Starbucks (NASDAQ:SBUX) Issues 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.

Analyst Ratings Changes

SBUX has been the subject of several recent research reports. Robert W. Baird raised shares of Starbucks from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $81.00 to $110.00 in a research report on Tuesday, August 13th. JPMorgan Chase & Co. boosted their price objective on Starbucks from $90.00 to $105.00 and gave the stock an “overweight” rating in a report on Monday, September 30th. Evercore ISI upgraded Starbucks from an “in-line” rating to an “outperform” rating and raised their target price for the company from $80.00 to $120.00 in a report on Wednesday, August 14th. BMO Capital Markets upped their price target on Starbucks from $100.00 to $110.00 and gave the stock an “outperform” rating in a report on Monday, September 9th. Finally, Stifel Nicolaus upgraded Starbucks from a “hold” rating to a “buy” rating and raised their price objective for the company from $80.00 to $110.00 in a research note on Wednesday, August 14th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $102.40.

Starbucks Stock Performance

NASDAQ SBUX traded up $0.37 during trading on Tuesday, hitting $96.82. The stock had a trading volume of 6,608,393 shares, compared to its average volume of 11,344,309. The stock has a market capitalization of $109.67 billion, a price-to-earnings ratio of 26.74, a P/E/G ratio of 2.14 and a beta of 0.97. The stock has a 50 day simple moving average of $95.29 and a 200 day simple moving average of $84.73. Starbucks has a one year low of $71.55 and a one year high of $107.66.

Starbucks (NASDAQ:SBUX) last posted its quarterly earnings data on Tuesday, July 30th. The coffee company reported $0.93 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.93. Starbucks had a negative return on equity of 49.38% and a net margin of 11.16%. The company had revenue of $9.11 billion during the quarter, compared to analysts’ expectations of $9.25 billion. During the same quarter in the previous year, the business earned $1.00 EPS. Starbucks’s revenue was down .6% compared to the same quarter last year. On average, sell-side analysts predict 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. Investors of record on Friday, November 15th will be issued a dividend of $0.61 per share. 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 2.52%. Starbucks’s dividend payout ratio (DPR) is presently 62.81%.

Insider Buying and Selling at Starbucks

In other news, CEO Rachel Ruggeri sold 3,290 shares of Starbucks 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 sale, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Starbucks news, CEO Rachel Ruggeri sold 3,290 shares of the firm’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. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Michael Aaron Conway sold 3,250 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $94.03, for a total transaction of $305,597.50. Following the completion of the sale, the chief executive officer now directly owns 75,054 shares of the company’s stock, valued at $7,057,327.62. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.98% of the stock is owned by corporate insiders.

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.