Starbucks’ (SBUX) Buy Rating Reaffirmed at BTIG Research

BTIG Research reissued their buy rating on shares of Starbucks (NASDAQ:SBUX) in a research note published on Thursday morning,Benzinga reports. BTIG Research currently has a $105.00 price target on the coffee company’s stock.

Several other analysts have also issued reports on SBUX. Piper Sandler set a $105.00 price objective on Starbucks and gave the company an “overweight” rating in a research note on Wednesday, July 30th. Royal Bank Of Canada increased their target price on Starbucks from $100.00 to $110.00 and gave the company an “outperform” rating in a research report on Wednesday, July 30th. Weiss Ratings restated a “hold (c)” rating on shares of Starbucks in a research report on Wednesday, October 8th. Barclays lowered their price objective on Starbucks from $115.00 to $95.00 and set an “overweight” rating for the company in a research report on Wednesday, October 22nd. Finally, Morgan Stanley set a $105.00 price objective on Starbucks and gave the stock an “overweight” rating in a research report on Monday, October 20th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Starbucks presently has an average rating of “Moderate Buy” and a consensus target price of $100.50.

Starbucks Stock Down 1.2%

Starbucks stock opened at $83.15 on Thursday. The stock has a 50-day simple moving average of $84.58 and a 200 day simple moving average of $87.47. Starbucks has a 12-month low of $75.50 and a 12-month high of $117.46. The stock has a market capitalization of $94.52 billion, a price-to-earnings ratio of 50.70, a P/E/G ratio of 4.28 and a beta of 1.01.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings data on Wednesday, October 29th. The coffee company reported $0.52 earnings per share for the quarter, missing the consensus estimate of $0.55 by ($0.03). The firm had revenue of $9.57 billion for the quarter, compared to the consensus estimate of $9.41 billion. Starbucks had a negative return on equity of 31.84% and a net margin of 4.99%.The business’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.80 earnings per share. As a group, sell-side analysts anticipate that Starbucks will post 2.99 EPS for the current year.

Starbucks Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Friday, November 14th will be given a $0.62 dividend. This is an increase from Starbucks’s previous quarterly dividend of $0.61. This represents a $2.48 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend is Friday, November 14th. Starbucks’s payout ratio is presently 105.17%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Brighton Jones LLC raised its stake in shares of Starbucks by 86.5% in the fourth quarter. Brighton Jones LLC now owns 176,722 shares of the coffee company’s stock valued at $16,126,000 after buying an additional 81,952 shares during the period. DAVENPORT & Co LLC raised its stake in shares of Starbucks by 13.5% in the first quarter. DAVENPORT & Co LLC now owns 92,351 shares of the coffee company’s stock valued at $9,059,000 after buying an additional 10,974 shares during the period. Aaron Wealth Advisors LLC raised its stake in shares of Starbucks by 10.6% in the first quarter. Aaron Wealth Advisors LLC now owns 7,204 shares of the coffee company’s stock valued at $707,000 after buying an additional 692 shares during the period. Pinnacle Financial Partners Inc raised its stake in shares of Starbucks by 1.8% in the first quarter. Pinnacle Financial Partners Inc now owns 10,826 shares of the coffee company’s stock valued at $1,054,000 after buying an additional 191 shares during the period. Finally, Arlington Trust Co LLC raised its stake in shares of Starbucks by 104.6% in the first quarter. Arlington Trust Co LLC now owns 978 shares of the coffee company’s stock valued at $96,000 after buying an additional 500 shares during the period. Hedge funds and other institutional investors own 72.29% of the company’s stock.

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.