Starbucks (NASDAQ:SBUX) Given New $85.00 Price Target at Piper Sandler

Starbucks (NASDAQ:SBUX) had its price objective reduced by Piper Sandler from $88.00 to $85.00 in a report issued on Monday morning, Benzinga reports. They currently have a neutral rating on the coffee company’s stock.

Other research analysts have also recently issued reports about the stock. TD Cowen cut their price target on shares of Starbucks from $100.00 to $85.00 and set a hold rating on the stock in a report on Wednesday, May 1st. DZ Bank lowered Starbucks from a buy rating to a hold rating and set a $75.00 target price for the company. in a report on Friday, May 3rd. Barclays dropped their price target on Starbucks from $116.00 to $112.00 and set an overweight rating on the stock in a report on Wednesday, January 31st. Deutsche Bank Aktiengesellschaft cut Starbucks from a buy rating to a hold rating and cut their price objective for the stock from $108.00 to $89.00 in a research report on Wednesday, May 1st. Finally, Robert W. Baird decreased their target price on Starbucks from $106.00 to $100.00 and set a neutral rating for the company in a research report on Monday, March 18th. Seventeen equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Starbucks has an average rating of Hold and an average price target of $96.43.

Starbucks Stock Up 3.0 %

SBUX stock opened at $75.68 on Monday. The firm has a market capitalization of $85.72 billion, a PE ratio of 20.85, a P/E/G ratio of 1.58 and a beta of 0.97. Starbucks has a twelve month low of $71.80 and a twelve month high of $108.11. The stock’s 50 day moving average is $87.64 and its 200-day moving average is $93.39.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Tuesday, April 30th. The coffee company reported $0.68 EPS for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.11). The company had revenue of $8.56 billion during the quarter, compared to analysts’ expectations of $9.12 billion. Starbucks had a net margin of 11.38% and a negative return on equity of 49.91%. The company’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.74 earnings per share. On average, equities research analysts anticipate that Starbucks will post 3.63 earnings per share for the current fiscal year.

Starbucks Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Friday, May 17th will be issued a $0.57 dividend. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $2.28 annualized dividend and a dividend yield of 3.01%. Starbucks’s payout ratio is currently 62.81%.

Insider Activity at Starbucks

In other Starbucks news, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $85.39, for a total transaction of $277,517.50. Following the completion of the sale, the chief executive officer now directly owns 81,199 shares in the company, valued at $6,933,582.61. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Over the last quarter, insiders sold 7,250 shares of company stock valued at $651,738. Company insiders own 1.98% of the company’s stock.

Institutional Trading of Starbucks

A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in Starbucks by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 107,933,270 shares of the coffee company’s stock valued at $10,362,673,000 after acquiring an additional 1,041,622 shares in the last quarter. Northern Trust Corp increased its holdings in Starbucks by 1.5% in the 3rd quarter. Northern Trust Corp now owns 15,217,752 shares of the coffee company’s stock worth $1,388,924,000 after buying an additional 232,031 shares in the last quarter. Norges Bank purchased a new position in Starbucks in the 4th quarter worth about $1,240,652,000. Fisher Asset Management LLC raised its position in Starbucks by 2.4% in the 4th quarter. Fisher Asset Management LLC now owns 11,367,331 shares of the coffee company’s stock worth $1,091,378,000 after buying an additional 268,030 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in shares of Starbucks by 11.8% during the 3rd quarter. Invesco Ltd. now owns 10,541,739 shares of the coffee company’s stock valued at $962,144,000 after acquiring an additional 1,115,051 shares during the last quarter. Hedge funds and other institutional investors own 72.29% of the company’s stock.

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.