Guggenheim Trims Starbucks (NASDAQ:SBUX) Target Price to $91.00

Starbucks (NASDAQ:SBUX) had its price objective decreased by Guggenheim from $100.00 to $91.00 in a research report sent to investors on Friday, Benzinga reports. Guggenheim currently has a buy rating on the coffee company’s stock.

SBUX has been the subject of several other reports. Barclays cut their price objective on shares of Starbucks from $116.00 to $112.00 and set an overweight rating for the company in a research report on Wednesday, January 31st. JPMorgan Chase & Co. cut their price objective on shares of Starbucks from $107.00 to $100.00 and set an overweight rating for the company in a research report on Tuesday, March 19th. Jefferies Financial Group cut their price objective on shares of Starbucks from $100.00 to $94.00 and set a hold rating for the company in a research report on Tuesday, April 16th. Robert W. Baird lowered their target price on shares of Starbucks from $106.00 to $100.00 and set a neutral rating on the stock in a report on Monday, March 18th. Finally, Royal Bank of Canada reaffirmed a sector perform rating and set a $102.00 target price on shares of Starbucks in a report on Wednesday, January 31st. Fourteen investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of Hold and a consensus target price of $106.68.

Starbucks Stock Performance

Shares of NASDAQ:SBUX opened at $88.18 on Friday. Starbucks has a 52-week low of $84.29 and a 52-week high of $115.48. The company has a market capitalization of $99.84 billion, a P/E ratio of 23.58, a price-to-earnings-growth ratio of 1.42 and a beta of 0.97. The company has a 50-day simple moving average of $90.80 and a 200 day simple moving average of $94.42.

Starbucks (NASDAQ:SBUX) last issued its earnings results on Wednesday, January 31st. The coffee company reported $0.90 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.92 by ($0.02). Starbucks had a net margin of 11.70% and a negative return on equity of 50.76%. The firm had revenue of $9.43 billion during the quarter, compared to analyst estimates of $9.60 billion. During the same quarter last year, the business posted $0.75 earnings per share. The company’s revenue for the quarter was up 8.2% on a year-over-year basis. As a group, equities analysts forecast that Starbucks will post 4.01 earnings per share for the current year.

Starbucks Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Friday, May 17th will be paid 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 2.59%. Starbucks’s payout ratio is currently 60.96%.

Insider Activity

In other news, CEO Michael Aaron Conway sold 3,250 shares of the firm’s 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 sale, the chief executive officer now directly owns 81,199 shares in the company, valued at approximately $6,933,582.61. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In the last three months, insiders have sold 7,000 shares of company stock worth $629,738. Corporate insiders own 1.98% of the company’s stock.

Institutional Investors Weigh In On Starbucks

A number of hedge funds have recently made changes to their positions in SBUX. Norges Bank acquired a new stake in shares of Starbucks in the 4th quarter valued at approximately $1,240,652,000. Flossbach Von Storch AG boosted its position in Starbucks by 8,677.8% during the 4th quarter. Flossbach Von Storch AG now owns 2,715,405 shares of the coffee company’s stock worth $260,706,000 after buying an additional 2,684,470 shares during the period. Bank of Nova Scotia boosted its position in Starbucks by 342.7% during the 4th quarter. Bank of Nova Scotia now owns 2,160,737 shares of the coffee company’s stock worth $207,444,000 after buying an additional 1,672,656 shares during the period. Los Angeles Capital Management LLC boosted its position in Starbucks by 432.5% during the 4th quarter. Los Angeles Capital Management LLC now owns 2,039,633 shares of the coffee company’s stock worth $195,825,000 after buying an additional 1,656,591 shares during the period. Finally, J.P. Morgan Private Wealth Advisors LLC acquired a new stake in Starbucks during the 3rd quarter worth approximately $147,125,000. 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.