$5.80 Billion in Sales Expected for Starbucks Corporation (SBUX) This Quarter
Brokerages expect that Starbucks Corporation (NASDAQ:SBUX) will announce sales of $5.80 billion for the current fiscal quarter, Zacks Investment Research reports. Nine analysts have provided estimates for Starbucks Corporation’s earnings. The lowest sales estimate is $5.59 billion and the highest is $6.13 billion. Starbucks Corporation posted sales of $5.71 billion during the same quarter last year, which would indicate a positive year-over-year growth rate of 1.6%. The business is scheduled to report its next earnings results on Thursday, November 2nd.
According to Zacks, analysts expect that Starbucks Corporation will report full-year sales of $5.80 billion for the current financial year, with estimates ranging from $22.28 billion to $22.82 billion. For the next financial year, analysts anticipate that the company will post sales of $24.58 billion per share, with estimates ranging from $24.04 billion to $25.09 billion. Zacks’ sales calculations are a mean average based on a survey of research analysts that cover Starbucks Corporation.
Starbucks Corporation (NASDAQ:SBUX) last announced its quarterly earnings data on Thursday, July 27th. The coffee company reported $0.55 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.55. The firm had revenue of $5.66 billion during the quarter, compared to the consensus estimate of $5.76 billion. Starbucks Corporation had a net margin of 12.93% and a return on equity of 52.82%. The firm’s revenue was up 8.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.49 earnings per share.
Several research firms have commented on SBUX. UBS AG set a $70.00 target price on shares of Starbucks Corporation and gave the stock a “buy” rating in a research report on Wednesday, June 28th. BMO Capital Markets cut shares of Starbucks Corporation from an “outperform” rating to a “market perform” rating and upped their target price for the stock from $54.52 to $64.00 in a research report on Wednesday, August 9th. Wedbush restated a “hold” rating on shares of Starbucks Corporation in a research report on Friday, July 28th. Bank of America Corporation restated a “neutral” rating and issued a $65.00 target price on shares of Starbucks Corporation in a research report on Thursday. Finally, BidaskClub upgraded shares of Starbucks Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, August 1st. Thirteen analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have assigned a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $64.64.
Shares of Starbucks Corporation (NASDAQ:SBUX) traded up 0.26% during midday trading on Friday, reaching $54.67. 10,744,783 shares of the company were exchanged. The company’s 50-day moving average price is $54.15 and its 200 day moving average price is $57.87. The stock has a market capitalization of $78.94 billion, a price-to-earnings ratio of 27.60 and a beta of 0.78. Starbucks Corporation has a 52-week low of $50.84 and a 52-week high of $64.87.
The business also recently disclosed a quarterly dividend, which was paid on Friday, August 25th. Shareholders of record on Thursday, August 10th were paid a $0.25 dividend. The ex-dividend date was Tuesday, August 8th. This represents a $1.00 annualized dividend and a yield of 1.83%. Starbucks Corporation’s dividend payout ratio is presently 50.76%.
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In other Starbucks Corporation news, insider John Culver sold 64,776 shares of the company’s stock in a transaction that occurred on Friday, September 8th. The shares were sold at an average price of $53.54, for a total value of $3,468,107.04. Following the transaction, the insider now owns 390,341 shares in the company, valued at approximately $20,898,857.14. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Myron E. Ullman III sold 22,966 shares of the company’s stock in a transaction that occurred on Thursday, September 7th. The shares were sold at an average price of $53.41, for a total transaction of $1,226,614.06. Following the completion of the transaction, the director now owns 36,966 shares in the company, valued at approximately $1,974,354.06. The disclosure for this sale can be found here. 3.40% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in the business. Intl Fcstone Inc. increased its stake in Starbucks Corporation by 131.5% in the 2nd quarter. Intl Fcstone Inc. now owns 26,790 shares of the coffee company’s stock valued at $1,562,000 after buying an additional 15,219 shares during the period. Griffin Asset Management Inc. acquired a new position in shares of Starbucks Corporation during the 2nd quarter worth $235,000. Lord Abbett & CO. LLC acquired a new position in shares of Starbucks Corporation during the 2nd quarter worth $35,784,000. Farmers National Bank acquired a new position in shares of Starbucks Corporation during the 2nd quarter worth $269,000. Finally, RNC Capital Management LLC increased its stake in shares of Starbucks Corporation by 0.7% during the 2nd quarter. RNC Capital Management LLC now owns 18,259 shares of the coffee company’s stock worth $1,065,000 after purchasing an additional 134 shares during the last quarter. Hedge funds and other institutional investors own 70.99% of the company’s stock.
About Starbucks Corporation
Starbucks Corporation (Starbucks) is a roaster, marketer and retailer of coffee. As of October 2, 2016, the Company operated in 75 countries. The Company operates through four segments: Americas, which is inclusive of the United States, Canada, and Latin America; China/Asia Pacific (CAP); Europe, Middle East, and Africa (EMEA), and Channel Development.
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