Royal Bank Of Canada Trims Starbucks Corp. (SBUX) Target Price to $64.00
Starbucks Corp. (NASDAQ:SBUX) had its target price reduced by Royal Bank Of Canada from $68.00 to $64.00 in a note issued to investors on Wednesday. The brokerage currently has an “outperform” rating on the coffee company’s stock. Royal Bank Of Canada’s price target suggests a potential upside of 21.65% from the company’s previous close.
Several other analysts have also recently issued reports on the company. Zacks Investment Research cut Starbucks Corp. from a “hold” rating to a “sell” rating in a report on Tuesday, October 4th. Morgan Stanley restated a “buy” rating and issued a $64.00 target price on shares of Starbucks Corp. in a report on Sunday, August 14th. Macquarie upgraded Starbucks Corp. from a “buy” rating to a “strong-buy” rating in a report on Wednesday, September 14th. RBC Capital Markets restated an “outperform” rating and issued a $68.00 target price on shares of Starbucks Corp. in a report on Tuesday, September 13th. Finally, Jefferies Group restated a “buy” rating on shares of Starbucks Corp. in a report on Tuesday, July 5th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $66.22.
Starbucks Corp. (NASDAQ:SBUX) opened at 52.61 on Wednesday. The stock has a market cap of $77.16 billion, a price-to-earnings ratio of 29.56 and a beta of 0.83. The stock’s 50 day moving average price is $54.13 and its 200 day moving average price is $56.08. Starbucks Corp. has a 52 week low of $52.59 and a 52 week high of $64.00.
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Starbucks Corp. (NASDAQ:SBUX) last issued its earnings results on Thursday, July 21st. The coffee company reported $0.49 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.49. The company earned $5.20 billion during the quarter, compared to analysts’ expectations of $5.34 billion. Starbucks Corp. had a return on equity of 46.89% and a net margin of 13.01%. On average, analysts forecast that Starbucks Corp. will post $1.89 earnings per share for the current year.
In other Starbucks Corp. news, Director Myron E. Ullman III sold 12,654 shares of the stock in a transaction that occurred on Tuesday, July 26th. The stock was sold at an average price of $58.70, for a total transaction of $742,789.80. Following the completion of the sale, the director now directly owns 26,654 shares of the company’s stock, valued at approximately $1,564,589.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 3.38% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Valley National Advisers Inc. boosted its stake in Starbucks Corp. by 0.3% in the second quarter. Valley National Advisers Inc. now owns 2,062 shares of the coffee company’s stock worth $118,000 after buying an additional 6 shares during the last quarter. Advisory Services Network LLC boosted its stake in Starbucks Corp. by 0.3% in the second quarter. Advisory Services Network LLC now owns 4,339 shares of the coffee company’s stock valued at $248,000 after buying an additional 13 shares in the last quarter. Park National Corp OH boosted its stake in Starbucks Corp. by 0.3% in the third quarter. Park National Corp OH now owns 5,141 shares of the coffee company’s stock valued at $278,000 after buying an additional 13 shares in the last quarter. First Financial Bank N.A. Trust Division boosted its stake in Starbucks Corp. by 0.4% in the third quarter. First Financial Bank N.A. Trust Division now owns 8,920 shares of the coffee company’s stock valued at $483,000 after buying an additional 35 shares in the last quarter. Finally, Autus Asset Management LLC boosted its stake in Starbucks Corp. by 0.9% in the second quarter. Autus Asset Management LLC now owns 4,699 shares of the coffee company’s stock valued at $269,000 after buying an additional 40 shares in the last quarter. 68.39% of the stock is owned by institutional investors.
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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