Starbucks Corporation’s (NASDAQ:SBUX) Outperform Rating Reiterated at Sanford C. Bernstein

Starbucks Corporation (NASDAQ:SBUX)‘s stock had its “outperform” rating reiterated by investment analysts at Sanford C. Bernstein in a report released on Wednesday, June 28th. They presently have a $67.00 target price on the coffee company’s stock. Sanford C. Bernstein’s price objective would indicate a potential upside of 24.07% from the stock’s current price.

A number of other research analysts have also recently commented on the stock. UBS AG set a $70.00 price target on shares of Starbucks Corporation and gave the stock a “buy” rating in a research note on Wednesday, June 28th. Zacks Investment Research cut shares of Starbucks Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, June 28th. Vetr upgraded shares of Starbucks Corporation from a “buy” rating to a “strong-buy” rating and set a $67.14 target price for the company in a research note on Thursday, June 22nd. KeyCorp initiated coverage on shares of Starbucks Corporation in a research note on Thursday, June 22nd. They issued an “overweight” rating and a $68.00 target price for the company. Finally, Jefferies Group LLC reiterated a “buy” rating and issued a $65.00 target price on shares of Starbucks Corporation in a research note on Friday, June 16th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, twenty-two have assigned a buy rating and three have given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $65.13.

Shares of Starbucks Corporation (NASDAQ SBUX) traded down 9.24% during mid-day trading on Wednesday, reaching $54.00. The company’s stock had a trading volume of 53,451,780 shares. The company has a 50 day moving average price of $59.13 and a 200 day moving average price of $58.57. The stock has a market capitalization of $78.20 billion, a P/E ratio of 26.71 and a beta of 0.82. Starbucks Corporation has a 12 month low of $50.84 and a 12 month high of $64.87.

Starbucks Corporation (NASDAQ:SBUX) last released its earnings results on Thursday, July 27th. The coffee company reported $0.55 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.55. Starbucks Corporation had a net margin of 13.47% and a return on equity of 51.65%. The business had revenue of $5.66 billion during the quarter, compared to analysts’ expectations of $5.76 billion. During the same quarter last year, the company earned $0.49 earnings per share. The firm’s revenue was up 8.1% on a year-over-year basis. On average, equities research analysts anticipate that Starbucks Corporation will post $2.10 earnings per share for the current fiscal year.

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In related news, Director Myron E. Ullman III sold 20,000 shares of the stock in a transaction that occurred on Wednesday, May 3rd. The shares were sold at an average price of $60.43, for a total value of $1,208,600.00. Following the completion of the transaction, the director now owns 34,000 shares of the company’s stock, valued at approximately $2,054,620. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Clifford Burrows sold 114,826 shares of the stock in a transaction that occurred on Thursday, May 18th. The shares were sold at an average price of $59.46, for a total transaction of $6,827,553.96. Following the completion of the transaction, the insider now directly owns 363,343 shares of the company’s stock, valued at approximately $21,604,374.78. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 144,826 shares of company stock valued at $8,642,454. 3.40% of the stock is currently owned by insiders.

Institutional investors have recently made changes to their positions in the stock. State Street Corp boosted its position in shares of Starbucks Corporation by 2.7% in the first quarter. State Street Corp now owns 60,822,661 shares of the coffee company’s stock valued at $3,551,445,000 after buying an additional 1,598,669 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Starbucks Corporation by 7.8% in the first quarter. Bank of New York Mellon Corp now owns 30,770,264 shares of the coffee company’s stock valued at $1,796,675,000 after buying an additional 2,234,324 shares during the period. Magellan Asset Management Ltd boosted its position in shares of Starbucks Corporation by 3,809,645.9% in the first quarter. Magellan Asset Management Ltd now owns 18,667,755 shares of the coffee company’s stock valued at $1,090,000,000 after buying an additional 18,667,265 shares during the period. Ameriprise Financial Inc. boosted its position in shares of Starbucks Corporation by 32.9% in the first quarter. Ameriprise Financial Inc. now owns 14,170,939 shares of the coffee company’s stock valued at $827,444,000 after buying an additional 3,511,080 shares during the period. Finally, Norges Bank acquired a new position in shares of Starbucks Corporation during the fourth quarter valued at about $680,375,000. Hedge funds and other institutional investors own 69.65% of the company’s stock.

About Starbucks Corporation

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.

Analyst Recommendations for Starbucks Corporation (NASDAQ:SBUX)

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