Starbucks Corporation (SBUX) Expected to Announce Quarterly Sales of $5.73 Billion
Wall Street analysts forecast that Starbucks Corporation (NASDAQ:SBUX) will post $5.73 billion in sales for the current fiscal quarter, Zacks reports. Eight analysts have issued estimates for Starbucks Corporation’s earnings, with estimates ranging from $5.59 billion to $5.84 billion. Starbucks Corporation reported sales of $5.71 billion during the same quarter last year, which would suggest a positive year over year growth rate of 0.4%. The firm is expected to issue its next earnings report after the market closes on Thursday, November 2nd.
On average, analysts expect that Starbucks Corporation will report full year sales of $5.73 billion for the current year, with estimates ranging from $22.28 billion to $22.82 billion. For the next fiscal year, analysts forecast that the business will report sales of $24.68 billion per share, with estimates ranging from $24.19 billion to $25.30 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that cover Starbucks Corporation.
Starbucks Corporation (NASDAQ:SBUX) last released its quarterly earnings data on Thursday, July 27th. The coffee company reported $0.55 earnings per share for the quarter, meeting the consensus estimate of $0.55. The company had revenue of $5.66 billion during the quarter, compared to analyst estimates of $5.76 billion. Starbucks Corporation had a net margin of 12.93% and a return on equity of 52.82%. Starbucks Corporation’s revenue for the quarter was up 8.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.49 EPS.
A number of equities analysts have issued reports on SBUX shares. Cowen and Company reiterated an “outperform” rating and issued a $66.00 price objective on shares of Starbucks Corporation in a report on Friday, July 21st. UBS AG set a $70.00 price objective on Starbucks Corporation and gave the stock a “buy” rating in a report on Wednesday, June 28th. Mizuho reiterated a “buy” rating and issued a $75.00 price objective on shares of Starbucks Corporation in a report on Friday, September 29th. Sanford C. Bernstein reiterated an “outperform” rating and issued a $67.00 price objective on shares of Starbucks Corporation in a report on Tuesday, July 25th. Finally, Stephens reiterated an “equal weight” rating and issued a $52.00 price objective (down previously from $58.00) on shares of Starbucks Corporation in a report on Friday, September 29th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, nineteen have issued a buy rating and two have given a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $64.24.
Shares of Starbucks Corporation (SBUX) opened at 54.27 on Tuesday. Starbucks Corporation has a 52 week low of $50.84 and a 52 week high of $64.87. The firm’s 50-day moving average is $54.67 and its 200-day moving average is $57.58. The company has a market cap of $78.36 billion, a price-to-earnings ratio of 27.40 and a beta of 0.78.
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In related news, Director Myron E. Ullman III sold 22,966 shares of the business’s stock in a transaction on Thursday, September 7th. The stock was 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider John Culver sold 64,776 shares of the business’s stock in a transaction 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 of the company’s stock, valued at approximately $20,898,857.14. The disclosure for this sale can be found here. 3.40% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Magellan Asset Management Ltd lifted its holdings in shares of Starbucks Corporation by 3,809,645.9% in the 1st quarter. Magellan Asset Management Ltd now owns 18,667,755 shares of the coffee company’s stock worth $1,090,000,000 after buying an additional 18,667,265 shares during the period. Janus Henderson Group PLC lifted its holdings in shares of Starbucks Corporation by 3,076.5% in the 2nd quarter. Janus Henderson Group PLC now owns 13,889,820 shares of the coffee company’s stock worth $809,917,000 after buying an additional 13,452,551 shares during the period. Ameriprise Financial Inc. lifted its holdings in shares of Starbucks Corporation by 32.9% in the 1st quarter. Ameriprise Financial Inc. now owns 14,170,939 shares of the coffee company’s stock worth $827,444,000 after buying an additional 3,511,080 shares during the period. Renaissance Technologies LLC lifted its holdings in shares of Starbucks Corporation by 539.2% in the 2nd quarter. Renaissance Technologies LLC now owns 3,918,784 shares of the coffee company’s stock worth $228,504,000 after buying an additional 3,305,700 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Starbucks Corporation by 7.8% in the 1st quarter. Bank of New York Mellon Corp now owns 30,770,264 shares of the coffee company’s stock worth $1,796,675,000 after buying an additional 2,234,324 shares during the period. Institutional investors own 70.77% of the company’s stock.
Starbucks Corporation Company Profile
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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