Starbucks (NASDAQ:SBUX) Updates Q4 Earnings Guidance

Starbucks (NASDAQ:SBUX) updated its fourth quarter earnings guidance on Tuesday. 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 FY24 guidance to $3.31 EPS.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Stifel Nicolaus raised shares of Starbucks from a “hold” rating to a “buy” rating and raised their target price for the company from $80.00 to $110.00 in a research note on Wednesday, August 14th. Piper Sandler raised shares of Starbucks from a “neutral” rating to an “overweight” rating and raised their target price for the company from $85.00 to $103.00 in a research note on Tuesday, August 13th. Barclays raised their target price on shares of Starbucks from $93.00 to $110.00 and gave the company an “overweight” rating in a research note on Wednesday, August 14th. Evercore ISI raised shares of Starbucks from an “in-line” rating to an “outperform” rating and lifted their price objective for the stock from $80.00 to $120.00 in a research note on Wednesday, August 14th. Finally, Wedbush reissued a “neutral” rating and issued a $80.00 price objective on shares of Starbucks in a research note on Tuesday, August 13th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $102.40.

Starbucks Price Performance

Shares of NASDAQ:SBUX traded up $0.37 during trading hours on Tuesday, hitting $96.82. The company’s stock had a trading volume of 4,486,223 shares, compared to its average volume of 11,334,562. Starbucks has a 52 week low of $71.55 and a 52 week high of $107.66. The company 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 firm’s fifty day moving average price is $95.29 and its 200 day moving average price is $84.73.

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

Insider Buying and Selling

In other news, Director Jorgen Vig Knudstorp acquired 380 shares of Starbucks stock in a transaction that occurred on Friday, September 6th. The stock was purchased at an average price of $91.50 per share, for a total transaction of $34,770.00. Following the purchase, the director now directly owns 36,242 shares in the company, valued at $3,316,143. The trade was a 0.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, Director Jorgen Vig Knudstorp acquired 380 shares of Starbucks stock in a transaction that occurred on Friday, September 6th. The stock was purchased at an average price of $91.50 per share, for a total transaction of $34,770.00. Following the purchase, the director now directly owns 36,242 shares in the company, valued at $3,316,143. The trade was a 0.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through 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 stock was 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 disclosure for this sale can be found here. 1.98% of the stock is currently owned by company 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.