Bank of America Boosts Starbucks (NASDAQ:SBUX) Price Target to $118.00

Starbucks (NASDAQ:SBUX) had its price target lifted by Bank of America from $112.00 to $118.00 in a research report released on Wednesday, Marketbeat reports. The brokerage currently has a buy rating on the coffee company’s stock.

Several other equities research analysts have also recently weighed in on SBUX. Citigroup upped their target price on Starbucks from $82.00 to $98.00 and gave the stock a neutral rating in a report on Wednesday, August 14th. Morgan Stanley reiterated an overweight rating and issued a $98.00 target price on shares of Starbucks in a report on Wednesday, July 31st. TD Cowen reiterated a buy rating and issued a $110.00 target price on shares of Starbucks in a report on Thursday, September 12th. The Goldman Sachs Group assumed coverage on Starbucks in a report on Thursday, June 13th. They issued a buy rating and a $100.00 target price for the company. Finally, Oppenheimer restated a market perform rating on shares of Starbucks in a research note on Monday, August 26th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus price target of $100.08.

Starbucks Stock Down 0.9 %

Shares of Starbucks stock opened at $96.05 on Wednesday. The stock’s fifty day moving average is $86.67 and its two-hundred day moving average is $84.04. The company has a market capitalization of $108.84 billion, a PE ratio of 26.46, a price-to-earnings-growth ratio of 2.31 and a beta of 0.96. Starbucks has a 52 week low of $71.55 and a 52 week high of $107.66.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings data on Tuesday, July 30th. The coffee company reported $0.93 EPS for the quarter, meeting the consensus estimate of $0.93. Starbucks had a negative return on equity of 49.38% and a net margin of 11.16%. The company had revenue of $9.11 billion for the quarter, compared to the consensus estimate of $9.25 billion. During the same quarter in the prior year, the company posted $1.00 EPS. Starbucks’s quarterly revenue was down .6% on a year-over-year basis. As a group, research analysts anticipate that Starbucks will post 3.56 earnings per share for the current year.

Insider Activity

In other news, CEO Michael Aaron Conway sold 3,250 shares of the stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $94.03, for a total value of $305,597.50. Following the transaction, the chief executive officer now directly owns 75,054 shares of the company’s stock, valued at $7,057,327.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Rachel Ruggeri sold 3,290 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $91.16, for a total transaction of $299,916.40. Following the sale, the chief executive officer now directly owns 62,502 shares of the company’s stock, valued at $5,697,682.32. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Michael Aaron Conway sold 3,250 shares of the firm’s stock in a transaction dated 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 directly owns 75,054 shares in the company, valued at $7,057,327.62. The disclosure for this sale can be found here. Corporate insiders own 1.98% of the company’s stock.

Institutional Trading of Starbucks

Several hedge funds and other institutional investors have recently bought and sold shares of SBUX. Strategic Investment Solutions Inc. IL acquired a new stake in Starbucks during the second quarter worth about $25,000. Vima LLC acquired a new stake in Starbucks during the fourth quarter worth about $26,000. Scarborough Advisors LLC acquired a new stake in Starbucks during the fourth quarter worth about $26,000. New Millennium Group LLC acquired a new stake in Starbucks during the second quarter worth about $26,000. Finally, Stephens Consulting LLC grew its holdings in Starbucks by 498.2% during the second quarter. Stephens Consulting LLC now owns 335 shares of the coffee company’s stock worth $26,000 after acquiring an additional 279 shares during the period. 72.29% of the stock is owned by institutional investors and hedge funds.

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.