Posted by Defense World Staff on Jun 13th, 2024
Analysts at The Goldman Sachs Group initiated coverage on shares of Starbucks (NASDAQ:SBUX – Get Free Report) in a report issued on Thursday, Briefing.com reports. The firm set a “buy” rating and a $100.00 price target on the coffee company’s stock. The Goldman Sachs Group’s price target would suggest a potential upside of 25.98% from the stock’s current price.
Other research analysts have also recently issued reports about the stock. DZ Bank downgraded shares of Starbucks from a “buy” rating to a “hold” rating and set a $75.00 price objective for the company. in a research report on Friday, May 3rd. Citigroup dropped their price objective on Starbucks from $95.00 to $85.00 and set a “neutral” rating on the stock in a report on Wednesday, May 1st. BTIG Research decreased their target price on shares of Starbucks from $115.00 to $100.00 and set a “buy” rating on the stock in a research report on Wednesday, May 1st. William Blair downgraded shares of Starbucks from an “outperform” rating to a “market perform” rating in a report on Wednesday, May 1st. Finally, JPMorgan Chase & Co. decreased their price target on Starbucks from $100.00 to $92.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 1st. Seventeen investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $95.00.
Read Our Latest Report on SBUX
Starbucks Stock Performance
Shares of NASDAQ:SBUX opened at $79.38 on Thursday. Starbucks has a one year low of $71.80 and a one year high of $107.66. The company has a 50-day simple moving average of $81.28 and a 200-day simple moving average of $89.59. The stock has a market capitalization of $89.91 billion, a price-to-earnings ratio of 21.87, a PEG ratio of 1.78 and a beta of 0.96.
Starbucks (NASDAQ:SBUX – Get Free Report) last announced its earnings results on Tuesday, April 30th. The coffee company reported $0.68 earnings per share for the quarter, missing the consensus estimate of $0.79 by ($0.11). The company had revenue of $8.56 billion during the quarter, compared to analysts’ expectations of $9.12 billion. Starbucks had a net margin of 11.38% and a negative return on equity of 49.91%. The company’s revenue for the quarter was down 1.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.74 earnings per share. As a group, research analysts forecast that Starbucks will post 3.59 EPS for the current fiscal year.
Insiders Place Their Bets
In other news, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $85.39, for a total value of $277,517.50. Following the transaction, the chief executive officer now directly owns 81,199 shares of the company’s stock, valued at approximately $6,933,582.61. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Starbucks news, CFO Rachel Ruggeri sold 3,750 shares of the business’s stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $80.00, for a total transaction of $300,000.00. Following the transaction, the chief financial officer now owns 65,431 shares in the company, valued at $5,234,480. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Michael Aaron Conway sold 3,250 shares of the stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $85.39, for a total value of $277,517.50. Following the completion of the sale, the chief executive officer now owns 81,199 shares of the company’s stock, valued at approximately $6,933,582.61. The disclosure for this sale can be found here. Insiders sold 7,750 shares of company stock worth $642,050 over the last three months. 1.98% of the stock is owned by insiders.
Hedge Funds Weigh In On Starbucks
Institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank purchased a new position in shares of Starbucks in the fourth quarter valued at $1,240,652,000. Ontario Teachers Pension Plan Board purchased a new stake in shares of Starbucks during the first quarter worth about $415,167,000. Flossbach Von Storch AG increased its position in shares of Starbucks by 106.7% during the first quarter. Flossbach Von Storch AG now owns 5,612,687 shares of the coffee company’s stock worth $512,943,000 after acquiring an additional 2,897,282 shares during the last quarter. Capital World Investors acquired a new position in shares of Starbucks in the first quarter worth about $257,721,000. Finally, Van ECK Associates Corp boosted its holdings in Starbucks by 2,624.3% in the first quarter. Van ECK Associates Corp now owns 2,150,309 shares of the coffee company’s stock valued at $196,516,000 after purchasing an additional 2,071,378 shares during the last quarter. Hedge funds and other institutional investors 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.
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