JPMorgan Chase & Co. Raises Starbucks (NASDAQ:SBUX) Price Target to $105.00

Starbucks (NASDAQ:SBUX) had its price target raised by JPMorgan Chase & Co. from $90.00 to $105.00 in a report issued on Monday morning, Benzinga reports. The brokerage currently has an overweight rating on the coffee company’s stock.

Other equities analysts also recently issued research reports about the stock. BMO Capital Markets upped their price objective on shares of Starbucks from $100.00 to $110.00 and gave the company an outperform rating in a research note on Monday, September 9th. Wedbush reissued a neutral rating and set a $80.00 price objective on shares of Starbucks in a research note on Tuesday, August 13th. Bank of America upped their price objective on shares of Starbucks from $112.00 to $118.00 and gave the company a buy rating in a research note on Wednesday, September 18th. Sanford C. Bernstein raised shares of Starbucks from a market perform rating to an outperform rating and upped their price objective for the company from $92.00 to $115.00 in a research note on Thursday, September 26th. Finally, The Goldman Sachs Group began coverage on shares of Starbucks in a research note on Thursday, June 13th. They set a buy rating and a $100.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $101.12.

Starbucks Price Performance

Shares of NASDAQ SBUX opened at $96.50 on Monday. Starbucks has a 12-month low of $71.55 and a 12-month high of $107.66. The company has a market capitalization of $109.31 billion, a PE ratio of 26.58, a price-to-earnings-growth ratio of 2.33 and a beta of 0.97. The firm’s 50-day moving average is $90.02 and its two-hundred day moving average is $84.32.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings results on Tuesday, July 30th. The coffee company reported $0.93 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.93. Starbucks had a net margin of 11.16% and a negative return on equity of 49.38%. The company had revenue of $9.11 billion for the quarter, compared to the consensus estimate of $9.25 billion. During the same quarter in the prior year, the firm earned $1.00 earnings per share. The company’s revenue for the quarter was down .6% compared to the same quarter last year. On average, analysts forecast that Starbucks will post 3.56 EPS for the current fiscal year.

Insider Activity

In other news, CEO Rachel Ruggeri sold 3,290 shares of the company’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $91.16, for a total value of $299,916.40. Following the completion of the transaction, the chief executive officer now directly owns 62,502 shares in the company, valued at $5,697,682.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Starbucks news, CEO Rachel Ruggeri sold 3,290 shares of the stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $91.16, for a total transaction of $299,916.40. Following the transaction, the chief executive officer now directly owns 62,502 shares in the company, valued at approximately $5,697,682.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jorgen Vig Knudstorp acquired 380 shares of Starbucks stock in a transaction on Friday, September 6th. The shares were bought at an average price of $91.50 per share, for a total transaction of $34,770.00. Following the completion of the purchase, the director now directly owns 36,242 shares in the company, valued at $3,316,143. The disclosure for this purchase can be found here. Insiders own 1.98% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Versant Capital Management Inc lifted its position in shares of Starbucks by 7.9% in the 1st quarter. Versant Capital Management Inc now owns 1,659 shares of the coffee company’s stock worth $152,000 after buying an additional 122 shares during the last quarter. Astoria Portfolio Advisors LLC. lifted its position in shares of Starbucks by 2.0% in the 1st quarter. Astoria Portfolio Advisors LLC. now owns 6,393 shares of the coffee company’s stock worth $544,000 after buying an additional 127 shares during the last quarter. Edge Capital Group LLC lifted its position in shares of Starbucks by 3.4% in the 4th quarter. Edge Capital Group LLC now owns 4,062 shares of the coffee company’s stock worth $390,000 after buying an additional 134 shares during the last quarter. M&R Capital Management Inc. lifted its position in shares of Starbucks by 30.9% in the 2nd quarter. M&R Capital Management Inc. now owns 567 shares of the coffee company’s stock worth $44,000 after buying an additional 134 shares during the last quarter. Finally, Fragasso Financial Advisors Inc lifted its position in shares of Starbucks by 1.1% in the 2nd quarter. Fragasso Financial Advisors Inc now owns 12,837 shares of the coffee company’s stock worth $999,000 after buying an additional 135 shares during the last quarter. 72.29% of the stock is currently owned by institutional investors.

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.