Piper Jaffray Companies Analysts Give Starbucks Corporation (SBUX) a $70.00 Price Target
Piper Jaffray Companies set a $70.00 target price on Starbucks Corporation (NASDAQ:SBUX) in a research note issued to investors on Wednesday. The firm currently has a buy rating on the coffee company’s stock.
A number of other analysts have also recently weighed in on the stock. Zacks Investment Research raised shares of Starbucks Corporation from a sell rating to a hold rating in a research report on Wednesday, September 6th. Cowen and Company reaffirmed a buy rating and set a $63.00 price target on shares of Starbucks Corporation in a research report on Friday, September 1st. Bank of America Corporation reaffirmed a neutral rating and set a $65.00 price target on shares of Starbucks Corporation in a research report on Thursday, September 14th. Wedbush raised shares of Starbucks Corporation from a neutral rating to an outperform rating and upped their price target for the stock from $57.00 to $60.00 in a research report on Friday, August 25th. Finally, Vetr raised shares of Starbucks Corporation from a buy rating to a strong-buy rating and set a $67.14 price target for the company in a research report on Thursday, June 22nd. Thirteen research analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have issued a strong buy rating to the stock. The company has an average rating of Buy and a consensus target price of $64.24.
Starbucks Corporation (SBUX) traded down 0.45% on Wednesday, reaching $55.72. The company had a trading volume of 6,231,132 shares. The stock’s 50-day moving average price is $54.62 and its 200 day moving average price is $57.72. Starbucks Corporation has a 52-week low of $50.84 and a 52-week high of $64.87. The firm has a market capitalization of $80.45 billion, a price-to-earnings ratio of 28.13 and a beta of 0.78.
Starbucks Corporation (NASDAQ:SBUX) last announced its quarterly earnings results on Thursday, July 27th. The coffee company reported $0.55 earnings per share 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 analysts’ expectations of $5.76 billion. During the same period in the prior year, the company earned $0.49 EPS. The firm’s revenue was up 8.1% on a year-over-year basis. On average, equities analysts anticipate that Starbucks Corporation will post $2.06 earnings per share for the current fiscal year.
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In related 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 transaction of $1,226,614.06. Following the sale, the director now owns 36,966 shares in the company, valued at $1,974,354.06. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider John Culver sold 64,776 shares of the stock in a transaction dated Friday, September 8th. The stock was sold at an average price of $53.54, for a total transaction of $3,468,107.04. Following the sale, the insider now owns 390,341 shares in the company, valued at approximately $20,898,857.14. The disclosure for this sale can be found here. 3.40% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. CGOV Asset Management increased its stake in shares of Starbucks Corporation by 5.1% in the first quarter. CGOV Asset Management now owns 1,143,123 shares of the coffee company’s stock valued at $88,920,000 after purchasing an additional 55,405 shares during the period. Waldron LP increased its stake in shares of Starbucks Corporation by 44.8% in the first quarter. Waldron LP now owns 18,119 shares of the coffee company’s stock valued at $1,057,000 after purchasing an additional 5,604 shares during the period. Tarbox Group Inc. increased its stake in shares of Starbucks Corporation by 819.3% in the first quarter. Tarbox Group Inc. now owns 3,999 shares of the coffee company’s stock valued at $234,000 after purchasing an additional 3,564 shares during the period. Canada Pension Plan Investment Board increased its stake in shares of Starbucks Corporation by 43.1% in the first quarter. Canada Pension Plan Investment Board now owns 1,625,932 shares of the coffee company’s stock valued at $94,938,000 after purchasing an additional 489,506 shares during the period. Finally, Markel Corp increased its stake in shares of Starbucks Corporation by 116.7% in the first quarter. Markel Corp now owns 26,000 shares of the coffee company’s stock valued at $1,518,000 after purchasing an additional 14,000 shares during the period. Hedge funds and other institutional investors own 70.82% of the company’s stock.
About Starbucks Corporation
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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