Starbucks (NASDAQ:SBUX) Given New $85.00 Price Target at Citigroup

Starbucks (NASDAQ:SBUX) had its price objective decreased by Citigroup from $95.00 to $85.00 in a research note published on Wednesday, Benzinga reports. Citigroup currently has a neutral rating on the coffee company’s stock.

A number of other analysts also recently issued reports on the company. Piper Sandler lowered their target price on Starbucks from $107.00 to $100.00 and set a neutral rating on the stock in a research report on Friday, January 19th. Barclays lowered their target price on Starbucks from $116.00 to $112.00 and set an overweight rating on the stock in a research report on Wednesday, January 31st. BMO Capital Markets reduced their price target on Starbucks from $125.00 to $120.00 and set an outperform rating for the company in a report on Wednesday, January 31st. Royal Bank of Canada reiterated a sector perform rating and set a $102.00 price target on shares of Starbucks in a report on Wednesday, January 31st. Finally, Stifel Nicolaus reduced their price target on Starbucks from $90.00 to $80.00 and set a hold rating for the company in a report on Wednesday. Seventeen research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, Starbucks currently has an average rating of Hold and an average price target of $97.09.

Starbucks Trading Down 2.4 %

Shares of Starbucks stock opened at $73.11 on Wednesday. The stock’s fifty day simple moving average is $88.89 and its 200 day simple moving average is $93.84. Starbucks has a 12 month low of $72.67 and a 12 month high of $108.12. The company has a market capitalization of $82.81 billion, a PE ratio of 20.14, a PEG ratio of 1.36 and a beta of 0.97.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings results on Tuesday, April 30th. The coffee company reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.79 by ($0.11). Starbucks had a net margin of 11.38% and a negative return on equity of 49.91%. The firm had revenue of $8.56 billion during the quarter, compared to analyst estimates of $9.12 billion. During the same period in the prior year, the business earned $0.74 EPS. The business’s revenue for the quarter was down 1.8% compared to the same quarter last year. Analysts predict that Starbucks will post 3.63 EPS for the current fiscal year.

Starbucks Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Friday, May 17th will be given a $0.57 dividend. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.12%. Starbucks’s payout ratio is 62.81%.

Insider Activity

In other news, CEO Michael Aaron Conway sold 3,250 shares of Starbucks 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 completion of the sale, the chief executive officer now directly owns 81,199 shares in the company, valued at $6,933,582.61. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Over the last ninety days, insiders sold 7,250 shares of company stock worth $651,738. Corporate insiders own 1.98% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Vima LLC acquired a new position in Starbucks during the fourth quarter valued at approximately $26,000. Scarborough Advisors LLC acquired a new position in Starbucks during the fourth quarter valued at approximately $26,000. DSM Capital Partners LLC acquired a new position in Starbucks during the fourth quarter valued at approximately $27,000. Riggs Asset Managment Co. Inc. raised its position in Starbucks by 1,578.9% during the third quarter. Riggs Asset Managment Co. Inc. now owns 319 shares of the coffee company’s stock valued at $29,000 after purchasing an additional 300 shares in the last quarter. Finally, Fairman Group LLC acquired a new position in Starbucks during the fourth quarter valued at approximately $30,000. 72.29% of the stock is currently owned by institutional investors and hedge funds.

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.