Starbucks (NASDAQ:SBUX) Price Target Cut to $85.00

Starbucks (NASDAQ:SBUX) had its price objective lowered by equities research analysts at Piper Sandler from $88.00 to $85.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has a “neutral” rating on the coffee company’s stock. Piper Sandler’s price target indicates a potential upside of 17.24% from the stock’s current price.

Several other equities research analysts have also commented on SBUX. Robert W. Baird decreased their target price on shares of Starbucks from $106.00 to $100.00 and set a “neutral” rating on the stock in a research report on Monday, March 18th. BMO Capital Markets decreased their target price on shares of Starbucks from $125.00 to $120.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 31st. Gordon Haskett lowered shares of Starbucks from a “buy” rating to a “hold” rating and set a $100.00 target price on the stock. in a research report on Tuesday, January 16th. Jefferies Financial Group decreased their price objective on shares of Starbucks from $94.00 to $84.00 and set a “hold” rating on the stock in a research report on Wednesday, May 1st. Finally, TD Cowen decreased their price objective on shares of Starbucks from $100.00 to $85.00 and set a “hold” rating on the stock in a research report on Wednesday, May 1st. Seventeen research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $96.43.

Starbucks Stock Performance

Shares of SBUX opened at $72.50 on Monday. The stock has a market capitalization of $82.12 billion, a P/E ratio of 19.97, a P/E/G ratio of 1.58 and a beta of 0.97. The company’s fifty day moving average is $88.03 and its two-hundred day moving average is $93.53. Starbucks has a 1 year low of $71.80 and a 1 year high of $108.12.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings data on Tuesday, April 30th. The coffee company reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.79 by ($0.11). The firm had revenue of $8.56 billion during the quarter, compared to analyst estimates of $9.12 billion. Starbucks had a net margin of 11.38% and a negative return on equity of 49.91%. The business’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.74 earnings per share. Sell-side analysts predict that Starbucks will post 3.63 EPS for the current year.

Insider Activity

In related news, insider Michael Aaron Conway sold 3,250 shares of the stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $94.03, for a total transaction of $305,597.50. Following the completion of the sale, the insider now owns 84,153 shares of the company’s stock, valued at approximately $7,912,906.59. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders sold a total of 7,250 shares of company stock valued at $651,738 in the last 90 days. 1.98% of the stock is currently owned by insiders.

Institutional Trading of Starbucks

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Verdence Capital Advisors LLC boosted its holdings in Starbucks by 4.1% in the 3rd quarter. Verdence Capital Advisors LLC now owns 8,843 shares of the coffee company’s stock worth $807,000 after acquiring an additional 345 shares during the period. Baystate Wealth Management LLC boosted its holdings in Starbucks by 7.1% in the 3rd quarter. Baystate Wealth Management LLC now owns 2,606 shares of the coffee company’s stock worth $238,000 after acquiring an additional 173 shares during the period. Waldron Private Wealth LLC boosted its holdings in Starbucks by 2.4% in the 3rd quarter. Waldron Private Wealth LLC now owns 15,244 shares of the coffee company’s stock worth $1,391,000 after acquiring an additional 354 shares during the period. Value Partners Investments Inc. boosted its holdings in Starbucks by 1.5% in the 3rd quarter. Value Partners Investments Inc. now owns 57,875 shares of the coffee company’s stock worth $5,287,000 after acquiring an additional 843 shares during the period. Finally, NBT Bank N A NY boosted its holdings in Starbucks by 185.3% in the 3rd quarter. NBT Bank N A NY now owns 18,193 shares of the coffee company’s stock worth $1,660,000 after acquiring an additional 11,817 shares during the period. 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.