Shake-Up Alert: 40 Companies Facing Activist Pressure

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2. Elliott Management at Starbucks Corporation (NASDAQ:SBUX)

Stock Return: 1.3%

S&P 500 Return: -1.4%

Investment date: 19/07/2024

Number of hedge funds holding stakes: 69

Elliott Management, a hedge fund known for its activist investing strategies, has invested substantially in the giant coffee chain. This move has led to the firm advocating for major strategic shifts as part of its activist campaign, with Starbucks Corporation (NASDAQ:SBUX) underperforming in recent years.

Faced with disappointing performance, Starbucks Corporation (NASDAQ:SBUX) has had to revise its expectations for the year twice, indicating that turning things around could be challenging. The company reported its first same-store sales decline in nearly three years, which could be going better with the activist investor.

The stock has been down by 17.20% year to date, underperforming the overall market. A total of 69 hedge funds tracked by the Insider Monkey database held stakes in Starbucks Corporation (NASDAQ:SBUX) in Q1 2024, up from 59 as of Q4 2023.

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