Starbucks (NASDAQ:SBUX) Upgraded at Zacks Research

Zacks Research upgraded shares of Starbucks (NASDAQ:SBUX) from a strong sell rating to a hold rating in a report released on Wednesday morning,Zacks.com reports.

SBUX has been the topic of several other reports. BMO Capital Markets reaffirmed an “outperform” rating and set a $115.00 price objective (up from $100.00) on shares of Starbucks in a research note on Wednesday, July 30th. Barclays boosted their target price on Starbucks from $106.00 to $115.00 and gave the stock an “overweight” rating in a report on Wednesday, July 30th. BTIG Research set a $105.00 price target on Starbucks in a report on Thursday, September 25th. Morgan Stanley reissued an “overweight” rating and issued a $103.00 price objective (up previously from $95.00) on shares of Starbucks in a research note on Wednesday, July 30th. Finally, JPMorgan Chase & Co. raised their target price on Starbucks from $100.00 to $105.00 and gave the company an “overweight” rating in a research note on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $104.00.

Starbucks Price Performance

Shares of SBUX stock opened at $86.42 on Wednesday. The stock’s fifty day simple moving average is $87.56 and its 200 day simple moving average is $88.61. Starbucks has a one year low of $75.50 and a one year high of $117.46. The firm has a market cap of $98.23 billion, a price-to-earnings ratio of 37.25, a P/E/G ratio of 4.26 and a beta of 1.01.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings data on Tuesday, July 29th. The coffee company reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.14). Starbucks had a net margin of 7.18% and a negative return on equity of 36.23%. The company had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.29 billion. During the same period in the previous year, the business posted $0.93 earnings per share. The firm’s revenue was up 3.8% compared to the same quarter last year. On average, research analysts anticipate that Starbucks will post 2.99 earnings per share for the current year.

Starbucks Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 14th will be paid a $0.62 dividend. This is a boost from Starbucks’s previous quarterly dividend of $0.61. The ex-dividend date of this dividend is Friday, November 14th. This represents a $2.48 annualized dividend and a dividend yield of 2.9%. Starbucks’s payout ratio is 105.17%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. HCR Wealth Advisors grew its stake in shares of Starbucks by 2.5% during the third quarter. HCR Wealth Advisors now owns 30,109 shares of the coffee company’s stock worth $2,611,000 after purchasing an additional 722 shares during the period. Global Wealth Strategies & Associates acquired a new position in shares of Starbucks during the 3rd quarter worth about $55,000. Jacobs & Co. CA grew its position in shares of Starbucks by 0.8% during the 3rd quarter. Jacobs & Co. CA now owns 162,393 shares of the coffee company’s stock worth $13,738,000 after buying an additional 1,359 shares during the period. Rydar Equities Inc. acquired a new stake in shares of Starbucks in the 2nd quarter valued at approximately $1,278,000. Finally, Corient Private Wealth LLC boosted its stake in Starbucks by 24.0% during the 2nd quarter. Corient Private Wealth LLC now owns 3,040,749 shares of the coffee company’s stock worth $278,624,000 after acquiring an additional 587,571 shares during the last quarter. Institutional investors and hedge funds 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.