Wedbush Weighs in on Starbucks Corp.’s FY2016 Earnings (SBUX)
Starbucks Corp. (NASDAQ:SBUX) – Stock analysts at Wedbush lowered their FY2016 EPS estimates for shares of Starbucks Corp. in a report issued on Tuesday. Wedbush analyst N. Setyan now forecasts that the firm will post earnings per share of $1.88 for the year, down from their prior estimate of $1.89. Wedbush currently has a “Outperform” rating and a $65.00 target price on the stock. Wedbush also issued estimates for Starbucks Corp.’s Q1 2017 earnings at $0.55 EPS, Q3 2017 earnings at $0.53 EPS, Q4 2017 earnings at $0.58 EPS and FY2017 earnings at $2.13 EPS.
Several other analysts also recently commented on SBUX. Stifel Nicolaus reaffirmed a “hold” rating on shares of Starbucks Corp. in a research note on Monday, June 6th. Royal Bank Of Canada reissued an “outperform” rating and set a $68.00 target price on shares of Starbucks Corp. in a research note on Monday, June 13th. Zacks Investment Research downgraded Starbucks Corp. from a “buy” rating to a “hold” rating in a research note on Monday, June 27th. Robert W. Baird reissued an “outperform” rating on shares of Starbucks Corp. in a research note on Tuesday, June 28th. Finally, Morgan Stanley reissued an “overweight” rating on shares of Starbucks Corp. in a research note on Wednesday, June 29th. One equities 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 given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $66.54.
Starbucks Corp. (NASDAQ:SBUX) opened at 53.45 on Thursday. The company’s 50-day moving average price is $55.17 and its 200-day moving average price is $56.68. Starbucks Corp. has a 12 month low of $52.63 and a 12 month high of $64.00. The stock has a market cap of $78.39 billion, a P/E ratio of 30.03 and a beta of 0.80.
Starbucks Corp. (NASDAQ:SBUX) last issued its quarterly earnings results on Thursday, July 21st. The coffee company reported $0.49 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.49. The firm had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.34 billion. Starbucks Corp. had a return on equity of 46.89% and a net margin of 13.01%.
Institutional investors have recently modified their holdings of the stock. Evercore Wealth Management LLC increased its position in shares of Starbucks Corp. by 3.5% in the second quarter. Evercore Wealth Management LLC now owns 35,235 shares of the coffee company’s stock worth $2,012,000 after buying an additional 1,207 shares during the last quarter. Macquarie Group Ltd. increased its position in shares of Starbucks Corp. by 1.6% in the second quarter. Macquarie Group Ltd. now owns 447,096 shares of the coffee company’s stock worth $25,538,000 after buying an additional 6,910 shares during the last quarter. Carnick & Kubik Group LLC bought a new position in shares of Starbucks Corp. during the second quarter worth approximately $1,462,000. Williams Jones & Associates LLC increased its position in shares of Starbucks Corp. by 0.7% in the second quarter. Williams Jones & Associates LLC now owns 165,018 shares of the coffee company’s stock worth $9,426,000 after buying an additional 1,152 shares during the last quarter. Finally, Kentucky Retirement Systems Insurance Trust Fund bought a new position in shares of Starbucks Corp. during the second quarter worth approximately $3,379,000. Institutional investors own 68.13% of the company’s stock.
In other Starbucks Corp. news, Director Myron E. Ullman III sold 12,654 shares of Starbucks Corp. stock in a transaction that occurred on Tuesday, July 26th. The stock was sold at an average price of $58.70, for a total value of $742,789.80. Following the completion of the transaction, the director now directly owns 26,654 shares in the company, valued at $1,564,589.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 3.38% of the stock is owned by company insiders.
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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