JPMorgan Chase & Co. Cuts Starbucks (NASDAQ:SBUX) Price Target to $92.00

Starbucks (NASDAQ:SBUX) had its target price reduced by JPMorgan Chase & Co. from $100.00 to $92.00 in a report published on Wednesday, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the coffee company’s stock.

SBUX has been the topic of a number of other reports. Morgan Stanley dropped their price objective on shares of Starbucks from $120.00 to $115.00 and set an overweight rating on the stock in a research note on Friday, April 12th. Evercore ISI decreased their price objective on shares of Starbucks from $120.00 to $92.00 and set an outperform rating on the stock in a report on Wednesday. Stifel Nicolaus reduced their price target on shares of Starbucks from $90.00 to $80.00 and set a hold rating on the stock in a report on Wednesday. Wells Fargo & Company reduced their price target on shares of Starbucks from $105.00 to $90.00 and set an overweight rating on the stock in a report on Wednesday. Finally, Citigroup reduced their price target on shares of Starbucks from $95.00 to $85.00 and set a neutral rating on the stock in a report on Wednesday. Seventeen analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of Hold and an average target price of $97.09.

Starbucks Stock Performance

NASDAQ SBUX opened at $73.11 on Wednesday. The firm has a market cap of $82.81 billion, a PE ratio of 20.14, a P/E/G ratio of 1.28 and a beta of 0.97. Starbucks has a one year low of $72.67 and a one year high of $108.12. The firm’s fifty day moving average is $89.34 and its two-hundred day moving average is $93.98.

Starbucks (NASDAQ:SBUX) last posted its quarterly earnings data on Tuesday, April 30th. The coffee company reported $0.68 EPS for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.11). The business 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 company’s revenue for the quarter was down 1.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.74 earnings per share. Research analysts predict that Starbucks will post 3.89 earnings per share for the current year.

Starbucks Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Friday, May 17th will be given a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 3.12%. The ex-dividend date of this dividend is Thursday, May 16th. Starbucks’s dividend payout ratio (DPR) is 62.81%.

Insider Buying and Selling

In related news, insider Michael Aaron Conway sold 3,250 shares of the company’s 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 transaction, the insider now owns 84,153 shares of the company’s stock, valued at $7,912,906.59. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last quarter, insiders sold 7,250 shares of company stock valued at $651,738. Insiders own 1.98% of the company’s stock.

Institutional Investors Weigh In On Starbucks

Large investors have recently made changes to their positions in the business. Scarborough Advisors LLC acquired a new stake in shares of Starbucks in the fourth quarter worth $26,000. Vima LLC acquired a new stake in shares of Starbucks in the fourth quarter worth $26,000. DSM Capital Partners LLC acquired a new stake in shares of Starbucks in the fourth quarter worth $27,000. Fairman Group LLC acquired a new stake in shares of Starbucks in the fourth quarter worth $30,000. Finally, Riggs Asset Managment Co. Inc. increased its position in shares of Starbucks by 1,578.9% in the third quarter. Riggs Asset Managment Co. Inc. now owns 319 shares of the coffee company’s stock worth $29,000 after acquiring an additional 300 shares in the last quarter. 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.