Starbucks (NASDAQ:SBUX) Given New $85.00 Price Target at Citigroup

Starbucks (NASDAQ:SBUX) had its price objective cut by Citigroup from $95.00 to $85.00 in a report issued on Wednesday, Benzinga reports. They currently have a neutral rating on the coffee company’s stock.

SBUX has been the topic of a number of other research reports. BTIG Research decreased their price objective on shares of Starbucks from $115.00 to $100.00 and set a buy rating on the stock in a research report on Wednesday. Barclays reduced their price target on shares of Starbucks from $116.00 to $112.00 and set an overweight rating on the stock in a research report on Wednesday, January 31st. Morgan Stanley reduced their price target on shares of Starbucks from $120.00 to $115.00 and set an overweight rating on the stock in a research report on Friday, April 12th. William Blair cut shares of Starbucks from an outperform rating to a market perform rating in a research report on Wednesday. Finally, TD Cowen reduced 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. Seventeen research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of Hold and an average target price of $97.09.

Starbucks Stock Down 2.4 %

Starbucks stock opened at $73.11 on Wednesday. The company has a market capitalization of $82.81 billion, a PE ratio of 20.14, a P/E/G ratio of 1.36 and a beta of 0.97. The firm has a fifty day simple moving average of $88.89 and a two-hundred day simple moving average of $93.84. Starbucks has a twelve month low of $72.67 and a twelve month high of $108.12.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings data 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). Starbucks had a net margin of 11.38% and a negative return on equity of 49.91%. The firm had revenue of $8.56 billion during the quarter, compared to analysts’ expectations of $9.12 billion. During the same quarter in the previous year, the firm posted $0.74 EPS. Starbucks’s revenue was down 1.8% compared to the same quarter last year. As a group, equities analysts expect that Starbucks will post 3.63 earnings per share for the current fiscal year.

Starbucks Dividend Announcement

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 paid a $0.57 dividend. The ex-dividend date is Thursday, May 16th. This represents a $2.28 annualized dividend and a dividend yield of 3.12%. Starbucks’s dividend payout ratio is presently 62.81%.

Insider Transactions at Starbucks

In other news, CEO Michael Aaron Conway sold 3,250 shares of the company’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 transaction, the chief executive officer now owns 81,199 shares in the company, valued at $6,933,582.61. The sale was disclosed in a legal filing with the SEC, which is available at this link. Over the last 90 days, insiders have sold 7,250 shares of company stock worth $651,738. Corporate insiders own 1.98% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SBUX. Vima LLC bought a new position in Starbucks during the fourth quarter valued at approximately $26,000. Scarborough Advisors LLC bought a new position in Starbucks during the fourth quarter valued at approximately $26,000. DSM Capital Partners LLC bought a new position in Starbucks during the fourth quarter valued at approximately $27,000. Riggs Asset Managment Co. Inc. lifted its position in Starbucks by 1,578.9% during the third 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 bought a new position in Starbucks during the fourth quarter valued at approximately $30,000. Institutional investors 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.