Starbucks (NASDAQ:SBUX) Shares Up 1.7%

Shares of Starbucks Co. (NASDAQ:SBUX) shot up 1.7% on Wednesday . The company traded as high as $94.99 and last traded at $94.93. 2,874,545 shares were traded during trading, a decline of 76% from the average session volume of 11,877,751 shares. The stock had previously closed at $93.34.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Jefferies Financial Group lowered their price objective on Starbucks from $84.00 to $80.00 and set a “hold” rating for the company in a research note on Wednesday, July 31st. Bank of America increased their price objective on Starbucks from $108.00 to $112.00 and gave the stock a “buy” rating in a research note on Monday, June 10th. JPMorgan Chase & Co. lowered their price objective on Starbucks from $92.00 to $90.00 and set an “overweight” rating for the company in a research note on Wednesday, July 10th. Piper Sandler raised Starbucks from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $85.00 to $103.00 in a research note on Tuesday, August 13th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $98.00 price objective on shares of Starbucks in a research note on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $99.83.

Starbucks Stock Up 1.1 %

The company has a market cap of $112.50 billion, a PE ratio of 27.35, a P/E/G ratio of 2.35 and a beta of 0.96. The stock has a 50-day moving average of $83.94 and a 200-day moving average of $83.96.

Starbucks (NASDAQ:SBUX) last issued its quarterly 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 during 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%. The company’s revenue was down .6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.00 earnings per share. Research analysts expect that Starbucks Co. will post 3.56 EPS for the current year.

Insiders Place Their Bets

In other Starbucks news, CEO Michael Aaron Conway sold 3,250 shares of the business’s stock in a transaction on 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 sale, the chief executive officer now directly owns 75,054 shares of the company’s stock, valued at $7,057,327.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Rachel Ruggeri sold 3,290 shares of the stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $91.16, for a total transaction of $299,916.40. Following the completion of the sale, the chief executive officer now owns 62,502 shares of the company’s stock, valued at $5,697,682.32. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $94.03, for a total transaction of $305,597.50. Following the completion of the transaction, the chief executive officer now directly owns 75,054 shares in the company, valued at $7,057,327.62. The disclosure for this sale can be found here. Insiders own 1.98% of the company’s stock.

Institutional Investors Weigh In On Starbucks

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SBUX. Gryphon Financial Partners LLC raised its holdings in Starbucks by 96.3% during the 4th quarter. Gryphon Financial Partners LLC now owns 5,213 shares of the coffee company’s stock valued at $508,000 after buying an additional 2,558 shares during the last quarter. Foundations Investment Advisors LLC raised its holdings in Starbucks by 85.0% in the 4th quarter. Foundations Investment Advisors LLC now owns 15,483 shares of the coffee company’s stock worth $1,446,000 after purchasing an additional 7,116 shares in the last quarter. Apexium Financial LP raised its holdings in Starbucks by 14.4% in the 4th quarter. Apexium Financial LP now owns 3,697 shares of the coffee company’s stock worth $355,000 after purchasing an additional 465 shares in the last quarter. First Eagle Investment Management LLC raised its holdings in Starbucks by 0.5% in the 4th quarter. First Eagle Investment Management LLC now owns 50,910 shares of the coffee company’s stock worth $4,888,000 after purchasing an additional 240 shares in the last quarter. Finally, Meridian Wealth Management LLC raised its holdings in Starbucks by 26.8% in the 4th quarter. Meridian Wealth Management LLC now owns 14,932 shares of the coffee company’s stock worth $1,434,000 after purchasing an additional 3,156 shares in the last quarter. 72.29% of the stock is currently owned by institutional investors.

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.