Starbucks (NASDAQ:SBUX) Price Target Lowered to $91.00 at Guggenheim

Starbucks (NASDAQ:SBUX) had its price objective cut by Guggenheim from $100.00 to $91.00 in a report released on Friday morning, Benzinga reports. They currently have a buy rating on the coffee company’s stock.

SBUX has been the topic of several other research reports. JPMorgan Chase & Co. dropped their price target on Starbucks from $107.00 to $100.00 and set an overweight rating on the stock in a report on Tuesday, March 19th. Jefferies Financial Group dropped their price target on Starbucks from $100.00 to $94.00 and set a hold rating on the stock in a report on Tuesday. Wells Fargo & Company reissued an overweight rating and set a $105.00 target price on shares of Starbucks in a research note on Monday, April 1st. Piper Sandler cut their target price on shares of Starbucks from $107.00 to $100.00 and set a neutral rating on the stock in a research note on Friday, January 19th. Finally, Barclays cut their target price on shares of Starbucks from $116.00 to $112.00 and set an overweight rating on the stock in a research note on Wednesday, January 31st. Fourteen investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, Starbucks has an average rating of Hold and a consensus target price of $106.68.

Starbucks Trading Up 0.5 %

Shares of NASDAQ SBUX opened at $87.61 on Friday. Starbucks has a 12-month low of $84.29 and a 12-month high of $115.48. The company has a market cap of $99.19 billion, a PE ratio of 23.43, a P/E/G ratio of 1.41 and a beta of 0.97. The stock has a 50 day simple moving average of $90.94 and a 200-day simple moving average of $94.39.

Starbucks (NASDAQ:SBUX) last announced its earnings results on Wednesday, January 31st. The coffee company reported $0.90 EPS for the quarter, missing the consensus estimate of $0.92 by ($0.02). Starbucks had a negative return on equity of 50.76% and a net margin of 11.70%. The firm had revenue of $9.43 billion for the quarter, compared to the consensus estimate of $9.60 billion. During the same period in the previous year, the firm earned $0.75 EPS. Starbucks’s revenue for the quarter was up 8.2% on a year-over-year basis. Sell-side analysts forecast that Starbucks will post 4.03 earnings per share for the current fiscal year.

Starbucks Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Friday, May 17th will be paid a dividend of $0.57 per share. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $2.28 annualized dividend and a yield of 2.60%. Starbucks’s dividend payout ratio is 60.96%.

Insiders Place Their Bets

In other Starbucks news, CEO Michael Aaron Conway sold 3,250 shares of the company’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $85.39, for a total transaction of $277,517.50. Following the sale, the chief executive officer now directly owns 81,199 shares of the company’s stock, valued at $6,933,582.61. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Over the last ninety days, insiders have sold 7,250 shares of company stock valued at $653,183. 1.98% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Starbucks

Hedge funds and other institutional investors have recently bought and sold shares of the business. BCK Partners Inc. acquired a new stake in Starbucks in the first quarter worth $2,640,000. American Century Companies Inc. raised its holdings in shares of Starbucks by 7.3% during the first quarter. American Century Companies Inc. now owns 27,634 shares of the coffee company’s stock worth $2,514,000 after acquiring an additional 1,872 shares during the period. Roundview Capital LLC raised its holdings in shares of Starbucks by 37.5% during the first quarter. Roundview Capital LLC now owns 7,152 shares of the coffee company’s stock worth $651,000 after acquiring an additional 1,952 shares during the period. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Starbucks during the first quarter worth $198,000. Finally, Mather Group LLC. raised its holdings in shares of Starbucks by 77.5% during the first quarter. Mather Group LLC. now owns 6,912 shares of the coffee company’s stock worth $629,000 after acquiring an additional 3,017 shares during the period. 72.29% of the stock is owned by 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.