Starbucks (NASDAQ:SBUX) Given New $92.00 Price Target at Evercore ISI

Starbucks (NASDAQ:SBUX) had its target price lowered by Evercore ISI from $120.00 to $92.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has an outperform rating on the coffee company’s stock.

A number of other equities research analysts also recently issued reports on SBUX. Barclays lowered their price target on Starbucks from $116.00 to $112.00 and set an overweight rating for the company in a research report on Wednesday, January 31st. Piper Sandler decreased their target price on Starbucks from $107.00 to $100.00 and set a neutral rating for the company in a report on Friday, January 19th. BTIG Research cut their price target on shares of Starbucks from $115.00 to $100.00 and set a buy rating on the stock in a report on Wednesday. Wedbush decreased their price objective on shares of Starbucks from $95.00 to $92.00 and set a neutral rating for the company in a research note on Friday, April 26th. Finally, Robert W. Baird cut their target price on shares of Starbucks from $106.00 to $100.00 and set a neutral rating on the stock in a research note on Monday, March 18th. Sixteen equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Starbucks has an average rating of Hold and an average price target of $100.39.

Starbucks Price Performance

SBUX opened at $74.44 on Wednesday. Starbucks has a 12 month low of $72.67 and a 12 month high of $114.56. The business has a 50-day moving average of $89.76 and a two-hundred day moving average of $94.11. The stock has a market capitalization of $84.28 billion, a price-to-earnings ratio of 20.51, a price-to-earnings-growth ratio of 1.49 and a beta of 0.97.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings results on Tuesday, April 30th. The coffee company reported $0.68 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.11). The company had revenue of $8.56 billion for the quarter, compared to analyst estimates of $9.12 billion. Starbucks had a negative return on equity of 50.10% and a net margin of 11.38%. The business’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same period last year, the company posted $0.74 EPS. Equities research analysts anticipate that Starbucks will post 3.99 earnings per share for the current year.

Starbucks Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 17th will be issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 3.06%. The ex-dividend date of this dividend is Thursday, May 16th. Starbucks’s dividend payout ratio is currently 62.81%.

Insider Transactions at Starbucks

In other news, CEO Michael Aaron Conway sold 3,250 shares of the stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $85.39, for a total transaction of $277,517.50. Following the transaction, the chief executive officer now owns 81,199 shares of the company’s stock, valued at $6,933,582.61. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last 90 days, insiders sold 7,250 shares of company stock valued at $651,738. Insiders own 1.98% of the company’s stock.

Hedge Funds Weigh In On Starbucks

Large investors have recently added to or reduced their stakes in the company. Brookstone Capital Management lifted its position in shares of Starbucks by 8.4% in the 3rd quarter. Brookstone Capital Management now owns 18,541 shares of the coffee company’s stock worth $1,751,000 after buying an additional 1,443 shares during the last quarter. Vicus Capital acquired a new position in Starbucks in the third quarter valued at approximately $237,000. Raymond James Financial Services Advisors Inc. raised its position in shares of Starbucks by 1.3% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 647,987 shares of the coffee company’s stock worth $59,142,000 after purchasing an additional 8,374 shares during the period. Simon Quick Advisors LLC lifted its holdings in shares of Starbucks by 7.9% in the 3rd quarter. Simon Quick Advisors LLC now owns 3,675 shares of the coffee company’s stock worth $335,000 after purchasing an additional 269 shares during the last quarter. Finally, Capital Advisors Inc. OK boosted its position in Starbucks by 11.5% during the 3rd quarter. Capital Advisors Inc. OK now owns 3,789 shares of the coffee company’s stock valued at $346,000 after purchasing an additional 391 shares during the period. 72.29% of the stock is currently owned by institutional investors.

About Starbucks

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.