Starbucks (NASDAQ:SBUX) Given New $92.00 Price Target at Wedbush

Starbucks (NASDAQ:SBUX) had its target price decreased by Wedbush from $95.00 to $92.00 in a report issued on Friday morning, Benzinga reports. Wedbush currently has a neutral rating on the coffee company’s stock. 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.

Several other equities research analysts have also recently commented on the company. Oppenheimer reissued a market perform rating on shares of Starbucks in a research note on Friday, April 19th. TD Cowen restated a hold rating and issued a $100.00 price target on shares of Starbucks in a research report on Thursday, April 11th. Piper Sandler reduced their price target on Starbucks from $107.00 to $100.00 and set a neutral rating on the stock in a research report on Friday, January 19th. Citigroup reduced their price target on Starbucks from $102.00 to $95.00 and set a neutral rating on the stock in a research report on Friday, April 12th. Finally, Wells Fargo & Company restated an overweight rating and issued a $105.00 price target on shares of Starbucks in a research report on Monday, April 1st. Fourteen equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of Hold and an average price target of $106.55.

Starbucks Stock Performance

NASDAQ SBUX opened at $88.25 on Friday. The stock has a fifty day moving average of $90.36 and a 200-day moving average of $94.27. The stock has a market capitalization of $99.92 billion, a P/E ratio of 23.60, a price-to-earnings-growth ratio of 1.48 and a beta of 0.97. Starbucks has a 52 week low of $84.29 and a 52 week high of $115.48.

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

Starbucks Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Friday, May 17th will be given a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.58%. The ex-dividend date of this dividend is Thursday, May 16th. Starbucks’s dividend payout ratio is currently 60.96%.

Insider Activity at Starbucks

In related news, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction dated Monday, April 15th. The stock was 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last quarter, insiders have sold 7,250 shares of company stock valued at $651,738. 1.98% of the stock is owned by insiders.

Hedge Funds Weigh In On Starbucks

A number of institutional investors have recently bought and sold shares of SBUX. Scarborough Advisors LLC bought a new stake in shares of Starbucks during the fourth quarter worth approximately $26,000. Vima LLC bought a new stake in shares of Starbucks during the fourth quarter worth approximately $26,000. DSM Capital Partners LLC bought a new stake in shares of Starbucks during the fourth quarter worth approximately $27,000. Fairman Group LLC bought a new stake in shares of Starbucks during the fourth quarter worth approximately $30,000. Finally, Riggs Asset Managment Co. Inc. boosted its holdings in shares of Starbucks by 1,578.9% during the third quarter. Riggs Asset Managment Co. Inc. now owns 319 shares of the coffee company’s stock worth $29,000 after acquiring an additional 300 shares during the period. 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.