Bank of America Corporation Reiterates Neutral Rating for Starbucks Corporation (SBUX)
Starbucks Corporation (NASDAQ:SBUX)‘s stock had its “neutral” rating reissued by equities research analysts at Bank of America Corporation in a report issued on Thursday. They presently have a $65.00 price objective on the coffee company’s stock. Bank of America Corporation’s price target would indicate a potential upside of 19.28% from the stock’s current price.
Other analysts have also issued research reports about the stock. UBS AG set a $70.00 target price on shares of Starbucks Corporation and gave the stock a “buy” rating in a report on Wednesday, June 28th. Wedbush reaffirmed a “hold” rating on shares of Starbucks Corporation in a report on Friday, July 28th. Instinet reaffirmed a “buy” rating and set a $67.00 target price (down previously from $70.00) on shares of Starbucks Corporation in a report on Sunday, July 30th. BTIG Research reaffirmed a “buy” rating and set a $64.00 target price on shares of Starbucks Corporation in a report on Sunday, July 30th. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating and set a $67.00 target price on shares of Starbucks Corporation in a report on Wednesday, June 28th. Thirteen analysts have rated the stock with a hold rating, twenty have given a buy rating and three have given a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $64.64.
Starbucks Corporation (NASDAQ:SBUX) traded up 0.38% during midday trading on Thursday, hitting $54.49. The stock had a trading volume of 8,259,570 shares. The stock’s 50-day moving average is $54.51 and its 200-day moving average is $57.93. The company has a market cap of $78.69 billion, a P/E ratio of 27.51 and a beta of 0.78. Starbucks Corporation has a one year low of $50.84 and a one year high of $64.87.
Starbucks Corporation (NASDAQ:SBUX) last released its earnings results on Thursday, July 27th. The coffee company reported $0.55 EPS for the quarter, hitting analysts’ consensus estimates of $0.55. Starbucks Corporation had a net margin of 12.93% and a return on equity of 52.82%. The firm had revenue of $5.66 billion during the quarter, compared to analyst estimates of $5.76 billion. During the same quarter in the previous year, the business earned $0.49 EPS. The business’s quarterly revenue was up 8.1% compared to the same quarter last year. Equities analysts predict that Starbucks Corporation will post $2.07 EPS for the current fiscal year.
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In other Starbucks Corporation news, Director Myron E. Ullman III sold 22,966 shares of the stock in a transaction dated Thursday, September 7th. The shares were sold at an average price of $53.41, for a total value of $1,226,614.06. Following the transaction, the director now directly owns 36,966 shares of the company’s stock, valued at approximately $1,974,354.06. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Jorgen Vig Knudstorp purchased 18,000 shares of the stock in a transaction on Friday, August 4th. The stock was bought at an average cost of $55.30 per share, for a total transaction of $995,400.00. Following the completion of the acquisition, the director now owns 18,000 shares in the company, valued at $995,400. The disclosure for this purchase can be found here. 3.40% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in the business. Appropriate Balance Financial Services Inc. raised its holdings in Starbucks Corporation by 1.6% in the 2nd quarter. Appropriate Balance Financial Services Inc. now owns 839 shares of the coffee company’s stock valued at $14,396,000 after acquiring an additional 13 shares during the period. Union Bankshares Corp raised its holdings in Starbucks Corporation by 0.4% in the 2nd quarter. Union Bankshares Corp now owns 3,508 shares of the coffee company’s stock valued at $204,000 after acquiring an additional 14 shares during the period. Ken Stern & Associates Inc. raised its holdings in Starbucks Corporation by 0.4% in the 2nd quarter. Ken Stern & Associates Inc. now owns 5,662 shares of the coffee company’s stock valued at $330,000 after acquiring an additional 23 shares during the period. Vaughan David Investments Inc. IL raised its holdings in Starbucks Corporation by 0.6% in the 1st quarter. Vaughan David Investments Inc. IL now owns 4,649 shares of the coffee company’s stock valued at $271,000 after acquiring an additional 26 shares during the period. Finally, CWM LLC raised its holdings in Starbucks Corporation by 0.6% in the 2nd quarter. CWM LLC now owns 5,279 shares of the coffee company’s stock valued at $308,000 after acquiring an additional 30 shares during the period. 70.99% of the stock is currently owned by hedge funds and other institutional investors.
Starbucks Corporation Company Profile
Starbucks Corporation (Starbucks) is a roaster, marketer and retailer of coffee. As of October 2, 2016, the Company operated in 75 countries. The Company operates through four segments: Americas, which is inclusive of the United States, Canada, and Latin America; China/Asia Pacific (CAP); Europe, Middle East, and Africa (EMEA), and Channel Development.
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