Starbucks Corp. (SBUX) Given New $68.00 Price Target at Credit Agricole SA
Starbucks Corp. (NASDAQ:SBUX) had its price target reduced by stock analysts at Credit Agricole SA from $70.00 to $68.00 in a research report issued on Wednesday. The brokerage presently has a “buy” rating on the coffee company’s stock. Credit Agricole SA’s price objective would indicate a potential upside of 25.48% from the stock’s previous close.
Several other research firms also recently weighed in on SBUX. Goldman Sachs Group Inc. raised Starbucks Corp. from a “buy” rating to a “conviction-buy” rating and set a $69.00 price objective on the stock in a report on Tuesday, July 26th. Stifel Nicolaus reaffirmed a “hold” rating on shares of Starbucks Corp. in a research report on Sunday, July 24th. RBC Capital Markets reaffirmed an “outperform” rating and set a $68.00 target price on shares of Starbucks Corp. in a research report on Monday, July 25th. Nomura reaffirmed a “buy” rating and set a $70.00 target price on shares of Starbucks Corp. in a research report on Monday, July 25th. Finally, Deutsche Bank AG set a $64.00 target price on Starbucks Corp. and gave the stock a “hold” rating in a research report on Sunday, July 24th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $66.36.
Starbucks Corp. (NASDAQ:SBUX) opened at 54.19 on Wednesday. The firm has a 50-day moving average price of $55.26 and a 200-day moving average price of $56.72. The firm has a market capitalization of $79.48 billion, a PE ratio of 30.44 and a beta of 0.80. Starbucks Corp. has a 1-year low of $52.63 and a 1-year high of $64.00.
Starbucks Corp. (NASDAQ:SBUX) last released its quarterly earnings data on Thursday, July 21st. The coffee company reported $0.49 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.49. Starbucks Corp. had a return on equity of 46.89% and a net margin of 13.01%. The company had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.34 billion. Equities analysts expect that Starbucks Corp. will post $1.89 earnings per share for the current fiscal year.
In other news, Director Myron E. Ullman III sold 12,654 shares of the company’s stock in a transaction on Tuesday, July 26th. The shares were sold at an average price of $58.70, for a total value of $742,789.80. Following the transaction, the director now owns 26,654 shares of the company’s stock, valued at $1,564,589.80. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 3.38% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Evercore Wealth Management LLC boosted its position in Starbucks Corp. by 3.5% in the second quarter. Evercore Wealth Management LLC now owns 35,235 shares of the coffee company’s stock valued at $2,012,000 after buying an additional 1,207 shares during the last quarter. Macquarie Group Ltd. boosted its position in Starbucks Corp. by 1.6% in the second quarter. Macquarie Group Ltd. now owns 447,096 shares of the coffee company’s stock valued at $25,538,000 after buying an additional 6,910 shares during the last quarter. Carnick & Kubik Group LLC purchased a new position in Starbucks Corp. during the second quarter valued at $1,462,000. Williams Jones & Associates LLC boosted its position in Starbucks Corp. by 0.7% in the second quarter. Williams Jones & Associates LLC now owns 165,018 shares of the coffee company’s stock valued at $9,426,000 after buying an additional 1,152 shares during the last quarter. Finally, Kentucky Retirement Systems Insurance Trust Fund purchased a new position in Starbucks Corp. during the second quarter valued at $3,379,000. 68.13% of the stock is currently owned by hedge funds and other institutional investors.
Starbucks Corp. Company Profile
Starbucks Corporation is the roaster, marketer and retailer of specialty coffee. The Company purchases and roasts coffees that it sells, along with coffee, tea and other beverages, and a range of fresh food items, through Company-operated stores. It also sells a range of coffee and tea products and licenses its trademarks through other channels, such as licensed stores, grocery and national foodservice accounts.
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