Starbucks Co. (NASDAQ:SBUX) to Post Q2 2024 Earnings of $0.80 Per Share, Wedbush Forecasts

Starbucks Co. (NASDAQ:SBUX) – Analysts at Wedbush decreased their Q2 2024 earnings estimates for shares of Starbucks in a report issued on Friday, April 26th. Wedbush analyst N. Setyan now expects that the coffee company will post earnings per share of $0.80 for the quarter, down from their previous estimate of $0.82. Wedbush currently has a “Neutral” rating and a $92.00 target price on the stock. The consensus estimate for Starbucks’ current full-year earnings is $3.99 per share. Wedbush also issued estimates for Starbucks’ FY2024 earnings at $4.04 EPS, Q2 2025 earnings at $0.91 EPS and FY2025 earnings at $4.68 EPS.

Starbucks (NASDAQ:SBUX) last posted its quarterly earnings data on Wednesday, January 31st. The coffee company reported $0.90 earnings per share for the quarter, missing the consensus estimate of $0.92 by ($0.02). Starbucks had a net margin of 11.70% and a negative return on equity of 50.76%. The business had revenue of $9.43 billion for the quarter, compared to the consensus estimate of $9.60 billion. During the same quarter last year, the business posted $0.75 EPS. The business’s revenue for the quarter was up 8.2% on a year-over-year basis.

Other research analysts also recently issued reports about the stock. Stifel Nicolaus dropped their target price on shares of Starbucks from $102.00 to $90.00 and set a “hold” rating on the stock in a research report on Thursday, April 11th. Citigroup dropped their target price on shares of Starbucks from $102.00 to $95.00 and set a “neutral” rating on the stock in a research report on Friday, April 12th. Morgan Stanley dropped their target price on shares of Starbucks from $120.00 to $115.00 and set an “overweight” rating on the stock in a research report on Friday, April 12th. Gordon Haskett downgraded shares of Starbucks from a “buy” rating to a “hold” rating and set a $100.00 target price on the stock. in a research report on Tuesday, January 16th. Finally, Wells Fargo & Company restated an “overweight” rating and set a $105.00 price target on shares of Starbucks in a report on Monday, April 1st. Fourteen analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, Starbucks has an average rating of “Hold” and an average target price of $106.55.

Starbucks Price Performance

Starbucks stock opened at $88.25 on Monday. The firm’s 50 day simple moving average is $90.36 and its 200-day simple moving average is $94.30. The company has a market cap of $99.92 billion, a P/E ratio of 23.60, a price-to-earnings-growth ratio of 1.48 and a beta of 0.97. Starbucks has a fifty-two week low of $84.29 and a fifty-two week high of $115.48.

Hedge Funds Weigh In On Starbucks

Institutional investors and hedge funds have recently bought and sold shares of the stock. Scarborough Advisors LLC bought a new position in Starbucks during the fourth quarter worth $26,000. Vima LLC bought a new position in Starbucks during the fourth quarter worth $26,000. DSM Capital Partners LLC bought a new position in Starbucks during the fourth quarter worth $27,000. Fairman Group LLC bought a new position in Starbucks during the fourth quarter worth $30,000. Finally, Riggs Asset Managment Co. Inc. increased its holdings in Starbucks by 1,578.9% in the 3rd quarter. Riggs Asset Managment Co. Inc. now owns 319 shares of the coffee company’s stock valued at $29,000 after buying an additional 300 shares during the period. Institutional investors own 72.29% of the company’s stock.

Insider Transactions at Starbucks

In other news, CEO Michael Aaron Conway sold 3,250 shares of the business’s stock in a transaction on Monday, April 15th. The shares were sold at an average price of $85.39, for a total value of $277,517.50. Following the completion of the sale, the chief executive officer now directly owns 81,199 shares in the company, valued at $6,933,582.61. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Over the last three months, insiders sold 7,250 shares of company stock worth $651,738. 1.98% of the stock is owned by insiders.

Starbucks Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Friday, May 17th will be paid a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 2.58%. The ex-dividend date is Thursday, May 16th. Starbucks’s payout ratio is 60.96%.

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.