Starbucks (SBUX) Shares Gap Down on Analyst Downgrade
Starbucks Co. (NASDAQ:SBUX) gapped down before the market opened on Friday after BMO Capital Markets lowered their price target on the stock to $60.00. The stock had previously closed at $66.09, but opened at $64.19. BMO Capital Markets currently has a market perform rating on the stock. Starbucks shares last traded at $63.73, with a volume of 13799979 shares.
Other equities research analysts also recently issued reports about the stock. Goldman Sachs Group downgraded shares of Starbucks from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $75.00 to $68.00 in a research report on Friday. Wedbush reissued a “hold” rating and issued a $53.00 price objective on shares of Starbucks in a research report on Tuesday, September 18th. BidaskClub downgraded shares of Starbucks from a “strong-buy” rating to a “buy” rating in a research report on Friday, November 2nd. Wells Fargo & Co increased their price objective on shares of Starbucks from $60.00 to $64.00 and gave the company an “outperform” rating in a research report on Wednesday, October 17th. Finally, UBS Group set a $72.00 price objective on shares of Starbucks and gave the company a “buy” rating in a research report on Friday, November 2nd. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company. Starbucks currently has an average rating of “Buy” and a consensus price target of $66.12.
Large investors have recently modified their holdings of the stock. United Bank lifted its stake in shares of Starbucks by 18.5% in the 2nd quarter. United Bank now owns 24,969 shares of the coffee company’s stock worth $1,220,000 after acquiring an additional 3,893 shares during the period. Voya Investment Management LLC lifted its stake in shares of Starbucks by 10.7% in the 2nd quarter. Voya Investment Management LLC now owns 767,876 shares of the coffee company’s stock worth $37,511,000 after acquiring an additional 74,254 shares during the period. Flagship Harbor Advisors LLC lifted its stake in shares of Starbucks by 25.0% in the 2nd quarter. Flagship Harbor Advisors LLC now owns 6,092 shares of the coffee company’s stock worth $297,000 after acquiring an additional 1,218 shares during the period. Point72 Hong Kong Ltd acquired a new stake in shares of Starbucks in the 2nd quarter worth $115,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in shares of Starbucks in the 2nd quarter worth $2,417,000. Hedge funds and other institutional investors own 76.01% of the company’s stock.
Starbucks (NASDAQ:SBUX) last released its earnings results on Thursday, November 1st. The coffee company reported $0.62 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.02. Starbucks had a net margin of 18.28% and a return on equity of 86.33%. The company had revenue of $6.30 billion during the quarter, compared to analysts’ expectations of $6.28 billion. During the same quarter last year, the business earned $0.55 EPS. The business’s revenue was up 10.6% on a year-over-year basis. On average, research analysts forecast that Starbucks Co. will post 2.64 earnings per share for the current year.
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About Starbucks (NASDAQ:SBUX)
Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty coffee worldwide. The company operates in four segments: Americas; China/Asia Pacific; Europe, Middle East, and Africa; and Channel Development. Its stores offer coffee and tea beverages, roasted whole bean and ground coffees, single-serve and ready-to-drink beverages, iced tea, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.
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