Barclays Trims Starbucks (NASDAQ:SBUX) Target Price to $93.00

Starbucks (NASDAQ:SBUX) had its target price cut by Barclays from $95.00 to $93.00 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have an overweight rating on the coffee company’s stock.

A number of other brokerages have also commented on SBUX. BTIG Research dropped their target price on Starbucks from $115.00 to $100.00 and set a buy rating on the stock in a research report on Wednesday, May 1st. Morgan Stanley restated an overweight rating and issued a $98.00 price objective on shares of Starbucks in a research report on Wednesday. Evercore ISI lowered Starbucks from an outperform rating to an inline rating and lowered their price objective for the stock from $92.00 to $80.00 in a research report on Tuesday, July 16th. HSBC lowered their price objective on Starbucks from $107.00 to $84.00 and set a hold rating on the stock in a research report on Friday, May 3rd. Finally, BMO Capital Markets cut their price target 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. Seventeen equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of Hold and a consensus target price of $90.88.

Starbucks Price Performance

SBUX stock opened at $75.88 on Wednesday. The business has a 50-day moving average price of $77.62 and a 200 day moving average price of $84.61. The company has a market capitalization of $85.99 billion, a P/E ratio of 20.90, a PEG ratio of 1.74 and a beta of 0.94. Starbucks has a 1-year low of $71.55 and a 1-year high of $107.66.

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

Starbucks Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Friday, August 16th will be paid a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 3.00%. The ex-dividend date of this dividend is Friday, August 16th. Starbucks’s payout ratio is presently 62.81%.

Insider Buying and Selling

In related news, CEO Michael Aaron Conway sold 3,250 shares of the business’s 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 completion of the sale, the chief executive officer now owns 78,304 shares in the company, valued at $6,264,320. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Starbucks news, CFO Rachel Ruggeri sold 3,750 shares of Starbucks stock in a transaction that occurred on 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 of the company’s stock, valued at $5,234,480. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, 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 value 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 disclosure for this sale can be found here. Insiders sold a total of 7,250 shares of company stock worth $579,375 over the last 90 days. 1.98% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. First National Trust Co increased its holdings in shares of Starbucks by 2.2% in the fourth quarter. First National Trust Co now owns 5,033 shares of the coffee company’s stock valued at $483,000 after purchasing an additional 106 shares during the period. Graybill Wealth Management LTD. increased its holdings in shares of Starbucks by 0.3% in the fourth quarter. Graybill Wealth Management LTD. now owns 40,088 shares of the coffee company’s stock valued at $3,849,000 after purchasing an additional 109 shares during the period. Blue Bell Private Wealth Management LLC boosted its stake in shares of Starbucks by 24.6% in the fourth quarter. Blue Bell Private Wealth Management LLC now owns 598 shares of the coffee company’s stock valued at $57,000 after buying an additional 118 shares in the last quarter. Versant Capital Management Inc boosted its stake in shares of Starbucks by 7.9% in the first quarter. Versant Capital Management Inc now owns 1,659 shares of the coffee company’s stock valued at $152,000 after buying an additional 122 shares in the last quarter. Finally, Valmark Advisers Inc. boosted its stake in shares of Starbucks by 1.1% in the fourth quarter. Valmark Advisers Inc. now owns 10,857 shares of the coffee company’s stock valued at $1,042,000 after buying an additional 123 shares in the last quarter. 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.