Starbucks (NASDAQ:SBUX) Stock Price Down 1.1%

Starbucks Co. (NASDAQ:SBUX) shares dropped 1.1% during mid-day trading on Wednesday . The stock traded as low as $81.35 and last traded at $81.87. Approximately 3,003,592 shares traded hands during trading, a decline of 71% from the average daily volume of 10,240,539 shares. The stock had previously closed at $82.79.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on SBUX. Morgan Stanley cut their target price on shares of Starbucks from $120.00 to $115.00 and set an “overweight” rating for the company in a report on Friday, April 12th. Evercore ISI reduced their target price on shares of Starbucks from $120.00 to $92.00 and set an “outperform” rating on the stock in a report on Wednesday, May 1st. Wells Fargo & Company reduced their price objective on Starbucks from $105.00 to $90.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 1st. DZ Bank lowered Starbucks from a “buy” rating to a “hold” rating and set a $75.00 price objective for the company. in a research note on Friday, May 3rd. Finally, Jefferies Financial Group decreased their price target on Starbucks from $94.00 to $84.00 and set a “hold” rating on the stock in a report on Wednesday, May 1st. Seventeen investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $96.43.

Starbucks Stock Performance

The firm has a market capitalization of $92.29 billion, a PE ratio of 22.55, a PEG ratio of 1.79 and a beta of 0.96. The company has a fifty day simple moving average of $82.45 and a two-hundred day simple moving average of $90.45.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings data on Tuesday, April 30th. The coffee company reported $0.68 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.11). The business had revenue of $8.56 billion during the quarter, compared to analysts’ expectations of $9.12 billion. Starbucks had a net margin of 11.38% and a negative return on equity of 49.91%. The firm’s revenue was down 1.8% on a year-over-year basis. During the same period last year, the company earned $0.74 earnings per share. On average, equities analysts anticipate that Starbucks Co. will post 3.59 earnings per share for the current fiscal year.

Starbucks Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 31st. Stockholders of record on Friday, May 17th were paid a dividend of $0.57 per share. The ex-dividend date of this dividend was Thursday, May 16th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.80%. Starbucks’s payout ratio is 62.81%.

Insider Buying and Selling at Starbucks

In other news, CFO Rachel Ruggeri sold 3,750 shares of the business’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $80.00, for a total value of $300,000.00. Following the completion of the sale, the chief financial officer now directly owns 65,431 shares in the company, valued at $5,234,480. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Michael Aaron Conway sold 3,250 shares of the company’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $85.39, for a total transaction of $277,517.50. Following the completion of the sale, the chief executive officer now owns 81,199 shares of the company’s stock, valued at approximately $6,933,582.61. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Rachel Ruggeri sold 3,750 shares of the stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $80.00, for a total value of $300,000.00. Following the completion of the sale, the chief financial officer now directly owns 65,431 shares of the company’s stock, valued at approximately $5,234,480. The disclosure for this sale can be found here. Over the last quarter, insiders sold 7,750 shares of company stock valued at $642,050. Corporate insiders own 1.98% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of SBUX. Norges Bank purchased a new stake in shares of Starbucks in the 4th quarter valued at approximately $1,240,652,000. Ontario Teachers Pension Plan Board acquired a new stake in shares of Starbucks during the 1st quarter worth about $415,167,000. Flossbach Von Storch AG raised its holdings in Starbucks by 106.7% in the 1st quarter. Flossbach Von Storch AG now owns 5,612,687 shares of the coffee company’s stock valued at $512,943,000 after buying an additional 2,897,282 shares during the period. Capital World Investors purchased a new position in Starbucks during the first quarter worth about $257,721,000. Finally, Van ECK Associates Corp boosted its position in shares of Starbucks by 2,624.3% during the 1st quarter. Van ECK Associates Corp now owns 2,150,309 shares of the coffee company’s stock worth $196,516,000 after purchasing an additional 2,071,378 shares during the period. Institutional investors and hedge funds own 72.29% of the company’s stock.

About Starbucks

Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of coffee worldwide. The company operates through three segments: North America, International, and Channel Development. Its stores offer coffee and tea beverages, roasted whole beans and ground coffees, single serve products, and ready-to-drink beverages; and various food products, such as pastries, breakfast sandwiches, and lunch items.