Wells Fargo & Company Cuts Starbucks (NASDAQ:SBUX) Price Target to $100.00

Starbucks (NASDAQ:SBUX) had its target price reduced by Wells Fargo & Company from $125.00 to $100.00 in a research note released on Tuesday, Marketbeat.com reports. Wells Fargo & Company currently has an overweight rating on the coffee company’s stock.

SBUX has been the topic of several other reports. BMO Capital Markets increased their price target on shares of Starbucks from $110.00 to $115.00 and gave the company an “outperform” rating in a research note on Wednesday, January 29th. Robert W. Baird reiterated a “neutral” rating and issued a $85.00 price objective (down from $114.00) on shares of Starbucks in a research report on Monday, April 7th. Jefferies Financial Group upgraded Starbucks from an “underperform” rating to a “hold” rating and set a $76.00 target price for the company in a research report on Wednesday, April 9th. Royal Bank of Canada restated an “outperform” rating and set a $115.00 target price on shares of Starbucks in a research report on Friday, January 24th. Finally, UBS Group lifted their price target on shares of Starbucks from $98.00 to $105.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 29th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Starbucks currently has an average rating of “Moderate Buy” and an average price target of $103.00.

Starbucks Trading Up 1.3 %

NASDAQ SBUX opened at $83.86 on Tuesday. Starbucks has a 1-year low of $71.55 and a 1-year high of $117.46. The company has a 50 day moving average of $96.81 and a 200-day moving average of $97.87. The firm has a market cap of $95.26 billion, a price-to-earnings ratio of 27.05, a PEG ratio of 3.59 and a beta of 1.00.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings data on Tuesday, January 28th. The coffee company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.01. Starbucks had a negative return on equity of 44.97% and a net margin of 9.73%. During the same period in the prior year, the business posted $0.90 earnings per share. On average, analysts forecast that Starbucks will post 2.99 earnings per share for the current year.

Starbucks Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Friday, May 16th will be given a $0.61 dividend. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.91%. The ex-dividend date is Friday, May 16th. Starbucks’s dividend payout ratio is presently 78.71%.

Institutional Investors Weigh In On Starbucks

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SBUX. Patron Partners LLC grew its holdings in shares of Starbucks by 6.5% in the 1st quarter. Patron Partners LLC now owns 10,608 shares of the coffee company’s stock valued at $1,041,000 after acquiring an additional 643 shares in the last quarter. Confluence Wealth Services Inc. grew its stake in Starbucks by 84.9% in the first quarter. Confluence Wealth Services Inc. now owns 6,571 shares of the coffee company’s stock valued at $645,000 after purchasing an additional 3,018 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Starbucks by 21.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 646,814 shares of the coffee company’s stock worth $63,537,000 after purchasing an additional 114,073 shares during the last quarter. 3Chopt Investment Partners LLC bought a new stake in shares of Starbucks during the 1st quarter worth approximately $457,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Starbucks by 25.8% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 529,657 shares of the coffee company’s stock valued at $51,783,000 after buying an additional 108,551 shares during the last quarter. 72.29% of the stock is currently owned by institutional investors and hedge funds.

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.