Starbucks (NASDAQ:SBUX) Issues FY24 Earnings Guidance

Starbucks (NASDAQ:SBUX) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $3.31 for the period, compared to the consensus earnings per share 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 Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. TD Cowen reiterated a “buy” rating and issued a $110.00 price target on shares of Starbucks in a report on Wednesday. Baird R W upgraded shares of Starbucks from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 13th. Bank of America decreased their target price on shares of Starbucks from $118.00 to $117.00 and set a “buy” rating for the company in a research report on Tuesday. Piper Sandler raised Starbucks from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $85.00 to $103.00 in a research report on Tuesday, August 13th. Finally, Deutsche Bank Aktiengesellschaft raised Starbucks from a “hold” rating to a “buy” rating and boosted their price objective for the company from $85.00 to $118.00 in a report on Wednesday, August 14th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Starbucks presently has an average rating of “Moderate Buy” and a consensus price target of $102.48.

Starbucks Stock Up 0.7 %

Shares of Starbucks stock traded up $0.66 during mid-day trading on Thursday, reaching $98.31. 4,265,967 shares of the stock traded hands, compared to its average volume of 11,346,751. The business has a 50-day moving average of $95.38 and a 200 day moving average of $84.89. The stock has a market capitalization of $111.40 billion, a PE ratio of 27.64, a PEG ratio of 2.14 and a beta of 0.97. Starbucks has a fifty-two week low of $71.55 and a fifty-two week high of $107.66.

Starbucks (NASDAQ:SBUX) last posted its quarterly earnings data on Tuesday, July 30th. The coffee company reported $0.93 EPS for the quarter, meeting the consensus estimate of $0.93. Starbucks had a negative return on equity of 49.38% and a net margin of 11.16%. The firm had revenue of $9.11 billion during the quarter, compared to the consensus estimate of $9.25 billion. During the same period in the prior year, the company earned $1.00 EPS. The firm’s revenue was down .6% compared to the same quarter last year. On average, equities research analysts expect that Starbucks will post 3.55 EPS for the current fiscal year.

Starbucks Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.61 per share. This is a boost from Starbucks’s previous quarterly dividend of $0.57. This represents a $2.44 annualized dividend and a dividend yield of 2.48%. The ex-dividend date is Friday, November 15th. Starbucks’s payout ratio is currently 63.87%.

Insider Activity at Starbucks

In other Starbucks news, CEO Rachel Ruggeri sold 3,290 shares of the company’s 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 completion of the sale, the chief executive officer now directly owns 62,502 shares in the company, valued at $5,697,682.32. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Rachel Ruggeri sold 3,290 shares of the business’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 transaction, the chief executive officer now owns 62,502 shares of the company’s stock, valued at approximately $5,697,682.32. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Michael Aaron Conway sold 3,250 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was 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 disclosure for this sale can be found here. Insiders own 1.98% of the company’s stock.

About Starbucks

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.