Zacks: Brokerages Anticipate Starbucks Co. (NASDAQ:SBUX) Will Announce Quarterly Sales of $6.63 Billion

Equities research analysts expect Starbucks Co. (NASDAQ:SBUX) to announce sales of $6.63 billion for the current quarter, according to Zacks Investment Research. Ten analysts have provided estimates for Starbucks’ earnings, with estimates ranging from $6.44 billion to $6.78 billion. Starbucks posted sales of $6.30 billion during the same quarter last year, which indicates a positive year-over-year growth rate of 5.2%. The company is expected to announce its next earnings report on Thursday, November 7th.

According to Zacks, analysts expect that Starbucks will report full-year sales of $26.39 billion for the current financial year, with estimates ranging from $26.17 billion to $26.54 billion. For the next financial year, analysts anticipate that the company will report sales of $28.36 billion, with estimates ranging from $27.95 billion to $28.71 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that follow Starbucks.

Starbucks (NASDAQ:SBUX) last announced its quarterly earnings results on Thursday, July 25th. The coffee company reported $0.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.06. Starbucks had a net margin of 13.63% and a negative return on equity of 125.91%. The firm had revenue of $6.82 billion for the quarter, compared to the consensus estimate of $6.67 billion. During the same period in the prior year, the firm posted $0.62 earnings per share. The company’s revenue for the quarter was up 8.1% on a year-over-year basis.

Several equities analysts have commented on SBUX shares. Robert W. Baird lowered Starbucks from an “outperform” rating to a “neutral” rating in a research report on Monday, July 29th. KeyCorp raised their price objective on Starbucks from $84.00 to $105.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. UBS Group raised their price objective on Starbucks from $78.00 to $95.00 and gave the company a “neutral” rating in a research report on Monday, July 29th. Wedbush raised their price objective on Starbucks from $88.00 to $95.00 and gave the company a “neutral” rating in a research report on Friday, July 26th. Finally, Goldman Sachs Group started coverage on Starbucks in a research report on Monday, July 29th. They set a “buy” rating and a $110.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $89.53.

In related news, Director Javier G. Teruel sold 59,838 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $96.92, for a total transaction of $5,799,498.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Myron E. Ullman III sold 9,973 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $76.12, for a total value of $759,144.76. The disclosure for this sale can be found here. Insiders sold a total of 129,639 shares of company stock valued at $12,101,183 over the last quarter. 3.98% of the stock is owned by corporate insiders.

Several large investors have recently made changes to their positions in the stock. Treasurer of the State of North Carolina grew its stake in shares of Starbucks by 0.4% during the 2nd quarter. Treasurer of the State of North Carolina now owns 776,289 shares of the coffee company’s stock valued at $65,076,000 after acquiring an additional 2,900 shares during the period. Breiter Capital Management Inc. grew its stake in shares of Starbucks by 305.8% during the 2nd quarter. Breiter Capital Management Inc. now owns 15,495 shares of the coffee company’s stock valued at $1,299,000 after acquiring an additional 11,677 shares during the period. Headinvest LLC purchased a new position in Starbucks in the 2nd quarter worth approximately $222,000. Farmers National Bank lifted its holdings in Starbucks by 0.7% in the 2nd quarter. Farmers National Bank now owns 35,646 shares of the coffee company’s stock worth $2,988,000 after purchasing an additional 234 shares in the last quarter. Finally, Transamerica Financial Advisors Inc. purchased a new position in Starbucks in the 2nd quarter worth approximately $139,000. Institutional investors own 72.32% of the company’s stock.

SBUX stock traded down $1.79 on Tuesday, reaching $94.70. The company’s stock had a trading volume of 6,912,603 shares, compared to its average volume of 7,819,125. The firm has a market cap of $115.50 billion, a PE ratio of 39.13, a PEG ratio of 2.66 and a beta of 0.55. The business has a fifty day simple moving average of $93.42 and a two-hundred day simple moving average of $80.28. Starbucks has a 12-month low of $52.42 and a 12-month high of $99.72.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Thursday, August 8th were issued a $0.36 dividend. The ex-dividend date of this dividend was Wednesday, August 7th. This represents a $1.44 annualized dividend and a yield of 1.52%. Starbucks’s payout ratio is 59.50%.

About Starbucks

Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of specialty coffee worldwide. The company operates in four segments: Americas; China/Asia Pacific; Europe, Middle East, and Africa; and Channel Development. Its stores offer coffee and tea beverages, roasted whole bean and ground coffees, single-serve and ready-to-drink beverages, iced tea, and food and snacks; and various food products, such as pastries, breakfast sandwiches, and lunch items.

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