Starbucks (NASDAQ:SBUX – Free Report) had its price objective boosted by Bank of America from $101.00 to $110.00 in a research note issued to investors on Friday morning,Benzinga reports. Bank of America currently has a buy rating on the coffee company’s stock.
A number of other equities analysts have also commented on SBUX. Wall Street Zen lowered Starbucks from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd. TD Cowen reaffirmed a “hold” rating and issued a $90.00 price target on shares of Starbucks in a report on Thursday, May 29th. Barclays cut their price target on Starbucks from $108.00 to $106.00 and set an “overweight” rating for the company in a report on Thursday. JPMorgan Chase & Co. cut their price target on Starbucks from $105.00 to $100.00 and set an “overweight” rating for the company in a report on Wednesday, April 30th. Finally, CICC Research assumed coverage on Starbucks in a report on Monday, June 30th. They issued an “outperform” rating and a $100.00 price target for the company. Four equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $98.58.
View Our Latest Analysis on Starbucks
Starbucks Price Performance
Starbucks (NASDAQ:SBUX – Get Free Report) last released its earnings results on Tuesday, April 29th. The coffee company reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.10). Starbucks had a negative return on equity of 42.14% and a net margin of 8.61%. The firm had revenue of $8.76 billion during the quarter, compared to analysts’ expectations of $8.90 billion. During the same period in the prior year, the business earned $0.68 earnings per share. The business’s quarterly revenue was up 2.3% compared to the same quarter last year. As a group, analysts anticipate that Starbucks will post 2.99 earnings per share for the current year.
Starbucks Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be given a dividend of $0.61 per share. The ex-dividend date is Friday, August 15th. This represents a $2.44 dividend on an annualized basis and a yield of 2.60%. Starbucks’s payout ratio is 88.41%.
Institutional Investors Weigh In On Starbucks
A number of large investors have recently added to or reduced their stakes in the company. Pure Financial Advisors LLC raised its position in Starbucks by 11.4% during the second quarter. Pure Financial Advisors LLC now owns 11,486 shares of the coffee company’s stock valued at $1,052,000 after purchasing an additional 1,174 shares in the last quarter. Precision Wealth Strategies LLC purchased a new position in shares of Starbucks in the second quarter worth about $539,000. First Pacific Financial lifted its stake in shares of Starbucks by 527.4% in the 2nd quarter. First Pacific Financial now owns 4,047 shares of the coffee company’s stock valued at $371,000 after acquiring an additional 3,402 shares during the last quarter. Chelsea Counsel Co. bought a new stake in shares of Starbucks in the 2nd quarter valued at about $26,000. Finally, QTR Family Wealth LLC lifted its stake in shares of Starbucks by 10.5% in the 2nd quarter. QTR Family Wealth LLC now owns 2,704 shares of the coffee company’s stock valued at $248,000 after acquiring an additional 258 shares during the last quarter. 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.
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