Starbucks (NASDAQ:SBUX) Price Target Lowered to $85.00 at Citigroup

Starbucks (NASDAQ:SBUX) had its price objective reduced by Citigroup from $95.00 to $85.00 in a research report report published on Wednesday morning, Benzinga reports. They currently have a neutral rating on the coffee company’s stock.

SBUX has been the subject of several other research reports. Stephens reissued an equal weight rating and set a $110.00 price objective on shares of Starbucks in a report on Wednesday, January 31st. Oppenheimer reissued a market perform rating on shares of Starbucks in a report on Friday, April 19th. Deutsche Bank Aktiengesellschaft downgraded Starbucks from a buy rating to a hold rating and dropped their target price for the stock from $108.00 to $89.00 in a research report on Wednesday. Stifel Nicolaus dropped their target price on Starbucks from $90.00 to $80.00 and set a hold rating for the company in a research report on Wednesday. Finally, Robert W. Baird dropped their target price on Starbucks from $106.00 to $100.00 and set a neutral rating for the company in a research report on Monday, March 18th. Sixteen analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of Hold and an average target price of $100.39.

Starbucks Stock Down 15.9 %

SBUX stock opened at $74.44 on Wednesday. Starbucks has a twelve month low of $72.67 and a twelve month high of $114.56. The firm has a market capitalization of $84.28 billion, a PE ratio of 20.51, a PEG ratio of 1.49 and a beta of 0.97. The stock has a 50-day simple moving average of $89.76 and a two-hundred day simple moving average of $94.11.

Starbucks (NASDAQ:SBUX) last issued its quarterly earnings data on Tuesday, April 30th. The coffee company reported $0.68 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.11). Starbucks had a negative return on equity of 50.10% and a net margin of 11.38%. The business had revenue of $8.56 billion for the quarter, compared to analysts’ expectations of $9.12 billion. During the same period in the previous year, the firm posted $0.74 EPS. The firm’s revenue for the quarter was down 1.8% compared to the same quarter last year. On average, equities research analysts anticipate that Starbucks will post 3.99 EPS for the current fiscal year.

Starbucks Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Friday, May 17th will be paid a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 3.06%. The ex-dividend date is Thursday, May 16th. Starbucks’s payout ratio is 62.81%.

Insider Buying and Selling

In related news, CEO Michael Aaron Conway sold 3,250 shares of the firm’s stock in a transaction on Monday, April 15th. The stock was 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 $6,933,582.61. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 7,250 shares of company stock valued at $651,738 over the last quarter. 1.98% of the stock is owned by company insiders.

Hedge Funds Weigh In On Starbucks

A number of institutional investors have recently added to or reduced their stakes in the company. Hollencrest Capital Management raised its holdings in Starbucks by 118.8% in the first quarter. Hollencrest Capital Management now owns 24,472 shares of the coffee company’s stock worth $2,236,000 after purchasing an additional 13,289 shares in the last quarter. Greenwood Capital Associates LLC bought a new position in Starbucks in the first quarter worth $1,895,000. PDS Planning Inc raised its holdings in Starbucks by 2.2% in the first quarter. PDS Planning Inc now owns 6,364 shares of the coffee company’s stock worth $582,000 after purchasing an additional 140 shares in the last quarter. REDW Wealth LLC raised its holdings in Starbucks by 10.1% in the first quarter. REDW Wealth LLC now owns 3,215 shares of the coffee company’s stock worth $294,000 after purchasing an additional 296 shares in the last quarter. Finally, Regent Peak Wealth Advisors LLC raised its holdings in Starbucks by 2.3% in the first quarter. Regent Peak Wealth Advisors LLC now owns 27,974 shares of the coffee company’s stock worth $2,557,000 after purchasing an additional 635 shares in the last quarter. 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.