Starbucks (SBUX) Lifted to “Hold” at BidaskClub
BidaskClub upgraded shares of Starbucks (NASDAQ:SBUX) from a sell rating to a hold rating in a research note issued to investors on Thursday morning.
Several other brokerages also recently commented on SBUX. Wedbush reaffirmed a buy rating and set a $70.00 target price on shares of Starbucks in a report on Monday, January 22nd. They noted that the move was a valuation call. Oppenheimer reaffirmed a buy rating and set a $66.00 target price on shares of Starbucks in a report on Friday, January 19th. Telsey Advisory Group reaffirmed an outperform rating and set a $70.00 target price (up from $66.00) on shares of Starbucks in a report on Friday, January 19th. Barclays reaffirmed an equal weight rating and set a $65.00 target price (up from $58.00) on shares of Starbucks in a report on Tuesday, January 16th. Finally, Goldman Sachs Group downgraded Starbucks from a conviction-buy rating to a buy rating and cut their target price for the stock from $73.00 to $68.00 in a report on Friday, January 26th. Eleven equities research analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company. The company presently has a consensus rating of Buy and an average target price of $64.63.
Shares of Starbucks (NASDAQ SBUX) traded up $0.15 on Thursday, reaching $57.08. The company’s stock had a trading volume of 1,474,325 shares, compared to its average volume of 11,727,144. The firm has a market cap of $80,380.00, a P/E ratio of 18.27, a PEG ratio of 1.58 and a beta of 0.67. Starbucks has a 52-week low of $52.58 and a 52-week high of $64.87. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.01 and a quick ratio of 0.81.
The company also recently announced a quarterly dividend, which was paid on Friday, February 23rd. Investors of record on Thursday, February 8th were given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date was Wednesday, February 7th. Starbucks’s payout ratio is 38.34%.
In other Starbucks news, insider Clifford Burrows sold 162,826 shares of the business’s stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $57.02, for a total transaction of $9,284,338.52. Following the completion of the sale, the insider now directly owns 331,829 shares of the company’s stock, valued at approximately $18,920,889.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Joshua Cooper Ramo sold 60,000 shares of the business’s stock in a transaction that occurred on Thursday, December 7th. The stock was sold at an average price of $59.43, for a total value of $3,565,800.00. The disclosure for this sale can be found here. Insiders sold a total of 247,826 shares of company stock valued at $14,213,139 over the last ninety days. 3.48% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. Janus Henderson Group PLC boosted its stake in shares of Starbucks by 3,076.5% in the 2nd quarter. Janus Henderson Group PLC now owns 13,889,820 shares of the coffee company’s stock worth $809,917,000 after buying an additional 13,452,551 shares during the last quarter. Parnassus Investments CA purchased a new position in shares of Starbucks in the 3rd quarter worth approximately $498,863,000. Magellan Asset Management Ltd boosted its stake in shares of Starbucks by 18.1% in the 4th quarter. Magellan Asset Management Ltd now owns 30,912,781 shares of the coffee company’s stock worth $1,775,321,000 after buying an additional 4,744,675 shares during the last quarter. Capital International Investors boosted its stake in shares of Starbucks by 28.3% in the 3rd quarter. Capital International Investors now owns 21,269,515 shares of the coffee company’s stock worth $1,142,386,000 after buying an additional 4,696,452 shares during the last quarter. Finally, Harding Loevner LP purchased a new position in shares of Starbucks in the 3rd quarter worth approximately $128,044,000. 72.74% of the stock is owned by hedge funds and other institutional investors.
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Starbucks Corporation (Starbucks) is a roaster, marketer and retailer of coffee. As of October 2, 2016, the Company operated in 75 countries. The Company operates through four segments: Americas, which is inclusive of the United States, Canada, and Latin America; China/Asia Pacific (CAP); Europe, Middle East, and Africa (EMEA), and Channel Development.
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