Starbucks (NASDAQ:SBUX) Given New $92.00 Price Target at JPMorgan Chase & Co.

Starbucks (NASDAQ:SBUX) had its price objective lowered by JPMorgan Chase & Co. from $100.00 to $92.00 in a research note released on Wednesday morning, Benzinga reports. The brokerage currently has an overweight rating on the coffee company’s stock.

A number of other brokerages also recently weighed in on SBUX. Guggenheim dropped their price objective on Starbucks from $100.00 to $91.00 and set a buy rating on the stock in a research report on Friday, April 19th. BTIG Research decreased their price target on Starbucks from $115.00 to $100.00 and set a buy rating for the company in a research note on Wednesday. BMO Capital Markets decreased their price target on Starbucks from $125.00 to $120.00 and set an outperform rating for the company in a research note on Wednesday, January 31st. Piper Sandler decreased their price target on Starbucks from $107.00 to $100.00 and set a neutral rating for the company in a research note on Friday, January 19th. Finally, Jefferies Financial Group decreased their price target on Starbucks from $94.00 to $84.00 and set a hold rating for the company in a research note on Wednesday. Sixteen research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus target price of $100.39.

Starbucks Price Performance

Shares of SBUX stock opened at $74.44 on Wednesday. Starbucks has a 1-year low of $72.67 and a 1-year high of $114.56. The stock’s 50-day moving average is $89.76 and its 200 day moving average is $94.11. The company has a market cap of $84.28 billion, a P/E ratio of 20.51, a PEG ratio of 1.49 and a beta of 0.97.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings data on Tuesday, April 30th. The coffee company reported $0.68 earnings per share for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.11). Starbucks had a net margin of 11.38% and a negative return on equity of 50.10%. The company had revenue of $8.56 billion for the quarter, compared to the consensus estimate of $9.12 billion. During the same period in the previous year, the business earned $0.74 EPS. Starbucks’s revenue for the quarter was down 1.8% compared to the same quarter last year. On average, analysts anticipate that Starbucks will post 3.99 EPS for the current year.

Starbucks Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Friday, May 17th will be given a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 3.06%. The ex-dividend date is Thursday, May 16th. Starbucks’s dividend payout ratio is currently 62.81%.

Insider Activity at Starbucks

In related news, insider Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction that occurred on Thursday, February 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 insider now directly owns 84,153 shares in the company, valued at $7,912,906.59. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last ninety days, insiders sold 7,250 shares of company stock worth $651,738. 1.98% of the stock is owned by corporate insiders.

Institutional Trading of Starbucks

Several institutional investors have recently bought and sold shares of the business. Hollencrest Capital Management grew its holdings in Starbucks by 118.8% in the first quarter. Hollencrest Capital Management now owns 24,472 shares of the coffee company’s stock valued at $2,236,000 after purchasing an additional 13,289 shares during the period. Greenwood Capital Associates LLC acquired a new stake in Starbucks in the first quarter valued at approximately $1,895,000. PDS Planning Inc grew its holdings in Starbucks by 2.2% in the first quarter. PDS Planning Inc now owns 6,364 shares of the coffee company’s stock valued at $582,000 after purchasing an additional 140 shares during the period. REDW Wealth LLC grew its holdings in Starbucks by 10.1% in the first quarter. REDW Wealth LLC now owns 3,215 shares of the coffee company’s stock valued at $294,000 after purchasing an additional 296 shares during the period. Finally, Regent Peak Wealth Advisors LLC grew its holdings in Starbucks by 2.3% in the first quarter. Regent Peak Wealth Advisors LLC now owns 27,974 shares of the coffee company’s stock valued at $2,557,000 after purchasing an additional 635 shares during the period. 72.29% of the stock is owned by institutional investors and hedge funds.

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.