Starbucks (NASDAQ:SBUX) Stock Price Down 2.3%

Shares of Starbucks Co. (NASDAQ:SBUX) dropped 2.3% during mid-day trading on Wednesday . The stock traded as low as $74.21 and last traded at $74.53. Approximately 2,375,788 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 10,569,755 shares. The stock had previously closed at $76.26.

Wall Street Analysts Forecast Growth

SBUX has been the topic of several recent research reports. The Goldman Sachs Group initiated coverage on shares of Starbucks in a research note on Thursday, June 13th. They issued a “buy” rating and a $100.00 price target on the stock. Oppenheimer reiterated a “market perform” rating on shares of Starbucks in a research note on Friday, April 19th. Wedbush decreased their price objective on shares of Starbucks from $81.00 to $77.00 and set a “neutral” rating for the company in a research report on Friday, July 19th. TD Cowen decreased their price objective on shares of Starbucks from $85.00 to $81.00 and set a “hold” rating for the company in a research report on Wednesday, July 17th. Finally, BMO Capital Markets decreased their price objective on shares of Starbucks from $120.00 to $100.00 and set an “outperform” rating for the company in a research report on Monday. Seventeen equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $91.71.

Starbucks Trading Down 2.1 %

The firm’s 50 day simple moving average is $78.01 and its two-hundred day simple moving average is $85.54. The firm has a market cap of $84.59 billion, a price-to-earnings ratio of 20.53, a PEG ratio of 1.73 and a beta of 0.94.

Starbucks (NASDAQ:SBUX) last issued its earnings results 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 firm had revenue of $8.56 billion during the quarter, compared to analyst estimates of $9.12 billion. Starbucks had a net margin of 11.38% and a negative return on equity of 49.91%. Starbucks’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.74 earnings per share. As a group, equities research analysts anticipate that Starbucks Co. will post 3.57 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, August 30th. Stockholders of record on Friday, August 16th will be given a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 3.05%. The ex-dividend date of this dividend is Friday, August 16th. Starbucks’s payout ratio is presently 62.81%.

Insider Activity

In other news, CEO Michael Aaron Conway sold 3,250 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $80.00, for a total value of $260,000.00. Following the completion of the transaction, the chief executive officer now directly owns 78,304 shares in the company, valued at approximately $6,264,320. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Michael Aaron Conway sold 3,250 shares of the company’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $80.00, for a total value of $260,000.00. Following the sale, the chief executive officer now directly owns 78,304 shares of the company’s stock, valued at approximately $6,264,320. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Rachel Ruggeri sold 3,750 shares of the stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $80.00, for a total transaction of $300,000.00. Following the transaction, the chief financial officer now directly owns 65,431 shares in the company, valued at $5,234,480. The disclosure for this sale can be found here. In the last ninety days, insiders sold 7,250 shares of company stock worth $579,375. 1.98% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

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