Credit Suisse Group Lowers Starbucks Corporation (SBUX) Price Target to $54.00
Starbucks Corporation (NASDAQ:SBUX) had its price target reduced by investment analysts at Credit Suisse Group from $56.00 to $54.00 in a research note issued to investors on Friday. The firm presently has a “neutral” rating on the coffee company’s stock. Credit Suisse Group’s target price would indicate a potential downside of 4.08% from the stock’s previous close.
SBUX has been the subject of a number of other research reports. Wedbush reiterated a “neutral” rating and issued a $60.00 target price (down previously from $65.00) on shares of Starbucks Corporation in a research report on Saturday, July 22nd. Sanford C. Bernstein restated an “outperform” rating and set a $67.00 price target on shares of Starbucks Corporation in a research note on Wednesday, August 23rd. Deutsche Bank AG restated a “buy” rating and set a $67.00 price target on shares of Starbucks Corporation in a research note on Monday, October 9th. BidaskClub upgraded shares of Starbucks Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, August 1st. Finally, BMO Capital Markets restated a “hold” rating on shares of Starbucks Corporation in a research note on Thursday, October 5th. Thirteen analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Starbucks Corporation currently has a consensus rating of “Buy” and an average target price of $63.71.
Starbucks Corporation (NASDAQ:SBUX) traded up $1.17 during mid-day trading on Friday, reaching $56.30. 10,158,813 shares of the company’s stock were exchanged, compared to its average volume of 8,869,777. The company has a market cap of $79,226.79, a PE ratio of 26.51 and a beta of 0.72.
Starbucks Corporation (NASDAQ:SBUX) last released its earnings results on Thursday, November 2nd. The coffee company reported $0.55 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.55. Starbucks Corporation had a net margin of 12.89% and a return on equity of 52.65%. The company had revenue of $5.70 billion during the quarter, compared to the consensus estimate of $5.81 billion. During the same quarter in the prior year, the firm earned $0.56 EPS. The company’s revenue was down .2% compared to the same quarter last year. equities research analysts expect that Starbucks Corporation will post 2.33 EPS for the current fiscal year.
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In other news, Director Myron E. Ullman III sold 22,966 shares of Starbucks Corporation stock in a transaction that occurred on Thursday, September 7th. The shares were sold at an average price of $53.41, for a total transaction of $1,226,614.06. Following the completion of the sale, the director now owns 36,966 shares in the company, valued at approximately $1,974,354.06. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider John Culver sold 64,776 shares of the business’s stock in a transaction that occurred on Friday, September 8th. The shares were sold at an average price of $53.54, for a total transaction of $3,468,107.04. Following the transaction, the insider now owns 390,341 shares of the company’s stock, valued at approximately $20,898,857.14. The disclosure for this sale can be found here. Company insiders own 3.40% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in Starbucks Corporation by 2.1% during the second quarter. Vanguard Group Inc. now owns 94,417,613 shares of the coffee company’s stock valued at $5,505,491,000 after purchasing an additional 1,953,003 shares during the period. State Street Corp lifted its stake in Starbucks Corporation by 2.7% in the first quarter. State Street Corp now owns 60,822,661 shares of the coffee company’s stock valued at $3,551,445,000 after buying an additional 1,598,669 shares in the last quarter. Capital World Investors lifted its stake in Starbucks Corporation by 2.0% in the second quarter. Capital World Investors now owns 45,458,682 shares of the coffee company’s stock valued at $2,650,696,000 after buying an additional 895,432 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Starbucks Corporation by 7.8% in the first quarter. Bank of New York Mellon Corp now owns 30,770,264 shares of the coffee company’s stock valued at $1,796,675,000 after buying an additional 2,234,324 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in Starbucks Corporation by 5.2% in the second quarter. Northern Trust Corp now owns 21,452,905 shares of the coffee company’s stock valued at $1,250,919,000 after buying an additional 1,060,298 shares in the last quarter. Hedge funds and other institutional investors own 70.87% of the company’s stock.
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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