Starbucks (NASDAQ:SBUX) Given New $98.00 Price Target at Citigroup

Starbucks (NASDAQ:SBUX) had its target price hoisted by Citigroup from $82.00 to $98.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The brokerage currently has a neutral rating on the coffee company’s stock.

A number of other research analysts have also issued reports on the stock. Guggenheim dropped their price objective on shares of Starbucks from $100.00 to $91.00 and set a buy rating for the company in a report on Friday, April 19th. UBS Group dropped their price objective on shares of Starbucks from $95.00 to $85.00 and set a neutral rating for the company in a report on Wednesday, May 1st. Wedbush restated a neutral rating and set a $80.00 price target on shares of Starbucks in a report on Tuesday. Oppenheimer restated a market perform rating on shares of Starbucks in a report on Friday, April 19th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Starbucks from a hold rating to a buy rating and raised their price target for the stock from $85.00 to $118.00 in a report on Wednesday. Twelve analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of $98.79.

Starbucks Price Performance

NASDAQ SBUX traded down $0.46 during trading hours on Wednesday, reaching $93.44. The company’s stock had a trading volume of 2,405,351 shares, compared to its average volume of 11,916,168. The firm has a fifty day simple moving average of $77.69 and a 200-day simple moving average of $83.91. The stock has a market cap of $105.89 billion, a P/E ratio of 25.87, a P/E/G ratio of 1.80 and a beta of 0.94. Starbucks has a 52 week low of $71.55 and a 52 week high of $107.66.

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

Starbucks Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 16th will be given a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 2.44%. The ex-dividend date of this dividend is Friday, August 16th. Starbucks’s payout ratio is currently 62.81%.

Insider Activity at Starbucks

In related news, CFO Rachel Ruggeri sold 3,750 shares of Starbucks 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 owns 65,431 shares of the company’s stock, valued at approximately $5,234,480. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CFO Rachel Ruggeri sold 3,750 shares of Starbucks 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 owns 65,431 shares of the company’s stock, valued at approximately $5,234,480. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Michael Aaron Conway sold 3,250 shares of Starbucks 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 completion of the sale, the chief executive officer now directly owns 78,304 shares of the company’s stock, valued at approximately $6,264,320. The disclosure for this sale can be found here. In the last 90 days, insiders sold 7,250 shares of company stock valued at $579,375. 1.98% of the stock is owned by company insiders.

Hedge Funds Weigh In On Starbucks

A number of hedge funds have recently bought and sold shares of the company. Daymark Wealth Partners LLC boosted its holdings in Starbucks by 21.8% during the 2nd quarter. Daymark Wealth Partners LLC now owns 14,254 shares of the coffee company’s stock worth $1,110,000 after acquiring an additional 2,552 shares during the last quarter. DoubleLine ETF Adviser LP purchased a new position in Starbucks during the 2nd quarter worth $2,361,000. Drucker Wealth 3.0 LLC purchased a new position in Starbucks during the 2nd quarter worth $3,479,000. Elgethun Capital Management boosted its holdings in Starbucks by 4.2% during the 2nd quarter. Elgethun Capital Management now owns 44,863 shares of the coffee company’s stock worth $3,493,000 after acquiring an additional 1,789 shares during the last quarter. Finally, Alley Investment Management Company LLC raised its stake in shares of Starbucks by 1.1% during the 2nd quarter. Alley Investment Management Company LLC now owns 144,115 shares of the coffee company’s stock worth $11,219,000 after purchasing an additional 1,620 shares during the period. 72.29% of the stock is owned by hedge funds and other 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.