Starbucks (NASDAQ:SBUX) Price Target Increased to $98.00 by Analysts at Citigroup

Starbucks (NASDAQ:SBUX) had its price objective increased by Citigroup from $82.00 to $98.00 in a research report report published on Wednesday morning, Benzinga reports. The brokerage currently has a neutral rating on the coffee company’s stock.

SBUX has been the topic of a number of other reports. UBS Group cut their price target on shares of Starbucks from $95.00 to $85.00 and set a neutral rating on the stock in a report on Wednesday, May 1st. Piper Sandler upgraded shares of Starbucks from a neutral rating to an overweight rating and increased their target price for the stock from $85.00 to $103.00 in a report on Tuesday, August 13th. Deutsche Bank Aktiengesellschaft upgraded shares of Starbucks from a hold rating to a buy rating and increased their target price for the stock from $85.00 to $118.00 in a report on Wednesday. BMO Capital Markets dropped their target price on shares of Starbucks from $120.00 to $100.00 and set an outperform rating on the stock in a report on Monday, July 22nd. Finally, Robert W. Baird upgraded shares of Starbucks from a neutral rating to an outperform rating and increased their target price for the stock from $81.00 to $110.00 in a report on Tuesday, August 13th. Twelve research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of Moderate Buy and an average price target of $98.79.

Starbucks Trading Up 0.5 %

NASDAQ SBUX opened at $94.81 on Wednesday. The company’s 50-day moving average price is $78.23 and its 200-day moving average price is $83.92. The stock has a market cap of $107.39 billion, a PE ratio of 26.12, a PEG ratio of 2.25 and a beta of 0.94. Starbucks has a 12 month low of $71.55 and a 12 month high of $107.66.

Starbucks (NASDAQ:SBUX) last posted its quarterly earnings results on Tuesday, July 30th. The coffee company reported $0.93 EPS for the quarter, hitting analysts’ consensus estimates of $0.93. The firm had revenue of $9.11 billion for the quarter, compared to analysts’ expectations of $9.25 billion. Starbucks had a net margin of 11.16% and a negative return on equity of 49.38%. The business’s revenue for the quarter was down .6% on a year-over-year basis. During the same period in the prior year, the business posted $1.00 earnings per share. As a group, sell-side analysts forecast that Starbucks will post 3.55 earnings per share for the current year.

Starbucks Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Friday, August 16th will be given a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 2.40%. The ex-dividend date is Friday, August 16th. Starbucks’s dividend payout ratio is presently 62.81%.

Insiders Place Their Bets

In other news, CEO Rachel Ruggeri sold 3,290 shares of the business’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $91.16, for a total transaction of $299,916.40. Following the sale, the chief executive officer now directly owns 62,502 shares of the company’s stock, valued at $5,697,682.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Michael Aaron Conway sold 3,250 shares of the firm’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $80.00, for a total transaction of $260,000.00. Following the completion of the transaction, the chief executive officer now owns 78,304 shares of the company’s stock, valued at $6,264,320. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Rachel Ruggeri sold 3,290 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $91.16, for a total value of $299,916.40. Following the completion of the transaction, the chief executive officer now directly owns 62,502 shares of the company’s stock, valued at $5,697,682.32. The disclosure for this sale can be found here. Over the last quarter, insiders sold 10,540 shares of company stock valued at $879,291. Insiders own 1.98% of the company’s stock.

Institutional Trading of Starbucks

Several institutional investors have recently bought and sold shares of the business. Scarborough Advisors LLC acquired a new position in Starbucks during the fourth quarter worth $26,000. Vima LLC purchased a new position in Starbucks in the 4th quarter valued at about $26,000. DSM Capital Partners LLC acquired a new stake in Starbucks in the 4th quarter worth about $27,000. Fairman Group LLC purchased a new stake in Starbucks during the 4th quarter worth approximately $30,000. Finally, Cypress Capital Management LLC WY raised its holdings in shares of Starbucks by 133.1% during the fourth quarter. Cypress Capital Management LLC WY now owns 324 shares of the coffee company’s stock valued at $31,000 after acquiring an additional 185 shares during the last quarter. 72.29% of the stock is owned by institutional investors and hedge funds.

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.