Starbucks Corp. (SBUX) Price Target Cut to $64.00 by Analysts at RBC Capital Markets
Starbucks Corp. (NASDAQ:SBUX) had its price objective dropped by research analysts at RBC Capital Markets from $68.00 to $64.00 in a research report issued on Wednesday. The firm presently has an “outperform” rating on the coffee company’s stock. RBC Capital Markets’ price target would indicate a potential upside of 21.65% from the stock’s current price.
SBUX has been the topic of a number of other reports. Robert W. Baird reiterated an “outperform” rating on shares of Starbucks Corp. in a report on Thursday, September 8th. Goldman Sachs Group Inc. restated a “buy” rating and issued a $69.00 target price on shares of Starbucks Corp. in a report on Friday, September 23rd. Zacks Investment Research downgraded shares of Starbucks Corp. from a “hold” rating to a “sell” rating in a report on Wednesday, September 21st. Wedbush reduced their target price on shares of Starbucks Corp. from $70.00 to $65.00 and set an “outperform” rating on the stock in a report on Wednesday, September 28th. Finally, BTIG Research set a $64.00 target price on shares of Starbucks Corp. and gave the stock a “buy” rating in a report on Monday, September 12th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $66.04.
Shares of Starbucks Corp. (NASDAQ:SBUX) opened at 52.61 on Wednesday. Starbucks Corp. has a one year low of $52.59 and a one year high of $64.00. The firm has a 50-day moving average of $54.13 and a 200 day moving average of $56.08. The stock has a market capitalization of $77.16 billion, a price-to-earnings ratio of 29.56 and a beta of 0.83.
Starbucks Corp. (NASDAQ:SBUX) last announced its quarterly earnings results on Thursday, July 21st. The coffee company reported $0.49 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.49. The company had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.34 billion. Starbucks Corp. had a net margin of 13.01% and a return on equity of 46.89%. On average, equities research analysts predict that Starbucks Corp. will post $1.89 EPS for the current year.
In other news, Director Myron E. Ullman III sold 12,654 shares of the 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 sale, the director now owns 26,654 shares in the company, valued at $1,564,589.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.38% of the stock is currently owned by insiders.
Several hedge funds have recently added to or reduced their stakes in the company. Bank of Montreal Can acquired a new stake in Starbucks Corp. during the second quarter worth $204,254,000. Vontobel Asset Management Inc. increased its stake in shares of Starbucks Corp. by 744.1% in the third quarter. Vontobel Asset Management Inc. now owns 3,517,590 shares of the coffee company’s stock worth $196,385,000 after buying an additional 3,100,871 shares during the period. Emerald Acquisition Ltd. purchased a new stake in shares of Starbucks Corp. during the second quarter worth about $148,507,000. Capital World Investors increased its stake in shares of Starbucks Corp. by 8.1% in the second quarter. Capital World Investors now owns 26,626,026 shares of the coffee company’s stock worth $1,520,879,000 after buying an additional 2,000,107 shares during the period. Finally, Ameriprise Financial Inc. increased its stake in shares of Starbucks Corp. by 75.9% in the second quarter. Ameriprise Financial Inc. now owns 4,360,676 shares of the coffee company’s stock worth $249,099,000 after buying an additional 1,882,130 shares during the period. Hedge funds and other institutional investors own 68.39% of the company’s stock.
About Starbucks Corp.
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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