Starbucks (NASDAQ:SBUX) Rating Reiterated by TD Cowen

Starbucks (NASDAQ:SBUX)‘s stock had its “buy” rating reiterated by analysts at TD Cowen in a report issued on Thursday, Benzinga reports. They presently have a $110.00 price target on the coffee company’s stock. TD Cowen’s target price suggests a potential upside of 12.65% from the stock’s previous close.

SBUX has been the topic of a number of other reports. BMO Capital Markets upped their target price on shares of Starbucks from $100.00 to $110.00 and gave the stock an “outperform” rating in a research report on Monday. Wedbush restated a “neutral” rating and issued a $80.00 price objective on shares of Starbucks in a report on Tuesday, August 13th. The Goldman Sachs Group started coverage on shares of Starbucks in a research note on Thursday, June 13th. They set a “buy” rating and a $100.00 target price for the company. Stifel Nicolaus raised Starbucks from a “hold” rating to a “buy” rating and boosted their price target for the stock from $80.00 to $110.00 in a research report on Wednesday, August 14th. Finally, Bank of America lifted their price objective on Starbucks from $108.00 to $112.00 and gave the company a “buy” rating in a research note on Monday, June 10th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Starbucks presently has a consensus rating of “Moderate Buy” and an average target price of $99.83.

Starbucks Price Performance

SBUX traded down $0.55 on Thursday, hitting $97.65. The company had a trading volume of 3,216,834 shares, compared to its average volume of 11,921,884. The stock has a fifty day simple moving average of $83.48 and a 200-day simple moving average of $83.86. The firm has a market capitalization of $110.66 billion, a P/E ratio of 26.90, a P/E/G ratio of 2.18 and a beta of 0.96. Starbucks has a 52-week low of $71.55 and a 52-week high of $107.66.

Starbucks (NASDAQ:SBUX) last released its earnings results on Tuesday, July 30th. The coffee company reported $0.93 EPS for the quarter, meeting analysts’ consensus estimates of $0.93. The company had revenue of $9.11 billion during the quarter, compared to analysts’ expectations of $9.25 billion. Starbucks had a negative return on equity of 49.38% and a net margin of 11.16%. The firm’s revenue for the quarter was down .6% compared to the same quarter last year. During the same quarter last year, the business posted $1.00 EPS. Equities research analysts expect that Starbucks will post 3.56 earnings per share for the current fiscal year.

Insider Activity at Starbucks

In other Starbucks news, CEO Michael Aaron Conway sold 3,250 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $94.03, for a total value of $305,597.50. Following the sale, the chief executive officer now owns 75,054 shares in the company, valued at approximately $7,057,327.62. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CEO Michael Aaron Conway sold 3,250 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $94.03, for a total transaction of $305,597.50. Following the completion of the transaction, the chief executive officer now directly owns 75,054 shares of the company’s stock, valued at $7,057,327.62. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Rachel Ruggeri sold 3,290 shares of Starbucks stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $91.16, for a total value of $299,916.40. Following the completion of the sale, the chief executive officer now directly owns 62,502 shares in the company, valued at approximately $5,697,682.32. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,790 shares of company stock valued at $865,514. Corporate insiders own 1.98% of the company’s stock.

Institutional Trading of Starbucks

Several hedge funds have recently made changes to their positions in the business. Lazari Capital Management Inc. boosted its holdings in shares of Starbucks by 13.0% in the 2nd quarter. Lazari Capital Management Inc. now owns 17,738 shares of the coffee company’s stock worth $1,381,000 after purchasing an additional 2,044 shares during the period. Sanctuary Advisors LLC purchased a new stake in Starbucks in the 2nd quarter valued at about $18,704,000. Coronation Fund Managers Ltd. bought a new position in Starbucks during the 2nd quarter worth about $2,043,000. Creekside Partners bought a new stake in shares of Starbucks in the 2nd quarter valued at about $357,000. Finally, Brown Financial Advisors bought a new position in shares of Starbucks during the second quarter valued at approximately $1,375,000. 72.29% of the stock is currently 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.