Starbucks (NASDAQ:SBUX) Price Target Cut to $84.00

Starbucks (NASDAQ:SBUX) had its price objective cut by HSBC from $107.00 to $84.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a “hold” rating on the coffee company’s stock. HSBC’s price objective would indicate a potential upside of 14.90% from the stock’s previous close.

Several other research firms have also recently weighed in on SBUX. Stifel Nicolaus cut their target price on shares of Starbucks from $90.00 to $80.00 and set a “hold” rating for the company in a research note on Wednesday. Barclays lowered their price objective on shares of Starbucks from $116.00 to $112.00 and set an “overweight” rating for the company in a research report on Wednesday, January 31st. Piper Sandler lowered their price objective on shares of Starbucks from $107.00 to $100.00 and set a “neutral” rating for the company in a research report on Friday, January 19th. UBS Group lowered their price objective on shares of Starbucks from $95.00 to $85.00 and set a “neutral” rating for the company in a research report on Wednesday. Finally, Robert W. Baird lowered their price objective on shares of Starbucks from $106.00 to $100.00 and set a “neutral” rating for the company in a research report on Monday, March 18th. Seventeen investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, Starbucks presently has a consensus rating of “Hold” and a consensus target price of $98.38.

Starbucks Stock Performance

Shares of NASDAQ SBUX traded down $1.82 during trading on Friday, hitting $73.11. The company had a trading volume of 22,115,226 shares, compared to its average volume of 9,469,554. The stock has a 50 day simple moving average of $89.34 and a 200 day simple moving average of $93.98. The firm has a market capitalization of $82.81 billion, a P/E ratio of 20.14, a price-to-earnings-growth ratio of 1.28 and a beta of 0.97. Starbucks has a 12 month low of $72.67 and a 12 month high of $108.12.

Starbucks (NASDAQ:SBUX) last released its earnings results on Tuesday, April 30th. The coffee company reported $0.68 EPS for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.11). The firm had revenue of $8.56 billion for the quarter, compared to the consensus estimate of $9.12 billion. Starbucks had a negative return on equity of 49.91% and a net margin of 11.38%. Starbucks’s revenue was down 1.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.74 EPS. As a group, analysts predict that Starbucks will post 3.89 EPS for the current year.

Insider Buying and Selling

In related news, CEO Michael Aaron Conway sold 3,250 shares of the firm’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $85.39, for a total value of $277,517.50. Following the transaction, the chief executive officer now owns 81,199 shares of the company’s stock, valued at approximately $6,933,582.61. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold 7,250 shares of company stock valued at $651,738 in the last 90 days. Company insiders own 1.98% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Vima LLC purchased a new position in Starbucks during the 4th quarter valued at about $26,000. Scarborough Advisors LLC purchased a new position in Starbucks during the 4th quarter valued at about $26,000. DSM Capital Partners LLC purchased a new position in Starbucks during the 4th quarter valued at about $27,000. Riggs Asset Managment Co. Inc. increased its position in Starbucks by 1,578.9% during the 3rd quarter. Riggs Asset Managment Co. Inc. now owns 319 shares of the coffee company’s stock valued at $29,000 after purchasing an additional 300 shares during the period. Finally, Fairman Group LLC purchased a new position in Starbucks during the 4th quarter valued at about $30,000. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Starbucks Company Profile

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.