Starbucks (NASDAQ:SBUX) Given New $98.00 Price Target at Citigroup

Starbucks (NASDAQ:SBUX) had its target price boosted by Citigroup from $82.00 to $98.00 in a research note published on Wednesday morning, Benzinga reports. They currently have a neutral rating on the coffee company’s stock.

SBUX has been the topic of a number of other reports. UBS Group lowered their price target on Starbucks from $95.00 to $85.00 and set a neutral rating on the stock in a report on Wednesday, May 1st. Oppenheimer reissued a market perform rating on shares of Starbucks in a report on Friday, April 19th. Stifel Nicolaus raised Starbucks from a hold rating to a buy rating and boosted their price target for the stock from $80.00 to $110.00 in a report on Wednesday. JPMorgan Chase & Co. lowered their price target on Starbucks from $92.00 to $90.00 and set an overweight rating on the stock in a report on Wednesday, July 10th. Finally, Barclays boosted their price target on Starbucks from $93.00 to $110.00 and gave the stock an overweight rating in a report on Wednesday. Twelve analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average target price of $98.79.

Starbucks Price Performance

Shares of SBUX stock traded down $0.46 during trading hours on Wednesday, reaching $93.44. 2,405,351 shares of the company traded hands, compared to its average volume of 11,916,168. Starbucks has a 12-month low of $71.55 and a 12-month high of $107.66. The company has a market cap of $105.89 billion, a P/E ratio of 25.87, a P/E/G ratio of 1.80 and a beta of 0.94. The firm has a 50-day moving average price of $77.69 and a 200 day moving average price of $83.91.

Starbucks (NASDAQ:SBUX) last posted its quarterly earnings data on Tuesday, July 30th. The coffee company reported $0.93 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.93. Starbucks had a negative return on equity of 49.38% and a net margin of 11.16%. The firm had revenue of $9.11 billion for the quarter, compared to analysts’ expectations of $9.25 billion. During the same period in the previous year, the firm earned $1.00 EPS. The business’s quarterly revenue was down .6% on a year-over-year basis. Sell-side analysts predict that Starbucks will post 3.55 EPS for the current year.

Starbucks Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Friday, August 16th will be given a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 2.44%. The ex-dividend date of this dividend is Friday, August 16th. Starbucks’s dividend payout ratio (DPR) is presently 62.81%.

Insider Buying and Selling at Starbucks

In other Starbucks news, CEO Michael Aaron Conway sold 3,250 shares of the company’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $80.00, for a total value of $260,000.00. Following the transaction, the chief executive officer now owns 78,304 shares of the company’s stock, valued at approximately $6,264,320. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Starbucks news, CFO Rachel Ruggeri sold 3,750 shares of the company’s stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $80.00, for a total value of $300,000.00. Following the completion of the sale, the chief financial officer now directly owns 65,431 shares in the company, valued at approximately $5,234,480. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael Aaron Conway sold 3,250 shares of the stock in a transaction on Friday, June 14th. The stock was sold at an average price of $80.00, for a total value of $260,000.00. Following the transaction, the chief executive officer now directly owns 78,304 shares in the company, valued at approximately $6,264,320. The disclosure for this sale can be found here. Insiders have sold 7,250 shares of company stock valued at $579,375 in the last quarter. 1.98% of the stock is owned by insiders.

Hedge Funds Weigh In On Starbucks

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Daymark Wealth Partners LLC grew its position in shares of Starbucks by 21.8% during the 2nd quarter. Daymark Wealth Partners LLC now owns 14,254 shares of the coffee company’s stock worth $1,110,000 after buying an additional 2,552 shares in the last quarter. DoubleLine ETF Adviser LP bought a new position in shares of Starbucks during the 2nd quarter worth $2,361,000. Drucker Wealth 3.0 LLC bought a new position in shares of Starbucks during the 2nd quarter worth $3,479,000. Elgethun Capital Management grew its position in shares of Starbucks by 4.2% during the 2nd quarter. Elgethun Capital Management now owns 44,863 shares of the coffee company’s stock worth $3,493,000 after buying an additional 1,789 shares in the last quarter. Finally, Alley Investment Management Company LLC grew its position in shares of Starbucks by 1.1% during the 2nd quarter. Alley Investment Management Company LLC now owns 144,115 shares of the coffee company’s stock worth $11,219,000 after buying an additional 1,620 shares in the last quarter. 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.