Starbucks (NASDAQ:SBUX) Trading Down 0.2% on Analyst Downgrade

Starbucks Co. (NASDAQ:SBUX)’s stock price was down 0.2% 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 traded 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 equities research analysts have also recently issued reports on the company. Robert W. Baird upgraded Starbucks from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $81.00 to $110.00 in a report on Tuesday, August 13th. Jefferies Financial Group cut shares of Starbucks from a “hold” rating to an “underperform” rating and cut their price target for the company from $80.00 to $76.00 in a report on Tuesday, September 24th. Citigroup lifted their price target on Starbucks from $98.00 to $99.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 8th. Sanford C. Bernstein upgraded Starbucks from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $92.00 to $115.00 in a report on Thursday, September 26th. Finally, Oppenheimer reaffirmed a “market perform” rating on shares of Starbucks in a research report on Monday, August 26th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Starbucks currently has an average rating of “Moderate Buy” and an average price target of $102.40.

Insider Buying and Selling

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

Institutional Trading of Starbucks

Several hedge funds have recently added to or reduced their stakes in SBUX. Vanguard Group Inc. grew its position in Starbucks by 0.4% during the first quarter. Vanguard Group Inc. now owns 108,403,768 shares of the coffee company’s stock worth $9,907,020,000 after buying an additional 470,498 shares in the last quarter. Legal & General Group Plc grew its holdings in shares of Starbucks by 2.6% during the 2nd quarter. Legal & General Group Plc now owns 8,720,903 shares of the coffee company’s stock worth $678,923,000 after purchasing an additional 221,718 shares in the last quarter. Flossbach Von Storch AG increased its position in shares of Starbucks by 106.7% during the first quarter. Flossbach Von Storch AG now owns 5,612,687 shares of the coffee company’s stock valued at $512,943,000 after purchasing an additional 2,897,282 shares during the period. Nordea Investment Management AB raised its stake in shares of Starbucks by 5.2% in the first quarter. Nordea Investment Management AB now owns 5,412,603 shares of the coffee company’s stock valued at $495,145,000 after purchasing an additional 266,570 shares in the last quarter. Finally, Ontario Teachers Pension Plan Board acquired a new stake in Starbucks during the first quarter worth $415,167,000. Institutional investors own 72.29% of the company’s stock.

Starbucks Stock Performance

The business’s 50 day moving average price is $95.29 and its 200-day moving average price is $84.73. The company has a market cap of $109.80 billion, a price-to-earnings ratio of 26.74, a PEG ratio of 2.14 and a beta of 0.97.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings data on Tuesday, July 30th. The coffee company reported $0.93 earnings per share for the quarter, meeting the consensus estimate of $0.93. The company had revenue of $9.11 billion for the quarter, compared to analyst estimates of $9.25 billion. Starbucks had a negative return on equity of 49.38% and a net margin of 11.16%. The company’s revenue was down .6% compared to the same quarter last year. During the same period in the prior year, the company posted $1.00 EPS. On average, equities research analysts expect that Starbucks Co. will post 3.55 earnings per share for the current fiscal year.

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.