.68%. The ex-dividend date of this dividend is Thursday, May 16th. Starbucks’s dividend payout ratio (DPR) is currently 60.96%.

Insider Buying and Selling at Starbucks

In other news, insider Michael Aaron Conway sold 3,250 shares of the firm’s stock in a transaction dated Thursday, February 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 sale, the insider now directly owns 84,153 shares of the company’s stock, valued at approximately $7,912,906.59. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In the last ninety days, insiders have sold 4,000 shares of company stock valued at $375,665. 1.98% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. BCK Partners Inc. purchased a new position in Starbucks during the 1st quarter valued at about $2,640,000. American Century Companies Inc. lifted its holdings in shares of Starbucks by 7.3% during the first quarter. American Century Companies Inc. now owns 27,634 shares of the coffee company’s stock valued at $2,514,000 after purchasing an additional 1,872 shares during the last quarter. Roundview Capital LLC lifted its holdings in shares of Starbucks by 37.5% during the first quarter. Roundview Capital LLC now owns 7,152 shares of the coffee company’s stock valued at $651,000 after purchasing an additional 1,952 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Starbucks in the 1st quarter worth approximately $198,000. Finally, Mather Group LLC. grew its stake in shares of Starbucks by 77.5% in the 1st quarter. Mather Group LLC. now owns 6,912 shares of the coffee company’s stock worth $629,000 after buying an additional 3,017 shares during the last quarter. Institutional investors own 72.29% of the company’s stock.

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.