Starbucks (NASDAQ:SBUX) Price Target Cut to $92.00

Starbucks (NASDAQ:SBUX) had its price objective reduced by investment analysts at Wedbush from $95.00 to $92.00 in a research report issued on Friday, Benzinga reports. The firm presently has a “neutral” rating on the coffee company’s stock. Wedbush’s price target would suggest a potential upside of 4.25% from the stock’s previous close. Wedbush also issued estimates for Starbucks’ Q2 2024 earnings at $0.80 EPS, FY2024 earnings at $4.04 EPS, Q2 2025 earnings at $0.91 EPS and FY2025 earnings at $4.68 EPS.

SBUX has been the subject of a number of other research reports. Gordon Haskett downgraded shares of Starbucks from a “buy” rating to a “hold” rating and set a $100.00 price target for the company. in a report on Tuesday, January 16th. Stephens restated an “equal weight” rating and issued a $110.00 target price on shares of Starbucks in a research report on Wednesday, January 31st. Morgan Stanley lowered their price target on Starbucks from $120.00 to $115.00 and set an “overweight” rating for the company in a report on Friday, April 12th. Royal Bank of Canada reissued a “sector perform” rating and set a $102.00 price objective on shares of Starbucks in a research report on Wednesday, January 31st. Finally, Stifel Nicolaus lowered their target price on shares of Starbucks from $102.00 to $90.00 and set a “hold” rating for the company in a research note on Thursday, April 11th. Fourteen equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $106.55.

Starbucks Price Performance

SBUX stock opened at $88.25 on Friday. Starbucks has a 1 year low of $84.29 and a 1 year high of $115.48. The firm has a market capitalization of $99.92 billion, a PE ratio of 23.60, a price-to-earnings-growth ratio of 1.48 and a beta of 0.97. The business has a 50 day simple moving average of $90.36 and a 200-day simple moving average of $94.28.

Starbucks (NASDAQ:SBUX) last issued its earnings results on Wednesday, January 31st. The coffee company reported $0.90 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.02). The company had revenue of $9.43 billion during the quarter, compared to analyst estimates of $9.60 billion. Starbucks had a negative return on equity of 50.76% and a net margin of 11.70%. The firm’s revenue was up 8.2% compared to the same quarter last year. During the same period last year, the business earned $0.75 earnings per share. On average, equities research analysts expect that Starbucks will post 3.99 EPS for the current year.

Insider Activity

In related news, CEO Michael Aaron Conway sold 3,250 shares of the firm’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 sale, the chief executive officer now owns 81,199 shares of the company’s stock, valued at $6,933,582.61. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In the last quarter, insiders sold 7,250 shares of company stock worth $651,738. 1.98% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Starbucks

Several large investors have recently bought and sold shares of SBUX. Cerity Partners LLC raised its position in shares of Starbucks by 481.9% during the 4th quarter. Cerity Partners LLC now owns 1,547,411 shares of the coffee company’s stock worth $148,567,000 after acquiring an additional 1,281,471 shares in the last quarter. Metis Global Partners LLC raised its holdings in Starbucks by 15.4% during the third quarter. Metis Global Partners LLC now owns 56,939 shares of the coffee company’s stock worth $5,197,000 after purchasing an additional 7,619 shares in the last quarter. Tyche Wealth Partners LLC purchased a new stake in shares of Starbucks during the 4th quarter worth approximately $794,000. Insigneo Advisory Services LLC boosted its holdings in shares of Starbucks by 60.6% in the 3rd quarter. Insigneo Advisory Services LLC now owns 9,464 shares of the coffee company’s stock valued at $864,000 after buying an additional 3,570 shares in the last quarter. Finally, Mountain Pacific Investment Advisers Inc. ID acquired a new position in shares of Starbucks in the 4th quarter valued at $201,000. Hedge funds and other 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.