Starbucks Corp. (SBUX)

Sep 29, 2022Trade Ideas

Starbucks Corp. (SBUX) looks interesting.

After pulling back from about $93 to $84, the stock found double bottom support. From here, we’d like to see SBUX again challenge $93, near-term. Helping, insiders have been buying. Interim CEO Howard Schultz, for example, bought $10 million worth of stock in May 2022. Chair Mellody Hobson just paid $5 million for 54,750 shares at an average price of $92.58. Director Ritch Allison paid $1 million for $10,000 shares, as well.

SBUX also just raised its quarterly dividend to 53 cents from 49 cents. It’s payable on November 25, 2022 to shareholders of record as of November 11, 2002. Even better, analysts at Stephens just initiated coverage of the SBUX stock with an equal weight rating, with a price target of $91 a share. Piper Sandler also raised its price target to $92 from $84.

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