Starbucks (SBUX) PT Raised to $60.00 at Piper Jaffray Companies

Starbucks (NASDAQ:SBUX) had its price objective hoisted by Piper Jaffray Companies from $53.00 to $60.00 in a research note published on Friday, November 2nd, The Fly reports. They currently have a neutral rating on the coffee company’s stock. Piper Jaffray Companies also issued estimates for Starbucks’ Q1 2019 earnings at $0.64 EPS, Q2 2019 earnings at $0.57 EPS, Q3 2019 earnings at $0.70 EPS, Q4 2019 earnings at $0.70 EPS and FY2019 earnings at $2.61 EPS.

Several other equities research analysts have also recently commented on the company. Wells Fargo & Co boosted their target price on Starbucks from $60.00 to $64.00 and gave the company an outperform rating in a research note on Wednesday, October 17th. Zacks Investment Research cut Starbucks from a hold rating to a sell rating in a research note on Friday, September 28th. KeyCorp restated a buy rating on shares of Starbucks in a research note on Thursday, October 4th. BidaskClub upgraded Starbucks from a hold rating to a buy rating in a research note on Wednesday, September 12th. Finally, ValuEngine upgraded Starbucks from a sell rating to a hold rating in a research note on Friday, September 7th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and seventeen have assigned a buy rating to the stock. The company presently has an average rating of Hold and an average target price of $63.48.

Shares of NASDAQ:SBUX traded down $0.12 during trading on Friday, hitting $68.60. 8,627,860 shares of the company’s stock traded hands, compared to its average volume of 15,258,163. Starbucks has a 52 week low of $47.37 and a 52 week high of $68.98. The company has a debt-to-equity ratio of 7.73, a current ratio of 2.20 and a quick ratio of 1.95. The stock has a market capitalization of $91.95 billion, a PE ratio of 28.35, a price-to-earnings-growth ratio of 1.91 and a beta of 0.48.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings data on Thursday, November 1st. The coffee company reported $0.62 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.02. Starbucks had a return on equity of 86.33% and a net margin of 18.28%. The business had revenue of $6.30 billion for the quarter, compared to analysts’ expectations of $6.28 billion. During the same quarter in the previous year, the business posted $0.55 EPS. Starbucks’s revenue for the quarter was up 10.6% on a year-over-year basis. On average, research analysts expect that Starbucks will post 2.65 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 30th. Stockholders of record on Thursday, November 15th will be paid a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date of this dividend is Wednesday, November 14th. Starbucks’s dividend payout ratio is currently 59.50%.

In related news, Director Javier G. Teruel sold 166,666 shares of the business’s stock in a transaction that occurred on Friday, August 24th. The stock was sold at an average price of $52.70, for a total transaction of $8,783,298.20. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Myron E. Ullman III sold 99,166 shares of the business’s stock in a transaction that occurred on Wednesday, September 12th. The stock was sold at an average price of $55.05, for a total value of $5,459,088.30. Following the transaction, the director now directly owns 29,000 shares in the company, valued at $1,596,450. The disclosure for this sale can be found here. Insiders have sold a total of 280,832 shares of company stock worth $15,052,087 over the last three months. 3.40% of the stock is owned by insiders.

Several hedge funds have recently bought and sold shares of SBUX. Principal Financial Group Inc. increased its holdings in shares of Starbucks by 6.6% during the 1st quarter. Principal Financial Group Inc. now owns 5,043,587 shares of the coffee company’s stock worth $291,975,000 after acquiring an additional 312,720 shares during the last quarter. DnB Asset Management AS grew its holdings in Starbucks by 31.3% in the 2nd quarter. DnB Asset Management AS now owns 318,607 shares of the coffee company’s stock valued at $15,564,000 after buying an additional 75,955 shares in the last quarter. Rockland Trust Co. grew its holdings in Starbucks by 2.3% in the 2nd quarter. Rockland Trust Co. now owns 187,875 shares of the coffee company’s stock valued at $9,178,000 after buying an additional 4,150 shares in the last quarter. Stonebridge Capital Management Inc. acquired a new position in Starbucks in the 2nd quarter valued at $4,634,000. Finally, Vision Capital Management Inc. grew its holdings in Starbucks by 22.9% in the 2nd quarter. Vision Capital Management Inc. now owns 100,395 shares of the coffee company’s stock valued at $4,904,000 after buying an additional 18,738 shares in the last quarter. 71.77% 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 specialty coffee worldwide. The company operates in four segments: Americas; China/Asia Pacific; Europe, Middle East, and Africa; and Channel Development. Its stores offer coffee and tea beverages, roasted whole bean and ground coffees, single-serve and ready-to-drink coffee and tea products, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.

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The Fly

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