Q3 2024 Earnings Forecast for Starbucks Co. Issued By Zacks Research (NASDAQ:SBUX)

Starbucks Co. (NASDAQ:SBUX) – Equities researchers at Zacks Research cut their Q3 2024 earnings per share estimates for shares of Starbucks in a report issued on Tuesday, May 21st. Zacks Research analyst H. Ray now expects that the coffee company will earn $0.97 per share for the quarter, down from their prior estimate of $1.15. The consensus estimate for Starbucks’ current full-year earnings is $3.59 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 equities analysts have also recently commented on the company. Guggenheim reduced their target price on Starbucks from $100.00 to $91.00 and set a “buy” rating for the company in a research report on Friday, April 19th. TD Cowen decreased their price objective on shares of Starbucks from $100.00 to $85.00 and set a “hold” rating on the stock in a research report on Wednesday, May 1st. Stifel Nicolaus dropped their target price on shares of Starbucks from $90.00 to $80.00 and set a “hold” rating for the company in a research report on Wednesday, May 1st. Jefferies Financial Group decreased their price target on shares of Starbucks from $94.00 to $84.00 and set a “hold” rating on the stock in a report on Wednesday, May 1st. Finally, BMO Capital Markets dropped their price objective on shares of Starbucks from $125.00 to $120.00 and set an “outperform” rating for the company in a report on Wednesday, January 31st. Seventeen analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $96.43.

Starbucks Price Performance

Shares of NASDAQ:SBUX opened at $78.87 on Thursday. The firm has a fifty day moving average price of $84.08 and a two-hundred day moving average price of $91.87. The company has a market cap of $89.34 billion, a price-to-earnings ratio of 21.73, a PEG ratio of 1.76 and a beta of 0.97. Starbucks has a one year low of $71.80 and a one year high of $107.66.

Starbucks (NASDAQ:SBUX) last announced its quarterly 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 during 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 company’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.74 earnings per share.

Institutional Trading of Starbucks

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Cetera Advisor Networks LLC lifted its holdings in shares of Starbucks by 9.2% during the first quarter. Cetera Advisor Networks LLC now owns 278,681 shares of the coffee company’s stock valued at $25,469,000 after purchasing an additional 23,574 shares in the last quarter. Cetera Advisors LLC boosted its holdings in shares of Starbucks by 196.2% during the 1st quarter. Cetera Advisors LLC now owns 198,886 shares of the coffee company’s stock valued at $18,176,000 after acquiring an additional 131,736 shares during the last quarter. Cetera Investment Advisers grew its stake in shares of Starbucks by 198.2% in the first quarter. Cetera Investment Advisers now owns 543,855 shares of the coffee company’s stock worth $49,703,000 after acquiring an additional 361,489 shares during the period. Invst LLC raised its holdings in shares of Starbucks by 27.6% during the first quarter. Invst LLC now owns 19,280 shares of the coffee company’s stock valued at $1,765,000 after purchasing an additional 4,176 shares during the last quarter. Finally, Burney Co. lifted its position in Starbucks by 10.5% during the first quarter. Burney Co. now owns 3,154 shares of the coffee company’s stock valued at $288,000 after purchasing an additional 300 shares during the period. 72.29% of the stock is currently owned by institutional investors.

Insider Activity at Starbucks

In other Starbucks news, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $85.39, for a total transaction of $277,517.50. Following the sale, the chief executive officer now directly owns 81,199 shares of the company’s stock, valued at approximately $6,933,582.61. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CFO Rachel Ruggeri sold 3,750 shares of the stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $80.00, for a total value of $300,000.00. Following the sale, the chief financial officer now directly owns 65,431 shares of the company’s stock, valued at $5,234,480. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Michael Aaron Conway sold 3,250 shares of Starbucks stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $85.39, for a total value of $277,517.50. Following the completion of the transaction, the chief executive officer now directly owns 81,199 shares of the company’s stock, valued at approximately $6,933,582.61. The disclosure for this sale can be found here. Insiders have sold 7,750 shares of company stock worth $642,050 over the last 90 days. 1.98% of the stock is owned by company insiders.

Starbucks Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Friday, May 17th will be paid a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.89%. 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.