Starbucks (NASDAQ:SBUX) Updates 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 Q4 guidance to $0.80 EPS.

Starbucks Trading Up 0.4 %

NASDAQ:SBUX traded up $0.37 during mid-day trading on Tuesday, hitting $96.82. The stock had a trading volume of 4,486,223 shares, compared to its average volume of 11,334,562. The stock has a 50-day simple moving average of $95.29 and a two-hundred day simple moving average of $84.73. The company has a market capitalization of $109.67 billion, a PE ratio of 26.74, a PEG ratio of 2.14 and a beta of 0.97. Starbucks has a twelve month low of $71.55 and a twelve month high of $107.66.

Starbucks (NASDAQ:SBUX) last released its quarterly earnings data 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 company had revenue of $9.11 billion for the quarter, compared to analysts’ expectations of $9.25 billion. During the same quarter last year, the company earned $1.00 earnings per share. The firm’s revenue for the quarter was down .6% on a year-over-year basis. Sell-side analysts predict that Starbucks will post 3.55 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have weighed in on SBUX. Evercore ISI raised shares of Starbucks from an “in-line” rating to an “outperform” rating and raised their price objective for the stock from $80.00 to $120.00 in a report on Wednesday, August 14th. JPMorgan Chase & Co. raised their price objective on shares of Starbucks from $90.00 to $105.00 and gave the stock an “overweight” rating in a report on Monday, September 30th. Barclays raised their price objective on shares of Starbucks from $93.00 to $110.00 and gave the stock an “overweight” rating in a report on Wednesday, August 14th. Bank of America cut their price objective on shares of Starbucks from $118.00 to $117.00 and set a “buy” rating on the stock in a report on Tuesday. Finally, Robert W. Baird raised shares of Starbucks from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $81.00 to $110.00 in a report on Tuesday, August 13th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Starbucks has a consensus rating of “Moderate Buy” and a consensus price target of $102.40.

Insiders Place Their Bets

In other Starbucks news, CEO Rachel Ruggeri sold 3,290 shares of the business’s stock in a transaction 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 sale, the chief executive officer now directly owns 62,502 shares in the company, valued at approximately $5,697,682.32. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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 directly owns 75,054 shares in the company, valued at approximately $7,057,327.62. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 value of $299,916.40. Following the transaction, the chief executive officer now directly owns 62,502 shares of the company’s stock, valued at $5,697,682.32. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 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.