Starbucks (NASDAQ:SBUX) Releases FY 2024 Earnings Guidance

Starbucks (NASDAQ:SBUX) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 3.310-3.310 for the period, compared to the consensus EPS estimate of 3.550. The company issued revenue guidance of $36.2 billion-$36.2 billion, compared to the consensus revenue estimate of $36.5 billion. Starbucks also updated its FY24 guidance to $3.31 EPS.

Analysts Set New Price Targets

SBUX has been the topic of a number of recent analyst reports. Baird R W raised shares of Starbucks from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 13th. Wedbush reiterated a “neutral” rating and issued a $80.00 price objective on shares of Starbucks in a research report on Tuesday, August 13th. Jefferies Financial Group downgraded shares of Starbucks from a “hold” rating to an “underperform” rating and cut their target price for the company from $80.00 to $76.00 in a research report on Tuesday, September 24th. TD Cowen reissued a “buy” rating and set a $110.00 price target on shares of Starbucks in a research note on Wednesday. Finally, Sanford C. Bernstein raised shares of Starbucks from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $92.00 to $115.00 in a report on Thursday, September 26th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $102.48.

Starbucks Stock Performance

Shares of SBUX stock traded down $0.36 during midday trading on Wednesday, hitting $96.46. 9,290,890 shares of the company were exchanged, compared to its average volume of 11,332,044. The firm has a market capitalization of $109.26 billion, a P/E ratio of 26.60, a PEG ratio of 2.14 and a beta of 0.97. Starbucks has a 52 week low of $71.55 and a 52 week high of $107.66. The firm’s 50 day moving average price is $95.31 and its two-hundred day moving average price is $84.80.

Starbucks (NASDAQ:SBUX) last announced its earnings results on Tuesday, July 30th. The coffee company reported $0.93 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.93. The company had revenue of $9.11 billion for the quarter, compared to analyst estimates of $9.25 billion. Starbucks had a negative return on equity of 49.38% and a net margin of 11.16%. The firm’s quarterly revenue was down .6% compared to the same quarter last year. During the same quarter last year, the company earned $1.00 earnings per share. Analysts expect that Starbucks will post 3.55 EPS for the current year.

Starbucks Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be issued a $0.61 dividend. This is a boost from Starbucks’s previous quarterly dividend of $0.57. This represents a $2.44 annualized dividend and a yield of 2.53%. Starbucks’s payout ratio is currently 62.81%.

Insider Buying and Selling

In other Starbucks news, CEO Rachel Ruggeri sold 3,290 shares of the business’s stock in a transaction that occurred on 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 directly owns 62,502 shares in the company, valued at $5,697,682.32. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Starbucks news, CEO Michael Aaron Conway sold 3,250 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $94.03, for a total transaction of $305,597.50. Following the sale, the chief executive officer now owns 75,054 shares of the company’s stock, valued at approximately $7,057,327.62. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Rachel Ruggeri sold 3,290 shares of the stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $91.16, for a total value of $299,916.40. Following the completion of the transaction, the chief executive officer now owns 62,502 shares of the company’s stock, valued at $5,697,682.32. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.98% of the stock is currently owned by company insiders.

Starbucks Company Profile

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.