FY2024 EPS Estimates for Starbucks Cut by William Blair

Starbucks Co. (NASDAQ:SBUX) – Equities research analysts at William Blair cut their FY2024 earnings per share estimates for Starbucks in a research note issued on Tuesday, October 22nd. William Blair analyst S. Zackfia now anticipates that the coffee company will post earnings per share of $3.31 for the year, down from their previous forecast of $3.59. The consensus estimate for Starbucks’ current full-year earnings is $3.55 per share. William Blair also issued estimates for Starbucks’ Q4 2024 earnings at $0.80 EPS, Q1 2025 earnings at $0.71 EPS, FY2025 earnings at $3.25 EPS and FY2026 earnings at $3.73 EPS.

A number of other research firms have also recently issued reports on SBUX. Deutsche Bank Aktiengesellschaft upgraded shares of Starbucks from a “hold” rating to a “buy” rating and upped their price target for the company from $85.00 to $118.00 in a report on Wednesday, August 14th. Barclays raised their target price on Starbucks from $93.00 to $110.00 and gave the company an “overweight” rating in a report on Wednesday, August 14th. JPMorgan Chase & Co. upped their price target on Starbucks from $90.00 to $105.00 and gave the stock an “overweight” rating in a report on Monday, September 30th. Bank of America reduced their price objective on Starbucks from $118.00 to $117.00 and set a “buy” rating for the company in a research report on Tuesday. Finally, Morgan Stanley boosted their target price on shares of Starbucks from $98.00 to $115.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $102.48.

Starbucks Trading Down 0.5 %

NASDAQ SBUX opened at $97.15 on Friday. Starbucks has a 1 year low of $71.55 and a 1 year high of $107.66. The company has a fifty day simple moving average of $95.38 and a 200 day simple moving average of $84.89. The company has a market cap of $110.09 billion, a P/E ratio of 27.21, a P/E/G ratio of 2.14 and a beta of 0.97.

Starbucks (NASDAQ:SBUX) last posted its earnings results on Tuesday, July 30th. The coffee company reported $0.93 earnings per share for the quarter, hitting the consensus estimate of $0.93. The firm had revenue of $9.11 billion during the quarter, compared to analyst estimates of $9.25 billion. Starbucks had a negative return on equity of 49.38% and a net margin of 11.16%. The company’s revenue for the quarter was down .6% on a year-over-year basis. During the same period in the previous year, the company earned $1.00 EPS.

Starbucks Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be given a $0.61 dividend. This represents a $2.44 dividend on an annualized basis and a yield of 2.51%. This is a positive change from Starbucks’s previous quarterly dividend of $0.57. The ex-dividend date of this dividend is Friday, November 15th. Starbucks’s dividend payout ratio (DPR) is presently 63.87%.

Insider Activity

In other news, Director Jorgen Vig Knudstorp purchased 380 shares of the business’s stock in a transaction dated Friday, September 6th. The shares were 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 $3,316,143. The trade was a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Starbucks news, Director Jorgen Vig Knudstorp purchased 380 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The stock was acquired at an average cost 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 in the company, valued at approximately $3,316,143. This represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Rachel Ruggeri sold 3,290 shares of the firm’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 transaction 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. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.98% of the company’s stock.

Hedge Funds Weigh In On Starbucks

Several hedge funds have recently added to or reduced their stakes in the stock. Riverview Trust Co raised its holdings in shares of Starbucks by 3.4% during the 3rd quarter. Riverview Trust Co now owns 3,199 shares of the coffee company’s stock worth $312,000 after buying an additional 105 shares in the last quarter. DT Investment Partners LLC grew its position in Starbucks by 39.4% in the third quarter. DT Investment Partners LLC now owns 428 shares of the coffee company’s stock valued at $42,000 after acquiring an additional 121 shares during the last quarter. Astoria Portfolio Advisors LLC. lifted its holdings in shares of Starbucks by 2.0% in the first quarter. Astoria Portfolio Advisors LLC. now owns 6,393 shares of the coffee company’s stock worth $544,000 after acquiring an additional 127 shares during the last quarter. Keystone Wealth Services LLC boosted its stake in shares of Starbucks by 1.3% in the 3rd quarter. Keystone Wealth Services LLC now owns 10,151 shares of the coffee company’s stock valued at $990,000 after purchasing an additional 130 shares in the last quarter. Finally, Chicago Capital LLC boosted its stake in shares of Starbucks by 0.6% in the 3rd quarter. Chicago Capital LLC now owns 21,129 shares of the coffee company’s stock valued at $2,060,000 after purchasing an additional 132 shares in the last quarter. Institutional investors and hedge funds own 72.29% 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.