Posted by Defense World Staff on May 23rd, 2024
Starbucks Co. (NASDAQ:SBUX – Free Report) – Investment analysts at Zacks Research dropped their Q3 2024 earnings per share (EPS) estimates for Starbucks in a research report issued to clients and investors on Tuesday, May 21st. Zacks Research analyst H. Ray now anticipates that the coffee company will post earnings per share of $0.97 for the quarter, down from their prior estimate of $1.15. The consensus estimate for Starbucks’ current full-year earnings is $3.63 per share. Zacks Research also issued estimates for Starbucks’ Q4 2024 earnings at $1.08 EPS, FY2024 earnings at $3.63 EPS, Q2 2025 earnings at $0.81 EPS, Q4 2025 earnings at $1.22 EPS, FY2025 earnings at $4.03 EPS, Q1 2026 earnings at $1.09 EPS, Q2 2026 earnings at $0.98 EPS and FY2026 earnings at $4.60 EPS.
Several other research analysts have also commented on SBUX. BMO Capital Markets cut their price objective on Starbucks from $125.00 to $120.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 31st. Deutsche Bank Aktiengesellschaft cut Starbucks from a “buy” rating to a “hold” rating and decreased their price target for the stock from $108.00 to $89.00 in a report on Wednesday, May 1st. Wells Fargo & Company dropped their price objective on shares of Starbucks from $105.00 to $90.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 1st. Wedbush decreased their target price on shares of Starbucks from $95.00 to $92.00 and set a “neutral” rating for the company in a research note on Friday, April 26th. Finally, Morgan Stanley dropped their price target on shares of Starbucks from $120.00 to $115.00 and set an “overweight” rating on the stock in a research note on Friday, April 12th. Seventeen equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $96.43.
Check Out Our Latest Research Report on Starbucks
Starbucks Trading Up 3.9 %
Shares of SBUX stock opened at $80.72 on Thursday. The company’s fifty day simple moving average is $84.58 and its 200-day simple moving average is $92.14. Starbucks has a 52 week low of $71.80 and a 52 week high of $107.66. The company has a market cap of $91.43 billion, a PE ratio of 22.24, a P/E/G ratio of 1.68 and a beta of 0.97.
Starbucks (NASDAQ:SBUX – Get Free Report) last issued its earnings results on Tuesday, April 30th. The coffee company reported $0.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.11). The firm had revenue of $8.56 billion for the quarter, compared to analysts’ expectations of $9.12 billion. Starbucks had a negative return on equity of 49.91% and a net margin of 11.38%. The firm’s revenue for the quarter was down 1.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.74 EPS.
Institutional Investors Weigh In On Starbucks
Several large investors have recently made changes to their positions in the company. Norges Bank bought a new position in shares of Starbucks in the fourth quarter worth $1,240,652,000. Ontario Teachers Pension Plan Board bought a new position in Starbucks in the 1st quarter valued at about $415,167,000. Flossbach Von Storch AG increased its stake in Starbucks by 106.7% during the 1st quarter. Flossbach Von Storch AG now owns 5,612,687 shares of the coffee company’s stock valued at $512,943,000 after buying an additional 2,897,282 shares during the period. Capital World Investors bought a new stake in shares of Starbucks during the 1st quarter worth about $257,721,000. Finally, Van ECK Associates Corp lifted its stake in shares of Starbucks by 2,624.3% in the 1st quarter. Van ECK Associates Corp now owns 2,150,309 shares of the coffee company’s stock worth $196,516,000 after acquiring an additional 2,071,378 shares during the period. Institutional investors and hedge funds own 72.29% of the company’s stock.
Insider Buying and Selling
In other Starbucks news, CEO Michael Aaron Conway sold 3,250 shares of the stock in a transaction on Monday, April 15th. The stock was sold at an average price of $85.39, for a total value of $277,517.50. Following the sale, the chief executive officer now directly owns 81,199 shares of the company’s stock, valued at $6,933,582.61. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In the last 90 days, insiders have sold 3,750 shares of company stock valued at $322,675. Insiders own 1.98% of the company’s stock.
Starbucks Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Friday, May 17th will be given a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.82%. The ex-dividend date is Thursday, May 16th. Starbucks’s payout ratio is 62.81%.
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.
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