Starbucks (NASDAQ:SBUX) Given New $96.00 Price Target at Citigroup

Starbucks (NASDAQ:SBUX) had its target price lowered by Citigroup from $99.00 to $96.00 in a research report report published on Wednesday morning, Benzinga reports. The brokerage currently has a neutral rating on the coffee company’s stock.

Several other analysts also recently weighed in on SBUX. Sanford C. Bernstein upgraded Starbucks from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $92.00 to $115.00 in a research note on Thursday, September 26th. Stifel Nicolaus reduced their price target on Starbucks from $110.00 to $105.00 and set a “buy” rating for the company in a report on Wednesday. Bank of America dropped their price target on shares of Starbucks from $118.00 to $117.00 and set a “buy” rating on the stock in a research note on Tuesday. Morgan Stanley raised their price objective on shares of Starbucks from $98.00 to $115.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Finally, 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 note on Monday, September 9th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $102.48.

Starbucks Stock Up 0.9 %

Shares of SBUX stock opened at $97.65 on Wednesday. The business’s fifty day moving average is $95.38 and its 200 day moving average is $84.89. The stock has a market cap of $110.61 billion, a price-to-earnings ratio of 26.90, a PEG ratio of 2.14 and a beta of 0.97. Starbucks has a twelve month low of $71.55 and a twelve month high of $107.66.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings results on Tuesday, July 30th. The coffee company reported $0.93 earnings per share (EPS) 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 analyst estimates of $9.25 billion. During the same period last year, the business earned $1.00 EPS. Starbucks’s quarterly revenue was down .6% compared to the same quarter last year. Equities research analysts expect that Starbucks will post 3.55 earnings per share for the current fiscal year.

Starbucks Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be issued a $0.61 dividend. This is a boost from Starbucks’s previous quarterly dividend of $0.57. This represents a $2.44 dividend on an annualized basis and a yield of 2.50%. The ex-dividend date of this dividend is Friday, November 15th. Starbucks’s dividend payout ratio (DPR) is currently 62.81%.

Insider Buying and Selling at Starbucks

In other news, CEO Rachel Ruggeri sold 3,290 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $91.16, for a total value of $299,916.40. Following the transaction, the chief executive officer now owns 62,502 shares of the company’s stock, valued at $5,697,682.32. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Rachel Ruggeri sold 3,290 shares of the stock in a transaction on Tuesday, August 13th. The shares were 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 of the company’s stock, valued at $5,697,682.32. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $94.03, for a total transaction of $305,597.50. Following the transaction, the chief executive officer now owns 75,054 shares in the company, valued at approximately $7,057,327.62. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.98% of the stock is currently owned by corporate insiders.

Institutional Trading of Starbucks

Several institutional investors have recently made changes to their positions in SBUX. Strategic Investment Solutions Inc. IL bought a new position in Starbucks in the 2nd quarter worth approximately $25,000. New Millennium Group LLC purchased a new position in Starbucks during the second quarter valued at $26,000. Stephens Consulting LLC lifted its stake in Starbucks by 498.2% in the 2nd quarter. Stephens Consulting LLC now owns 335 shares of the coffee company’s stock worth $26,000 after purchasing an additional 279 shares in the last quarter. Hobbs Group Advisors LLC bought a new position in shares of Starbucks during the 2nd quarter valued at about $27,000. Finally, Olistico Wealth LLC purchased a new position in shares of Starbucks during the second quarter valued at about $31,000. Hedge funds and other institutional investors own 72.29% of the company’s stock.

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.