Wedbush Upgrades Starbucks Corporation (SBUX) to “Outperform”
Starbucks Corporation (NASDAQ:SBUX) was upgraded by analysts at Wedbush from a “neutral” rating to an “outperform” rating in a report released on Friday. The brokerage currently has a $60.00 target price on the coffee company’s stock, up from their previous target price of $57.00. Wedbush’s price objective indicates a potential upside of 10.38% from the company’s previous close.
A number of other research analysts have also weighed in on SBUX. Stifel Nicolaus raised Starbucks Corporation to a “buy” rating in a report on Saturday, May 13th. UBS AG set a $70.00 price target on Starbucks Corporation and gave the company a “buy” rating in a research note on Saturday, May 13th. Cowen and Company restated an “outperform” rating and issued a $63.00 price target on shares of Starbucks Corporation in a research note on Thursday. Sanford C. Bernstein restated an “outperform” rating and issued a $67.00 price target on shares of Starbucks Corporation in a research note on Wednesday. Finally, BMO Capital Markets downgraded Starbucks Corporation from an “outperform” rating to a “market perform” rating and boosted their price target for the company from $54.52 to $64.00 in a research note on Wednesday, August 9th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-one have given a buy rating and three have assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $64.64.
Starbucks Corporation (NASDAQ SBUX) opened at 54.36 on Friday. The stock’s 50 day moving average is $55.81 and its 200-day moving average is $58.10. The firm has a market capitalization of $78.49 billion, a PE ratio of 27.44 and a beta of 0.80. Starbucks Corporation has a 52-week low of $50.84 and a 52-week high of $64.87.
Starbucks Corporation (NASDAQ:SBUX) last posted its earnings results on Thursday, July 27th. The coffee company reported $0.55 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.55. The business had revenue of $5.66 billion for the quarter, compared to analyst estimates of $5.76 billion. Starbucks Corporation had a return on equity of 52.82% and a net margin of 12.93%. The firm’s revenue was up 8.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.49 EPS. Equities analysts expect that Starbucks Corporation will post $2.07 earnings per share for the current year.
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In related news, Director Jorgen Vig Knudstorp bought 18,000 shares of the company’s stock in a transaction dated Friday, August 4th. The shares were bought at an average price of $55.30 per share, for a total transaction of $995,400.00. Following the completion of the acquisition, the director now directly owns 18,000 shares of the company’s stock, valued at $995,400. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Myron E. Ullman III sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $60.63, for a total value of $606,300.00. Following the completion of the transaction, the director now owns 24,000 shares in the company, valued at approximately $1,455,120. The disclosure for this sale can be found here. 3.40% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Jacobi Capital Management LLC raised its position in Starbucks Corporation by 2.7% in the first quarter. Jacobi Capital Management LLC now owns 1,878 shares of the coffee company’s stock worth $109,000 after buying an additional 50 shares in the last quarter. Gradient Investments LLC raised its stake in shares of Starbucks Corporation by 2.5% in the second quarter. Gradient Investments LLC now owns 1,911 shares of the coffee company’s stock worth $111,000 after buying an additional 46 shares during the period. Sharkey Howes & Javer raised its stake in shares of Starbucks Corporation by 8.5% in the second quarter. Sharkey Howes & Javer now owns 1,924 shares of the coffee company’s stock worth $112,000 after buying an additional 150 shares during the period. IHT Wealth Management LLC raised its stake in shares of Starbucks Corporation by 10.2% in the first quarter. IHT Wealth Management LLC now owns 2,012 shares of the coffee company’s stock worth $117,000 after buying an additional 187 shares during the period. Finally, TrimTabs Asset Management LLC acquired a new stake in shares of Starbucks Corporation during the first quarter worth approximately $122,000. Institutional investors own 69.98% of the company’s stock.
Starbucks Corporation Company Profile
Starbucks Corporation (Starbucks) is a roaster, marketer and retailer of coffee. As of October 2, 2016, the Company operated in 75 countries. The Company operates through four segments: Americas, which is inclusive of the United States, Canada, and Latin America; China/Asia Pacific (CAP); Europe, Middle East, and Africa (EMEA), and Channel Development.
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