Starbucks (SBUX) Price Target Raised to $64.00 at Wedbush

Starbucks (NASDAQ:SBUX) had its target price upped by analysts at Wedbush from $53.00 to $64.00 in a research report issued on Friday. The brokerage presently has a “neutral” rating on the coffee company’s stock. Wedbush’s price target indicates a potential downside of 0.50% from the company’s current price.

SBUX has been the topic of a number of other research reports. BidaskClub upgraded shares of Starbucks from a “hold” rating to a “buy” rating in a research report on Wednesday, September 12th. Bank of America increased their target price on shares of Starbucks from $57.00 to $64.00 and gave the stock a “buy” rating in a research report on Wednesday, October 10th. Zacks Investment Research lowered shares of Starbucks from a “hold” rating to a “sell” rating in a research report on Friday, September 28th. ValuEngine upgraded shares of Starbucks from a “hold” rating to a “buy” rating in a research report on Friday, October 26th. Finally, KeyCorp initiated coverage on shares of Starbucks in a research report on Wednesday, October 3rd. They set an “overweight” rating and a $65.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and nineteen have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $62.44.

Shares of NASDAQ:SBUX traded up $5.69 on Friday, reaching $64.32. 45,513,773 shares of the company’s stock were exchanged, compared to its average volume of 10,823,979. Starbucks has a twelve month low of $47.37 and a twelve month high of $65.68. The firm has a market cap of $79.04 billion, a PE ratio of 31.22, a PEG ratio of 1.59 and a beta of 0.60. The company has a quick ratio of 0.76, a current ratio of 1.01 and a debt-to-equity ratio of 1.54.

Starbucks (NASDAQ:SBUX) last announced its earnings results on Thursday, November 1st. The coffee company reported $0.62 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.02. Starbucks had a net margin of 18.87% and a return on equity of 67.11%. The firm had revenue of $6.30 billion for the quarter, compared to analyst estimates of $6.28 billion. During the same quarter in the prior year, the business posted $0.55 EPS. The business’s revenue was up 10.6% compared to the same quarter last year. On average, research analysts expect that Starbucks will post 2.4 EPS for the current year.

In related news, Director Javier G. Teruel sold 166,666 shares of the stock in a transaction that occurred on Friday, August 24th. The shares were sold at an average price of $52.70, for a total value of $8,783,298.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Myron E. Ullman III sold 15,000 shares of the stock in a transaction that occurred on Monday, August 20th. The shares were sold at an average price of $53.98, for a total transaction of $809,700.00. Following the completion of the transaction, the director now directly owns 29,000 shares of the company’s stock, valued at approximately $1,565,420. The disclosure for this sale can be found here. In the last three months, insiders sold 280,832 shares of company stock valued at $15,052,087. 3.40% of the stock is owned by insiders.

A number of large investors have recently modified their holdings of SBUX. Principal Financial Group Inc. lifted its stake in Starbucks by 6.6% in the 1st quarter. Principal Financial Group Inc. now owns 5,043,587 shares of the coffee company’s stock valued at $291,975,000 after purchasing an additional 312,720 shares during the last quarter. DnB Asset Management AS lifted its stake in Starbucks by 31.3% in the 2nd quarter. DnB Asset Management AS now owns 318,607 shares of the coffee company’s stock valued at $15,564,000 after purchasing an additional 75,955 shares during the last quarter. Rockland Trust Co. raised its stake in shares of Starbucks by 2.3% during the second quarter. Rockland Trust Co. now owns 187,875 shares of the coffee company’s stock valued at $9,178,000 after acquiring an additional 4,150 shares during the last quarter. Stonebridge Capital Management Inc. bought a new position in shares of Starbucks during the second quarter valued at $4,634,000. Finally, Vision Capital Management Inc. raised its stake in shares of Starbucks by 22.9% during the second quarter. Vision Capital Management Inc. now owns 100,395 shares of the coffee company’s stock valued at $4,904,000 after acquiring an additional 18,738 shares during the last quarter. 71.86% 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 specialty coffee worldwide. The company operates in four segments: Americas; China/Asia Pacific; Europe, Middle East, and Africa; and Channel Development. Its stores offer coffee and tea beverages, roasted whole bean and ground coffees, single-serve and ready-to-drink coffee and tea products, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.

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