Starbucks Corp. (SBUX) Price Target Lowered to $64.00 at RBC Capital Markets
Starbucks Corp. (NASDAQ:SBUX) had its price target lowered by equities researchers at RBC Capital Markets from $68.00 to $64.00 in a report released on Wednesday. The firm presently has an “outperform” rating on the coffee company’s stock. RBC Capital Markets’ target price suggests a potential upside of 21.65% from the company’s current price.
A number of other research firms also recently weighed in on SBUX. BTIG Research decreased their target price on Starbucks Corp. from $75.00 to $64.00 and set a “buy” rating on the stock in a research report on Friday, July 22nd. Credit Agricole SA decreased their target price on Starbucks Corp. from $70.00 to $68.00 and set a “buy” rating on the stock in a research report on Wednesday, September 28th. Piper Jaffray Cos. reissued an “outperform” rating and set a $72.00 target price on shares of Starbucks Corp. in a research report on Friday, July 22nd. Macquarie raised Starbucks Corp. from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, September 14th. Finally, Vetr downgraded Starbucks Corp. from a “strong-buy” rating to a “buy” rating and set a $62.21 target price on the stock. in a research report on Wednesday, June 29th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $66.04.
Starbucks Corp. (NASDAQ:SBUX) opened at 52.61 on Wednesday. Starbucks Corp. has a 52 week low of $52.59 and a 52 week high of $64.00. The firm has a 50 day moving average price of $54.13 and a 200 day moving average price of $56.08. The stock has a market capitalization of $77.16 billion, a P/E ratio of 29.56 and a beta of 0.83.
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Starbucks Corp. (NASDAQ:SBUX) last issued its quarterly 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 had revenue of $5.20 billion for 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%. Equities research analysts predict that Starbucks Corp. will post $1.89 earnings per share for the current year.
In other news, Director Myron E. Ullman III sold 12,654 shares of the company’s stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $58.70, for a total value of $742,789.80. Following the sale, the director now directly owns 26,654 shares of the company’s stock, valued at approximately $1,564,589.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 3.38% of the stock is currently owned by insiders.
Several large investors have recently modified their holdings of SBUX. Vanguard Group Inc. raised its position in shares of Starbucks Corp. by 0.8% in the second quarter. Vanguard Group Inc. now owns 86,325,173 shares of the coffee company’s stock worth $4,930,894,000 after buying an additional 715,837 shares during the period. Capital World Investors raised 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 during the period. Janus Capital Management LLC raised 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 during the period. BlackRock Fund Advisors raised its position in shares of Starbucks Corp. by 0.3% in the first quarter. BlackRock Fund Advisors now owns 20,001,710 shares of the coffee company’s stock worth $1,194,102,000 after buying an additional 66,026 shares during the period. Finally, Janus Capital Management raised its position in shares of Starbucks Corp. by 6.6% in the third quarter. Janus Capital Management now owns 16,848,916 shares of the coffee company’s stock worth $957,708,000 after buying an additional 1,042,542 shares during the period. 68.39% of the stock is currently owned by institutional investors.
About Starbucks Corp.
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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