Evercore ISI Cuts Starbucks (NASDAQ:SBUX) Price Target to $92.00

Starbucks (NASDAQ:SBUX) had its price target reduced by Evercore ISI from $120.00 to $92.00 in a research note issued to investors on Wednesday, Benzinga reports. They currently have an outperform rating on the coffee company’s stock.

A number of other brokerages have also issued reports on SBUX. BMO Capital Markets decreased their price objective on Starbucks from $125.00 to $120.00 and set an outperform rating for the company in a report on Wednesday, January 31st. Oppenheimer reissued a market perform rating on shares of Starbucks in a report on Friday, April 19th. JPMorgan Chase & Co. reduced their price objective on shares of Starbucks from $107.00 to $100.00 and set an overweight rating for the company in a report on Tuesday, March 19th. TD Cowen dropped their price target on shares of Starbucks from $100.00 to $85.00 and set a hold rating on the stock in a research report on Wednesday. Finally, Guggenheim decreased their price objective on shares of Starbucks from $100.00 to $91.00 and set a buy rating for the company in a report on Friday, April 19th. Seventeen analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus target price of $97.09.

Starbucks Trading Down 2.4 %

Shares of NASDAQ SBUX opened at $73.11 on Wednesday. The company has a market cap of $82.81 billion, a price-to-earnings ratio of 20.14, a price-to-earnings-growth ratio of 1.36 and a beta of 0.97. The stock’s 50 day simple moving average is $88.89 and its 200 day simple moving average is $93.84. Starbucks has a 12-month low of $72.67 and a 12-month high of $108.12.

Starbucks (NASDAQ:SBUX) last posted its earnings results on Tuesday, April 30th. The coffee company reported $0.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.11). The company had revenue of $8.56 billion during the quarter, compared to the consensus estimate of $9.12 billion. Starbucks had a net margin of 11.38% and a negative return on equity of 49.91%. During the same quarter in the previous year, the business posted $0.74 earnings per share. The business’s quarterly revenue was down 1.8% compared to the same quarter last year. As a group, equities analysts forecast that Starbucks will post 3.63 earnings per share for the current fiscal year.

Starbucks Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Friday, May 17th will be given a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 3.12%. The ex-dividend date of this dividend is Thursday, May 16th. Starbucks’s dividend payout ratio (DPR) is currently 62.81%.

Insider Activity

In related news, CEO Michael Aaron Conway sold 3,250 shares of the firm’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $85.39, for a total value of $277,517.50. Following the completion of 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 7,250 shares of company stock worth $651,738 over the last 90 days. 1.98% of the stock is owned by company insiders.

Institutional Investors Weigh In On Starbucks

Several hedge funds have recently bought and sold shares of SBUX. Vima LLC acquired a new position in shares of Starbucks in the 4th quarter valued at about $26,000. Scarborough Advisors LLC purchased a new position in Starbucks during the fourth quarter valued at approximately $26,000. DSM Capital Partners LLC acquired a new position in Starbucks in the 4th quarter valued at approximately $27,000. Riggs Asset Managment Co. Inc. lifted its position in Starbucks by 1,578.9% in the 3rd quarter. Riggs Asset Managment Co. Inc. now owns 319 shares of the coffee company’s stock worth $29,000 after buying an additional 300 shares in the last quarter. Finally, Fairman Group LLC acquired a new stake in shares of Starbucks during the 4th quarter valued at $30,000. 72.29% of the stock is owned by hedge funds and other institutional investors.

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.