TD Cowen Reaffirms ‘Buy’ Rating on Starbucks (NASDAQ:SBUX)

VaselineSeptember 15, 2024

0 4 minutes read

TD Cowen reiterated its buy rating on the stock Starbucks (NASDAQ:SBUX – Free Report) in a research note published on Thursday, Benzinga reports. TD Cowen currently has a $110.00 target price on the coffee company’s stock.

A number of other analysts have also weighed in on the stock. JPMorgan Chase & Co. cut their price target on shares of Starbucks from $92.00 to $90.00 and set an overweight rating for the company in a report on Wednesday, July 10th. Oppenheimer restated a market perform rating on shares of Starbucks in a research report on Monday, August 26th. Wedbush reiterated a neutral rating and issued a $80.00 target price on shares of Starbucks in a report on Tuesday, August 13th. Baird RW raised Starbucks from a hold rating to a strong-buy rating in a report on Tuesday, August 13th. Finally, Robert W. Baird raised shares of Starbucks from a neutral rating to an outperform rating and upped their price target for the company from $81.00 to $110.00 in a research note on Tuesday, August 13. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of Moderate Buy and a consensus price target of $99.83, according to MarketBeat.

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NASDAQ SBUX opened at $98.57 on Thursday. The firm has a market cap of $111.65 billion, a price-to-earnings ratio of 27.15, a PEG ratio of 2.35 and a beta of 0.96. Starbucks has a 1 year low of $71.55 and a 1 year high of $107.66. The company has a 50-day moving average of $84.39 and a 200-day moving average of $83.92.

Starbucks (NASDAQ:SBUX – Get Your Free Report ) last announced its earnings results on Tuesday, July 30th. The coffee company reported $0.93 EPS for the quarter, hitting the consensus estimate of $0.93. Starbucks had a negative return on equity of 49.38% and a net margin of 11.16%. The company had revenue of $9.11 billion for the quarter, compared to analysts’ expectations of $9.25 billion. In the same quarter last year, the company earned $1.00 per share. The company’s revenue for the quarter was down 0.6% on a year-over-year basis. On average, analysts expect that Starbucks will post 3.56 earnings per share for the current year.

Indoor activity

In other news, CEO Michael Aaron Conway sold 3,250 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $94.03, for a total value of $305,597.50. Following the sale, the chief executive officer now directly owns 75,054 shares of the company’s stock, valued at approximately $7,057,327.62. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC’s website. In other news, CEO Michael Aaron Conway sold 3,250 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $94.03, for a total transaction of $305,597.50. Following the completion of the sale, the chief executive officer now owns 75,054 shares in the company, valued at approximately $7,057,327.62. The transaction was disclosed in a filing with the SEC, which is accessible via this link. Also, CEO Rachel Ruggeri sold 3,290 shares of the company’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $91.16, for a total transaction of $299,916.40. Following the completion of the transaction, the chief executive officer now owns 62,502 shares in the company, valued at approximately $5,697,682.32. The disclosure for this sale can be found here. Insiders own 1.98% of the company’s shares.

Institutional inputs and outputs

Several large investors have recently added to or reduced their stakes in the company. Cox Capital Mgt LLC boosted its holdings in Starbucks by 41.9% in the 1st quarter. Cox Capital Mgt LLC now owns 45,322 shares of the coffee company’s stock valued at $4,142,000 after purchasing an additional 13,372 shares during the period. Brevan Howard Capital Management LP bought a new position in Starbucks in the 4th quarter valued at $2,781,000. Sanibel Captiva Trust Company Inc. purchased a new position in Starbucks in the 4th quarter valued at $31,246,000. Fidelis Capital Partners LLC lifted its position in shares of Starbucks by 18.7% in the first quarter. Fidelis Capital Partners LLC now owns 11,116 shares of the coffee company’s stock valued at $1,016,000 after acquiring an additional 1,751 shares during the period. Finally, Bell & Brown Wealth Advisors LLC bought a new position in shares of Starbucks in the fourth quarter valued at $4,048,000. Institutional investors own 72.29% of the company’s shares.

About Starbucks

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Starbucks Corporation, together with its subsidiaries, operates as a roaster, distributor and distributor of coffee worldwide. The company operates through three segments: North America, International and Channel Development. Its stores offer coffee and tea beverages, whole roasted beans and ground coffee, unique products and ready-to-drink beverages; and various food products such as pastries, breakfast sandwiches and lunch items.