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.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Barclays upped their price target on Starbucks from $93.00 to $110.00 and gave the company an “overweight” rating in a research note on Wednesday, August 14th. BTIG Research boosted their price target on shares of Starbucks from $100.00 to $115.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Oppenheimer reissued a “market perform” rating on shares of Starbucks in a research note on Monday, August 26th. Deutsche Bank Aktiengesellschaft raised Starbucks from a “hold” rating to a “buy” rating and lifted their price target for the company from $85.00 to $118.00 in a research note on Wednesday, August 14th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Starbucks from $90.00 to $105.00 and gave the company an “overweight” rating in a report on Monday, September 30th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Starbucks has a consensus rating of “Moderate Buy” and a consensus price target of $102.40.

Starbucks Trading Up 0.4 %

SBUX traded up $0.37 during trading on Tuesday, reaching $96.82. 6,608,393 shares of the company’s stock were exchanged, compared to its average volume of 11,344,309. The firm has a fifty day moving average price of $95.29 and a two-hundred day moving average price of $84.73. The stock has a market capitalization of $109.67 billion, a PE ratio of 26.74, a price-to-earnings-growth ratio of 2.14 and a beta of 0.97. Starbucks has a one year low of $71.55 and a one year high of $107.66.

Starbucks (NASDAQ:SBUX) last announced its earnings results on Tuesday, July 30th. The coffee company reported $0.93 earnings per share (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 business had revenue of $9.11 billion during the quarter, compared to analyst estimates of $9.25 billion. During the same period last year, the company earned $1.00 EPS. Starbucks’s revenue for the quarter was down .6% compared to the same quarter last year. Sell-side analysts expect that Starbucks will post 3.55 earnings per share for the current year.

Starbucks Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors 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 2.52%. Starbucks’s dividend payout ratio is presently 62.81%.

Insiders Place Their Bets

In other news, Director Jorgen Vig Knudstorp acquired 380 shares of Starbucks stock in a transaction dated Friday, September 6th. The shares were bought at an average cost of $91.50 per share, with a total value of $34,770.00. Following the purchase, the director now owns 36,242 shares in the company, valued at $3,316,143. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Starbucks news, Director Jorgen Vig Knudstorp bought 380 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The stock was acquired at an average price of $91.50 per share, with a total value of $34,770.00. Following the completion of the purchase, the director now directly owns 36,242 shares of the company’s stock, valued at approximately $3,316,143. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, 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 value 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 approximately $5,697,682.32. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company 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.