Starbucks CEO Howard Schultz buys the dip again
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Starbucks Corporation (NASDAQ:SBUX) CEO Howard Schultz picked up another 72,500 shares on May 12 at $68.85 per share. That adds to the 137,500 shares acquired on May 10 in two blocks priced at $72.61 and $73.10.
The buying action takes his total holdings in the coffee giant to 21,795,538 shares, which on a percentage basis is far below the stake he once held in the company.
Shares of Starbucks (SBUX) rose 2.18% in premarket action to $74.00 vs. the 52-week trading range of $68.39 to $126.32.
Despite the share price drop in SBUX, the Seeking Alpha valuation grade is still C- with the stock still priced by the market at higher levels than restaurant sector peers.