Starbucks (NASDAQ:SBUX) Price Target Raised to $99.00 at Citigroup

Starbucks (NASDAQ:SBUX) had its price target boosted by equities research analysts at Citigroup from $96.00 to $99.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “neutral” rating on the coffee company’s stock. Citigroup’s target price would indicate a potential upside of 1.33% from the company’s previous close.

Other equities analysts have also recently issued reports about the company. UBS Group boosted their target price on Starbucks from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday, October 23rd. Barclays decreased their price objective on shares of Starbucks from $110.00 to $108.00 and set an “overweight” rating for the company in a report on Thursday. Piper Sandler raised shares of Starbucks from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $85.00 to $103.00 in a research note on Tuesday, August 13th. BTIG Research increased their price target on shares of Starbucks from $100.00 to $115.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. Finally, DZ Bank downgraded Starbucks from a “hold” rating to a “sell” rating and set a $85.00 target price on the stock. in a report on Wednesday, August 21st. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $103.32.

Starbucks Price Performance

NASDAQ SBUX traded up $0.38 during trading on Thursday, hitting $97.70. 11,668,666 shares of the company’s stock traded hands, compared to its average volume of 11,318,005. The firm has a market cap of $110.71 billion, a P/E ratio of 27.37, a PEG ratio of 2.59 and a beta of 0.97. The stock has a fifty day moving average of $95.77 and a two-hundred day moving average of $85.28. Starbucks has a 12-month low of $71.55 and a 12-month high of $107.66.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings results on Wednesday, October 30th. The coffee company reported $0.80 EPS for the quarter, hitting analysts’ consensus estimates of $0.80. The business had revenue of $9.07 billion for the quarter, compared to analysts’ expectations of $9.60 billion. Starbucks had a negative return on equity of 49.38% and a net margin of 11.16%. The business’s quarterly revenue was down 3.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.06 EPS. As a group, analysts expect that Starbucks will post 3.34 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Rachel Ruggeri sold 3,290 shares of the company’s stock in a transaction 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 owns 62,502 shares of the company’s stock, valued at approximately $5,697,682.32. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, CEO Rachel Ruggeri sold 3,290 shares of the company’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 owns 62,502 shares of the company’s stock, valued at $5,697,682.32. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael Aaron Conway sold 3,250 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $94.03, for a total transaction of $305,597.50. Following the sale, the chief executive officer now owns 75,054 shares in the company, valued at $7,057,327.62. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.98% of the stock is owned by insiders.

Hedge Funds Weigh In On Starbucks

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Starbucks by 0.4% during the first quarter. Vanguard Group Inc. now owns 108,403,768 shares of the coffee company’s stock valued at $9,907,020,000 after buying an additional 470,498 shares during the last quarter. Legal & General Group Plc increased its stake in Starbucks by 2.6% in the second quarter. Legal & General Group Plc now owns 8,720,903 shares of the coffee company’s stock worth $678,923,000 after purchasing an additional 221,718 shares during the period. Flossbach Von Storch AG lifted its position in shares of Starbucks by 106.7% during the first quarter. Flossbach Von Storch AG now owns 5,612,687 shares of the coffee company’s stock worth $512,943,000 after purchasing an additional 2,897,282 shares during the last quarter. Nordea Investment Management AB boosted its stake in shares of Starbucks by 5.2% during the first quarter. Nordea Investment Management AB now owns 5,412,603 shares of the coffee company’s stock valued at $495,145,000 after purchasing an additional 266,570 shares during the period. Finally, Ontario Teachers Pension Plan Board bought a new position in shares of Starbucks in the first quarter worth about $415,167,000. 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.