Starbucks (NASDAQ:SBUX – Get Free Report) issued an update on its fourth quarter earnings guidance on Tuesday morning. The company provided earnings per share guidance of $0.80 for the period, compared to the consensus earnings per share estimate of $1.03. The company issued revenue guidance of $9.1 billion, compared to the consensus revenue estimate of $9.37 billion. Starbucks also updated its FY 2024 guidance to 3.310-3.310 EPS.
Starbucks Stock Down 0.3 %
Shares of NASDAQ:SBUX traded down $0.29 during midday trading on Wednesday, reaching $96.53. The company’s stock had a trading volume of 6,229,796 shares, compared to its average volume of 11,320,317. The business has a 50 day moving average price of $95.31 and a 200 day moving average price of $84.80. Starbucks has a 1 year low of $71.55 and a 1 year high of $107.66. The firm has a market cap of $109.34 billion, a price-to-earnings ratio of 26.52, a price-to-earnings-growth ratio of 2.14 and a beta of 0.97.
Starbucks (NASDAQ:SBUX – Get Free Report) last posted its quarterly earnings results 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 firm had revenue of $9.11 billion during the quarter, compared to the consensus estimate of $9.25 billion. During the same quarter in the previous year, the business earned $1.00 earnings per share. The firm’s quarterly revenue was down .6% compared to the same quarter last year. Sell-side analysts anticipate that Starbucks will post 3.55 earnings per share for the current fiscal year.
Starbucks Increases Dividend
Analysts Set New Price Targets
SBUX has been the subject of several analyst reports. Wedbush reaffirmed a “neutral” rating and issued a $80.00 target price on shares of Starbucks in a research report on Tuesday, August 13th. Barclays upped their target price on Starbucks from $93.00 to $110.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 14th. Stifel Nicolaus decreased their target price on Starbucks from $110.00 to $105.00 and set a “buy” rating for the company in a research report on Wednesday. Morgan Stanley upped their target price on Starbucks from $98.00 to $115.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Finally, BMO Capital Markets upped their target price on Starbucks from $100.00 to $110.00 and gave the stock an “outperform” rating in a research report on Monday, September 9th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $102.48.
Check Out Our Latest Stock Report on SBUX
Insider Activity
In other news, 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 transaction, the chief executive officer now directly owns 75,054 shares of the company’s stock, valued at approximately $7,057,327.62. This 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 the SEC website. In other Starbucks news, 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 transaction of $299,916.40. Following the completion of the transaction, the chief executive officer now directly 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Michael Aaron Conway sold 3,250 shares of the stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $94.03, for a total value of $305,597.50. Following the transaction, the chief executive officer now directly 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. Corporate 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.
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