Longbow Research Initiates Coverage on Starbucks Corp. (SBUX)
Longbow Research initiated coverage on shares of Starbucks Corp. (NASDAQ:SBUX) in a report issued on Wednesday. The firm set a “buy” rating on the coffee company’s stock.
A number of other equities analysts have also recently weighed in on SBUX. Morgan Stanley restated a “buy” rating and set a $64.00 price objective on shares of Starbucks Corp. in a research report on Sunday, August 14th. Jefferies Group restated a “buy” rating on shares of Starbucks Corp. in a research report on Tuesday, July 5th. RBC Capital Markets restated an “outperform” rating and set a $68.00 price objective on shares of Starbucks Corp. in a research report on Tuesday, September 13th. Macquarie upgraded shares of Starbucks Corp. from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, September 14th. Finally, BTIG Research set a $64.00 price objective on shares of Starbucks Corp. and gave the stock a “buy” rating in a research report on Monday, September 12th. One investment 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. The company presently has a consensus rating of “Buy” and an average target price of $66.50.
Starbucks Corp. (NASDAQ:SBUX) opened at 53.30 on Wednesday. The company’s 50 day moving average is $55.50 and its 200-day moving average is $56.84. Starbucks Corp. has a 1-year low of $52.63 and a 1-year high of $64.00. The stock has a market capitalization of $78.17 billion, a PE ratio of 29.94 and a beta of 0.80.
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Starbucks Corp. (NASDAQ:SBUX) last announced its quarterly earnings results on Thursday, July 21st. The coffee company reported $0.49 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.49. Starbucks Corp. had a net margin of 13.01% and a return on equity of 46.89%. The firm had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.34 billion. Analysts forecast that Starbucks Corp. will post $1.89 earnings per share for the current fiscal year.
In related news, Director Myron E. Ullman III sold 12,654 shares of Starbucks Corp. stock in a transaction that occurred on Tuesday, July 26th. The shares were 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 owns 26,654 shares in the company, valued at $1,564,589.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.38% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Wunderlich Securities Inc. boosted its stake in Starbucks Corp. by 4.1% in the first quarter. Wunderlich Securities Inc. now owns 11,203 shares of the coffee company’s stock worth $668,000 after buying an additional 444 shares during the last quarter. Franklin Street Advisors Inc. NC bought a new stake in Starbucks Corp. during the first quarter worth $3,754,000. Lincoln Capital LLC boosted its stake in Starbucks Corp. by 3.1% in the first quarter. Lincoln Capital LLC now owns 143,855 shares of the coffee company’s stock worth $8,588,000 after buying an additional 4,336 shares during the last quarter. Capital Asset Advisory Services LLC bought a new stake in Starbucks Corp. during the first quarter worth $724,000. Finally, Banced Corp boosted its stake in Starbucks Corp. by 5.3% in the first quarter. Banced Corp now owns 13,144 shares of the coffee company’s stock worth $785,000 after buying an additional 667 shares during the last quarter. Institutional investors 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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