Starbucks (NASDAQ:SBUX) Shares Down 0.2% After Analyst Downgrade

Starbucks Co. (NASDAQ:SBUX) dropped 0.2% during trading on Tuesday after Bank of America lowered their price target on the stock from $118.00 to $117.00. Bank of America currently has a buy rating on the stock. Starbucks traded as low as $95.94 and last traded at $96.28. Approximately 674,869 shares changed hands during mid-day trading, a decline of 94% from the average daily volume of 11,315,588 shares. The stock had previously closed at $96.45.

Several other brokerages also recently weighed in on SBUX. Piper Sandler raised shares of Starbucks from a “neutral” rating to an “overweight” rating and increased their target price for the company from $85.00 to $103.00 in a research note on Tuesday, August 13th. Citigroup boosted their target price on Starbucks from $98.00 to $99.00 and gave the company a “neutral” rating in a research report on Tuesday, October 8th. Morgan Stanley raised their price target on Starbucks from $98.00 to $115.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. JPMorgan Chase & Co. raised their price target on shares of Starbucks from $90.00 to $105.00 and gave the stock an “overweight” rating in a research note on Monday, September 30th. Finally, Deutsche Bank Aktiengesellschaft upgraded Starbucks from a “hold” rating to a “buy” rating and raised their price target for the company from $85.00 to $118.00 in a research note on Wednesday, August 14th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Starbucks currently has an average rating of “Moderate Buy” and an average target price of $102.40.

Insider Activity

In other Starbucks news, CEO Rachel Ruggeri sold 3,290 shares of the company’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $91.16, for a total value of $299,916.40. Following the completion of the sale, the chief executive officer now directly owns 62,502 shares in the company, valued at $5,697,682.32. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Rachel Ruggeri sold 3,290 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 62,502 shares in the company, valued at $5,697,682.32. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael Aaron Conway sold 3,250 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $94.03, for a total transaction of $305,597.50. Following the completion of the transaction, the chief executive officer now owns 75,054 shares in the company, valued at approximately $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. Company insiders own 1.98% of the company’s stock.

Hedge Funds Weigh In On Starbucks

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Fidelis Capital Partners LLC increased its holdings in shares of Starbucks by 18.7% in the first quarter. Fidelis Capital Partners LLC now owns 11,116 shares of the coffee company’s stock valued at $1,016,000 after purchasing an additional 1,751 shares during the period. AMI Asset Management Corp increased its stake in shares of Starbucks by 2.8% during the first quarter. AMI Asset Management Corp now owns 365,292 shares of the coffee company’s stock worth $33,384,000 after acquiring an additional 10,092 shares during the period. LRI Investments LLC purchased a new position in Starbucks during the first quarter worth about $136,000. BNP Paribas purchased a new stake in Starbucks in the 1st quarter valued at approximately $9,332,000. Finally, Great Valley Advisor Group Inc. increased its position in Starbucks by 45.8% during the 2nd quarter. Great Valley Advisor Group Inc. now owns 17,123 shares of the coffee company’s stock worth $1,333,000 after purchasing an additional 5,377 shares during the period. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Starbucks Trading Up 0.5 %

The firm has a market capitalization of $109.80 billion, a PE ratio of 26.74, a P/E/G ratio of 2.14 and a beta of 0.97. The business has a 50 day moving average price of $95.29 and a 200-day moving average price of $84.73.

Starbucks (NASDAQ:SBUX) last issued its earnings results on Tuesday, July 30th. The coffee company reported $0.93 EPS for the quarter, hitting the consensus estimate of $0.93. Starbucks had a net margin of 11.16% and a negative return on equity of 49.38%. The company had revenue of $9.11 billion for the quarter, compared to analyst estimates of $9.25 billion. During the same period in the previous year, the firm earned $1.00 EPS. The business’s revenue was down .6% on a year-over-year basis. On average, equities research analysts forecast that Starbucks Co. will post 3.55 earnings per share for the current year.

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.