Starbucks (NASDAQ:SBUX) Given New $110.00 Price Target at Bank of America

Starbucks (NASDAQ:SBUX) had its target price increased by stock analysts at Bank of America from $101.00 to $110.00 in a report released on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the coffee company’s stock. Bank of America‘s price objective suggests a potential upside of 17.65% from the company’s previous close.

SBUX has been the topic of several other research reports. The Goldman Sachs Group reiterated a “neutral” rating and set a $95.00 price objective (up previously from $85.00) on shares of Starbucks in a report on Thursday, June 12th. Guggenheim lowered their target price on shares of Starbucks from $95.00 to $83.00 and set a “neutral” rating for the company in a report on Tuesday, April 29th. BMO Capital Markets lowered their target price on shares of Starbucks from $115.00 to $100.00 and set an “outperform” rating for the company in a report on Wednesday, April 30th. UBS Group lowered their target price on shares of Starbucks from $105.00 to $90.00 and set a “neutral” rating for the company in a report on Monday, April 28th. Finally, Wells Fargo & Company lowered their target price on shares of Starbucks from $125.00 to $100.00 and set an “overweight” rating for the company in a report on Tuesday, April 22nd. Four research analysts have rated the stock with a sell rating, eleven have issued a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $98.58.

Starbucks Stock Performance

Shares of Starbucks stock traded up $0.31 on Friday, reaching $93.50. 1,304,012 shares of the stock were exchanged, compared to its average volume of 10,316,004. The firm’s 50 day moving average is $89.95 and its 200-day moving average is $94.54. Starbucks has a one year low of $72.72 and a one year high of $117.46. The firm has a market cap of $106.25 billion, a PE ratio of 33.90, a P/E/G ratio of 4.74 and a beta of 1.02.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings results on Tuesday, April 29th. The coffee company reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.10). Starbucks had a net margin of 8.61% and a negative return on equity of 42.14%. The business had revenue of $8.76 billion during the quarter, compared to analyst estimates of $8.90 billion. During the same quarter last year, the company posted $0.68 earnings per share. The company’s revenue was up 2.3% compared to the same quarter last year. On average, equities research analysts expect that Starbucks will post 2.99 EPS for the current fiscal year.

Institutional Trading of Starbucks

A number of institutional investors have recently made changes to their positions in SBUX. Nuveen LLC bought a new stake in Starbucks during the 1st quarter worth approximately $1,379,619,000. Norges Bank bought a new stake in shares of Starbucks during the fourth quarter valued at approximately $1,244,812,000. Capital World Investors raised its position in shares of Starbucks by 20.1% during the fourth quarter. Capital World Investors now owns 54,924,230 shares of the coffee company’s stock valued at $5,011,796,000 after buying an additional 9,174,682 shares during the last quarter. Jennison Associates LLC purchased a new position in shares of Starbucks in the first quarter valued at $817,759,000. Finally, FMR LLC grew its holdings in shares of Starbucks by 27.0% in the fourth quarter. FMR LLC now owns 25,128,649 shares of the coffee company’s stock valued at $2,292,989,000 after purchasing an additional 5,348,790 shares in the last quarter. Hedge funds and other institutional investors own 72.29% of the company’s stock.

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.