Starbucks (NASDAQ:SBUX) Upgraded to Overweight at Piper Sandler

Starbucks (NASDAQ:SBUX) was upgraded by equities researchers at Piper Sandler from a “neutral” rating to an “overweight” rating in a research report issued to clients and investors on Tuesday, MarketBeat Ratings reports. The brokerage presently has a $103.00 price target on the coffee company’s stock, up from their previous price target of $85.00. Piper Sandler’s price objective indicates a potential upside of 9.69% from the stock’s previous close.

Several other equities research analysts have also weighed in on the stock. Barclays dropped their price objective on shares of Starbucks from $95.00 to $93.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 31st. Bank of America upped their price objective on Starbucks from $108.00 to $112.00 and gave the stock a “buy” rating in a research note on Monday, June 10th. Oppenheimer restated a “market perform” rating on shares of Starbucks in a research report on Friday, April 19th. TD Cowen reaffirmed a “hold” rating and set a $81.00 price target on shares of Starbucks in a report on Wednesday, August 7th. Finally, BMO Capital Markets reduced their price objective on shares of Starbucks from $120.00 to $100.00 and set an “outperform” rating for the company in a report on Monday, July 22nd. Fourteen investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $93.04.

Starbucks Trading Up 21.9 %

NASDAQ:SBUX traded up $16.87 on Tuesday, reaching $93.90. The stock had a trading volume of 81,755,000 shares, compared to its average volume of 11,272,482. The stock has a market cap of $106.41 billion, a P/E ratio of 26.15, a price-to-earnings-growth ratio of 1.80 and a beta of 0.94. Starbucks has a 12-month low of $71.55 and a 12-month high of $107.66. The company has a 50-day moving average of $77.18 and a 200 day moving average of $83.82.

Starbucks (NASDAQ:SBUX) last released its earnings results on Tuesday, July 30th. The coffee company reported $0.93 earnings per share for the quarter, hitting the consensus estimate of $0.93. Starbucks had a net margin of 11.16% and a negative return on equity of 49.38%. The company had revenue of $9.11 billion during the quarter, compared to the consensus estimate of $9.25 billion. During the same quarter in the previous year, the firm earned $1.00 EPS. The company’s revenue was down .6% on a year-over-year basis. On average, equities analysts predict that Starbucks will post 3.55 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Michael Aaron Conway sold 3,250 shares of the business’s stock in a transaction on 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 in the company, valued at approximately $6,264,320. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CFO Rachel Ruggeri sold 3,750 shares of the company’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $80.00, for a total value of $300,000.00. Following the completion of the sale, the chief financial officer now directly owns 65,431 shares in the company, valued at $5,234,480. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 value of $260,000.00. Following the transaction, the chief executive officer now owns 78,304 shares in the company, valued at $6,264,320. The disclosure for this sale can be found here. Insiders sold a total of 7,250 shares of company stock worth $579,375 in the last quarter. 1.98% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Norges Bank bought a new position in shares of Starbucks in the fourth quarter valued at approximately $1,240,652,000. Ontario Teachers Pension Plan Board bought a new position in shares of Starbucks in the first quarter worth about $415,167,000. Diamond Hill Capital Management Inc. acquired a new position in shares of Starbucks during the 2nd quarter worth about $243,910,000. Flossbach Von Storch AG increased its position in Starbucks by 106.7% in the 1st quarter. Flossbach Von Storch AG now owns 5,612,687 shares of the coffee company’s stock worth $512,943,000 after buying an additional 2,897,282 shares during the period. Finally, Capital World Investors bought a new stake in shares of Starbucks in the first quarter valued at approximately $257,721,000. Institutional investors and hedge funds own 72.29% of the company’s stock.

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.