Wedbush Boosts Starbucks (NASDAQ:SBUX) Price Target to $80.00

Starbucks (NASDAQ:SBUX) had its price target boosted by equities researchers at Wedbush from $77.00 to $80.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has a “neutral” rating on the coffee company’s stock. Wedbush’s price target points to a potential upside of 5.35% from the stock’s current price.

Other equities analysts have also issued research reports about the company. Morgan Stanley lowered their price objective on Starbucks from $104.00 to $98.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. Guggenheim cut their price objective on shares of Starbucks from $100.00 to $91.00 and set a “buy” rating for the company in a research report on Friday, April 19th. JPMorgan Chase & Co. decreased their target price on shares of Starbucks from $92.00 to $90.00 and set an “overweight” rating on the stock in a report on Wednesday, July 10th. Evercore ISI downgraded shares of Starbucks from an “outperform” rating to an “inline” rating and cut their price target for the stock from $92.00 to $80.00 in a report on Tuesday, July 16th. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on shares of Starbucks from $89.00 to $85.00 and set a “hold” rating for the company in a report on Tuesday, July 16th. Seventeen investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $91.83.

Starbucks Price Performance

Shares of NASDAQ SBUX opened at $75.94 on Wednesday. The firm has a market cap of $86.02 billion, a price-to-earnings ratio of 20.92, a P/E/G ratio of 1.70 and a beta of 0.94. The stock’s fifty day moving average price is $77.79 and its two-hundred day moving average price is $84.89. Starbucks has a one year low of $71.55 and a one year high of $107.66.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Tuesday, July 30th. The coffee company reported $0.93 EPS for the quarter, meeting the consensus estimate of $0.93. Starbucks had a net margin of 11.38% and a negative return on equity of 49.91%. The business had revenue of $9.11 billion for the quarter, compared to the consensus estimate of $9.25 billion. During the same period in the prior year, the company posted $1.00 earnings per share. Starbucks’s revenue was down .6% compared to the same quarter last year. On average, equities analysts anticipate that Starbucks will post 3.57 earnings per share for the current fiscal year.

Insider Transactions at Starbucks

In related news, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $80.00, for a total transaction of $260,000.00. Following the transaction, the chief executive officer now owns 78,304 shares of the company’s stock, valued at $6,264,320. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO Michael Aaron Conway sold 3,250 shares of the firm’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $80.00, for a total transaction of $260,000.00. Following the transaction, the chief executive officer now directly owns 78,304 shares of the company’s stock, valued at $6,264,320. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Rachel Ruggeri sold 3,750 shares of the business’s stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $80.00, for a total transaction of $300,000.00. Following the transaction, the chief financial officer now owns 65,431 shares in the company, valued at $5,234,480. The disclosure for this sale can be found here. Insiders sold a total of 7,250 shares of company stock valued at $579,375 over the last ninety days. 1.98% of the stock is currently owned by insiders.

Institutional Trading of Starbucks

A number of institutional investors and hedge funds have recently modified their holdings of SBUX. Vima LLC purchased a new stake in shares of Starbucks during the 4th quarter valued at $26,000. Scarborough Advisors LLC bought a new stake in Starbucks in the fourth quarter worth about $26,000. New Millennium Group LLC purchased a new position in Starbucks in the second quarter valued at about $26,000. Stephens Consulting LLC grew its position in shares of Starbucks by 498.2% during the 2nd quarter. Stephens Consulting LLC now owns 335 shares of the coffee company’s stock valued at $26,000 after acquiring an additional 279 shares during the period. Finally, DSM Capital Partners LLC purchased a new stake in Starbucks in the fourth quarter worth $27,000. 72.29% of the stock is owned by hedge funds and other institutional investors.

Starbucks Company Profile

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.