Longbow Research Begins Coverage on Starbucks Corp. (SBUX)
Longbow Research initiated coverage on shares of Starbucks Corp. (NASDAQ:SBUX) in a research note issued on Wednesday. The brokerage set a “buy” rating on the coffee company’s stock.
SBUX has been the subject of several other reports. Robert W. Baird reaffirmed an “outperform” rating on shares of Starbucks Corp. in a research note on Thursday, September 8th. BTIG Research set a $64.00 price objective on Starbucks Corp. and gave the company a “buy” rating in a research note on Monday, September 12th. RBC Capital Markets reaffirmed an “outperform” rating and set a $68.00 price objective on shares of Starbucks Corp. in a research note on Tuesday, September 13th. Jefferies Group reaffirmed a “buy” rating and set a $65.00 price objective on shares of Starbucks Corp. in a research note on Wednesday, August 3rd. Finally, Vetr raised Starbucks Corp. from a “buy” rating to a “strong-buy” rating and set a $61.76 price objective for the company in a research note on Monday, August 22nd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the company’s stock. Starbucks Corp. currently has a consensus rating of “Buy” and a consensus price target of $66.50.
Starbucks Corp. (NASDAQ:SBUX) traded up 0.47% during trading on Wednesday, hitting $53.55. The stock had a trading volume of 1,545,539 shares. The stock’s 50 day moving average price is $55.50 and its 200 day moving average price is $56.84. Starbucks Corp. has a 12-month low of $52.63 and a 12-month high of $64.00. The firm has a market cap of $78.54 billion, a P/E ratio of 30.08 and a beta of 0.80.
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Starbucks Corp. (NASDAQ:SBUX) last posted its quarterly earnings data on Thursday, July 21st. The coffee company reported $0.49 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.49. The firm earned $5.20 billion during the quarter, compared to the consensus estimate of $5.34 billion. Starbucks Corp. had a return on equity of 46.89% and a net margin of 13.01%. On average, analysts anticipate that Starbucks Corp. will post $1.89 EPS for the current fiscal year.
In related news, Director Myron E. Ullman III sold 12,654 shares of Starbucks Corp. stock in a transaction dated Tuesday, July 26th. The stock was sold at an average price of $58.70, for a total value of $742,789.80. Following the completion of the transaction, the director now directly owns 26,654 shares in the company, valued at $1,564,589.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.38% of the stock is owned by corporate insiders.
A number of institutional investors have recently bought and sold shares of the company. Bank of Montreal Can purchased a new position in Starbucks Corp. during the second quarter worth approximately $204,254,000. Emerald Acquisition Ltd. acquired a new position in shares of Starbucks Corp. during the second quarter worth about $148,507,000. Capital World Investors boosted its position in shares of Starbucks Corp. by 8.1% in the second quarter. Capital World Investors now owns 26,626,026 shares of the coffee company’s stock worth $1,520,879,000 after buying an additional 2,000,107 shares in the last quarter. Ameriprise Financial Inc. boosted its position in shares of Starbucks Corp. by 75.9% in the second quarter. Ameriprise Financial Inc. now owns 4,360,676 shares of the coffee company’s stock worth $249,099,000 after buying an additional 1,882,130 shares in the last quarter. Finally, Janus Capital Management LLC boosted its position in shares of Starbucks Corp. by 8.7% in the second quarter. Janus Capital Management LLC now owns 21,122,832 shares of the coffee company’s stock worth $1,206,513,000 after buying an additional 1,691,400 shares in the last quarter. Institutional investors and hedge funds own 68.13% of the company’s stock.
Starbucks Corp. Company Profile
Starbucks Corporation is the roaster, marketer and retailer of specialty coffee. The Company purchases and roasts coffees that it sells, along with coffee, tea and other beverages, and a range of fresh food items, through Company-operated stores. It also sells a range of coffee and tea products and licenses its trademarks through other channels, such as licensed stores, grocery and national foodservice accounts.
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