Starbucks (NASDAQ:SBUX) Now Covered by Royal Bank of Canada

Royal Bank of Canada assumed coverage on shares of Starbucks (NASDAQ:SBUX) in a research note issued to investors on Friday morning, MarketBeat reports. The firm issued an outperform rating and a $115.00 price objective on the coffee company’s stock.

Several other research firms have also recently issued reports on SBUX. Bank of America cut their price objective on shares of Starbucks from $118.00 to $117.00 and set a “buy” rating for the company in a research report on Tuesday, October 22nd. DZ Bank lowered Starbucks from a “hold” rating to a “sell” rating and set a $85.00 price objective for the company. in a research report on Wednesday, August 21st. TD Cowen reissued a “buy” rating and set a $110.00 target price on shares of Starbucks in a research note on Monday, November 11th. Piper Sandler upgraded Starbucks from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $85.00 to $103.00 in a report on Tuesday, August 13th. Finally, Redburn Atlantic reaffirmed a “sell” rating and set a $77.00 target price (down previously from $84.00) on shares of Starbucks in a research note on Wednesday. Three research analysts have rated the stock with a sell rating, nine have given a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $102.81.

Starbucks Stock Down 0.2 %

Shares of Starbucks stock traded down $0.20 during trading hours on Friday, reaching $98.42. 8,119,864 shares of the company’s stock were exchanged, compared to its average volume of 11,147,972. The company has a market capitalization of $111.53 billion, a P/E ratio of 29.73, a price-to-earnings-growth ratio of 2.89 and a beta of 0.97. Starbucks has a 1 year low of $71.55 and a 1 year high of $107.66. The business has a fifty day moving average of $96.75 and a two-hundred day moving average of $86.19.

Starbucks (NASDAQ:SBUX) last released its earnings results on Wednesday, October 30th. The coffee company reported $0.80 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.80. Starbucks had a net margin of 10.40% and a negative return on equity of 46.39%. The business had revenue of $9.07 billion for the quarter, compared to analyst estimates of $9.60 billion. During the same period last year, the company posted $1.06 EPS. The business’s revenue was down 3.2% on a year-over-year basis. As a group, research analysts predict that Starbucks will post 3.15 EPS for the current year.

Starbucks Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.61 per share. This represents a $2.44 annualized dividend and a dividend yield of 2.48%. The ex-dividend date of this dividend is Friday, November 15th. This is a boost from Starbucks’s previous quarterly dividend of $0.57. Starbucks’s dividend payout ratio is 73.72%.

Insider Activity at Starbucks

In other Starbucks news, Director Jorgen Vig Knudstorp bought 380 shares of the company’s stock in a transaction on Friday, September 6th. The shares were bought at an average price of $91.50 per share, for a total transaction of $34,770.00. Following the transaction, the director now owns 36,242 shares of the company’s stock, valued at approximately $3,316,143. This trade represents a 1.06 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.98% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Starbucks

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Quent Capital LLC raised its holdings in Starbucks by 9.6% during the first quarter. Quent Capital LLC now owns 4,389 shares of the coffee company’s stock worth $401,000 after purchasing an additional 385 shares during the last quarter. Spirepoint Private Client LLC acquired a new stake in Starbucks in the 1st quarter valued at about $371,000. Ontario Teachers Pension Plan Board purchased a new position in Starbucks during the 1st quarter valued at about $415,167,000. Allstate Corp raised its position in Starbucks by 43.0% during the first quarter. Allstate Corp now owns 3,468 shares of the coffee company’s stock worth $317,000 after acquiring an additional 1,042 shares during the last quarter. Finally, Jacobi Capital Management LLC lifted its holdings in shares of Starbucks by 2.5% in the first quarter. Jacobi Capital Management LLC now owns 16,136 shares of the coffee company’s stock valued at $1,475,000 after purchasing an additional 401 shares in the last quarter. Institutional investors and hedge funds 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.