Starbucks (NASDAQ:SBUX) Issues FY24 Earnings Guidance

Starbucks (NASDAQ:SBUX) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $3.31 for the period, compared to the consensus EPS estimate of $3.54. The company issued revenue guidance of $36.20 billion, compared to the consensus revenue estimate of $36.48 billion. Starbucks also updated its FY 2024 guidance to 3.310-3.310 EPS.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Jefferies Financial Group cut shares of Starbucks from a “hold” rating to an “underperform” rating and dropped their price target for the stock from $80.00 to $76.00 in a research note on Tuesday, September 24th. UBS Group lifted their price target on shares of Starbucks from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Wednesday. TD Cowen reiterated a “buy” rating and set a $110.00 price target on shares of Starbucks in a research note on Wednesday. Deutsche Bank Aktiengesellschaft upgraded shares of Starbucks from a “hold” rating to a “buy” rating and lifted their target price for the company from $85.00 to $118.00 in a research note on Wednesday, August 14th. Finally, Evercore ISI upgraded shares of Starbucks from an “in-line” rating to an “outperform” rating and lifted their target price for the company from $80.00 to $120.00 in a research note on Wednesday, August 14th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $102.48.

Starbucks Stock Down 0.5 %

Starbucks stock opened at $97.15 on Friday. The company’s 50-day moving average price is $95.38 and its 200-day moving average price is $84.89. Starbucks has a twelve month low of $71.55 and a twelve month high of $107.66. The company has a market cap of $110.09 billion, a PE ratio of 27.21, a price-to-earnings-growth ratio of 2.14 and a beta of 0.97.

Starbucks (NASDAQ:SBUX) last posted 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. Starbucks had a net margin of 11.16% and a negative return on equity of 49.38%. The firm had revenue of $9.11 billion for the quarter, compared to the consensus estimate of $9.25 billion. During the same period in the previous year, the firm posted $1.00 EPS. The business’s quarterly revenue was down .6% on a year-over-year basis. As a group, sell-side analysts expect that Starbucks will post 3.55 earnings per share for the current fiscal year.

Starbucks Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be given a $0.61 dividend. This is a positive change from Starbucks’s previous quarterly dividend of $0.57. This represents a $2.44 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date of this dividend is Friday, November 15th. Starbucks’s dividend payout ratio is 63.87%.

Insider Buying and Selling at Starbucks

In other news, CEO Rachel Ruggeri sold 3,290 shares of Starbucks stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $91.16, for a total transaction of $299,916.40. Following the completion of the sale, the chief executive officer now directly owns 62,502 shares in the company, valued at approximately $5,697,682.32. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Jorgen Vig Knudstorp bought 380 shares of the firm’s stock in a transaction on Friday, September 6th. The stock was acquired at an average cost of $91.50 per share, with a total value of $34,770.00. Following the transaction, the director now directly owns 36,242 shares in the company, valued at approximately $3,316,143. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Rachel Ruggeri sold 3,290 shares of the stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $91.16, for a total value of $299,916.40. Following 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 position. The disclosure for this sale can be found here. Company insiders own 1.98% of the company’s stock.

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.