Starbucks (NASDAQ:SBUX) Price Target Cut to $80.00 by Analysts at Citigroup

Starbucks (NASDAQ:SBUX) had its price target trimmed by Citigroup from $85.00 to $80.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has a neutral rating on the coffee company’s stock.

SBUX has been the subject of several other research reports. Wells Fargo & Company dropped their price objective on shares of Starbucks from $105.00 to $90.00 and set an overweight rating for the company in a report on Wednesday, May 1st. UBS Group decreased their target price on shares of Starbucks from $95.00 to $85.00 and set a neutral rating on the stock in a research report on Wednesday, May 1st. Guggenheim decreased their target price on shares of Starbucks from $100.00 to $91.00 and set a buy rating on the stock in a research report on Friday, April 19th. Piper Sandler decreased their target price on shares of Starbucks from $88.00 to $85.00 and set a neutral rating on the stock in a research report on Monday, May 6th. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on shares of Starbucks from $89.00 to $85.00 and set a hold rating on the stock in a research report on Tuesday, July 16th. Seventeen equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Starbucks presently has an average rating of Hold and a consensus price target of $91.71.

Starbucks Stock Down 2.1 %

SBUX opened at $74.68 on Monday. The firm has a 50-day simple moving average of $77.99 and a two-hundred day simple moving average of $85.47. Starbucks has a 52 week low of $71.55 and a 52 week high of $107.66. The company has a market capitalization of $84.59 billion, a PE ratio of 20.57, a price-to-earnings-growth ratio of 1.73 and a beta of 0.94.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings data on Tuesday, April 30th. The coffee company reported $0.68 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.11). Starbucks had a net margin of 11.38% and a negative return on equity of 49.91%. The company had revenue of $8.56 billion for the quarter, compared to the consensus estimate of $9.12 billion. During the same period last year, the company earned $0.74 EPS. The firm’s revenue for the quarter was down 1.8% on a year-over-year basis. As a group, sell-side analysts expect that Starbucks will post 3.57 earnings per share for the current year.

Starbucks Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Friday, August 16th will be paid a $0.57 dividend. The ex-dividend date is Friday, August 16th. This represents a $2.28 dividend on an annualized basis and a yield of 3.05%. Starbucks’s dividend payout ratio is currently 62.81%.

Insiders Place Their Bets

In other Starbucks news, CEO Michael Aaron Conway sold 3,250 shares of the company’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $80.00, for a total value of $260,000.00. Following the transaction, the chief executive officer now directly owns 78,304 shares in the company, valued at approximately $6,264,320. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO Rachel Ruggeri sold 3,750 shares of the stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $80.00, for a total transaction of $300,000.00. Following the transaction, the chief financial officer now directly owns 65,431 shares in the company, valued at $5,234,480. The transaction 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 stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $80.00, for a total transaction of $260,000.00. Following the transaction, the chief executive officer now owns 78,304 shares in the company, valued at $6,264,320. The disclosure for this sale can be found here. Insiders have sold 7,250 shares of company stock worth $579,375 in the last three months. Corporate insiders own 1.98% of the company’s stock.

Institutional Investors Weigh In On Starbucks

Several institutional investors have recently bought and sold shares of SBUX. BKM Wealth Management LLC purchased a new position in shares of Starbucks during the fourth quarter worth $55,000. SG Americas Securities LLC raised its holdings in shares of Starbucks by 38.2% during the fourth quarter. SG Americas Securities LLC now owns 56,428 shares of the coffee company’s stock worth $5,418,000 after purchasing an additional 15,606 shares during the last quarter. HB Wealth Management LLC raised its holdings in shares of Starbucks by 14.8% during the fourth quarter. HB Wealth Management LLC now owns 31,087 shares of the coffee company’s stock worth $2,985,000 after purchasing an additional 3,999 shares during the last quarter. Compagnie Lombard Odier SCmA raised its holdings in shares of Starbucks by 49.2% during the fourth quarter. Compagnie Lombard Odier SCmA now owns 1,031 shares of the coffee company’s stock worth $99,000 after purchasing an additional 340 shares during the last quarter. Finally, Raymond James & Associates raised its holdings in shares of Starbucks by 4.2% during the fourth quarter. Raymond James & Associates now owns 1,491,108 shares of the coffee company’s stock worth $143,161,000 after purchasing an additional 60,661 shares during the last quarter. 72.29% of the stock is currently 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.