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Starbucks has seen stock epidemics, supply-chain disruptions, and the pressure to unify. CEO Howard Schultz is buying shares.
Michael Nagel / Bloomberg
Howard Schultz is not stocked up
Starbucks
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Back in his third term at Starbucks (Ticker: SBUX), Schultz aggressively bought coffee retailer shares this month. Starbucks stock is down 38% in 2022 and down 43% from a 52-week high. The
S&P 500
The index is down 18% this year.
Shares are under pressure as the company navigates epidemics, supply-chain disruptions and a wave of unification efforts at Starbucks locations. When Schultz took over as interim CEO in April, he suspended Starbucks’ share-repurchase program and said he would invest in employees and stores.
Although the company refrained from buying the stock, Schultz did not show any such reserves. He revealed in a filing with the Securities and Exchange Commission that he bought শেয়ার 10 million worth of shares on May 10.
This past Monday, he revealed another big purchase. He paid about $ 5 million on May 12 for an additional 72,500 shares at an average price of 68.85. He now directly owns 19.6 million shares, holding another 2.2 million shares through the limited liability company. Starbucks stock closed at $ 71.93 on Thursday.
Starbucks declined to make Schultz available for comment.
Schultz helped Starbucks become an international behemoth from a small coffee chain in Seattle. The last time he took the reins of CEO was in 2008 during the global financial crisis. He was replaced in 2017 by Kevin Johnson. His latest tenure promises to be even shorter; The board is already looking for a permanent replacement.
Write Connor Smith at [email protected]
