Rachel Ruggeri, the Executive Vice President and Chief Financial Officer of Starbucks Corp (NASDAQ:SBUX), recently sold 1,452 shares of the company’s common stock. The transaction, executed on November 15, 2024, was conducted at an average price of $99.07 per share, amounting to a total sale value of approximately $143,849.
This sale was carried out as part of a pre-established Rule 10b5-1 trading plan, which Ruggeri adopted on November 28, 2023. Such plans allow company insiders to set up a predetermined schedule for selling stocks to avoid concerns about insider trading.
In a separate transaction on November 14, 2024, Ruggeri also disposed of 1,927 shares, which were withheld by Starbucks to cover tax obligations related to the vesting of restricted stock units. This was not an open market transaction and was valued at $99.23 per share, totaling $191,218.
Following these transactions, Ruggeri holds 65,647.916 shares of Starbucks, maintaining a significant stake in the company.
In other recent news, Starbucks Corporation (NASDAQ:) has seen a mixed bag of financial results. The company’s fourth-quarter revenue fell by 3% to $9.1 billion, primarily due to a 7% decrease in comparable store sales. However, the fiscal year did show a slight rise in consolidated net revenues to $36.2 billion, despite a 2% decline in comparable store sales. The earnings per share for the quarter also fell by 24% to $0.80. Starbucks has suspended its guidance for the fiscal year 2025 as it reassesses strategies and focuses on enhancing its core identity and customer experience.
In other developments, Redburn-Atlantic downgraded Starbucks’ stock from Neutral to Sell, citing concerns over the company’s ability to manage rising costs and sustain growth. The firm expressed skepticism about the coffee giant’s “Back to Starbucks” plan, led by Brian Niccol, and the potential for sustainable comparable store sales growth.
Furthermore, Chipotle Mexican Grill (NYSE:) is facing a class-action lawsuit filed by shareholders. The lawsuit alleges that the company did not inform investors about growing customer dissatisfaction due to inconsistent portion sizes in its burritos and rice bowls. This issue led to increased costs in an attempt to maintain “generous portions,” impacting the company’s profit margins. These financial strains were reflected in Chipotle’s second and third quarter financial results.
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