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Starbucks (SBUX) Experienced Revenue Headwinds in Q1

Soumya Eswaran
·2 min read

The London Company, an investment management company, released “The London Company Large Cap Strategy” first quarter 2024 investor letter. A copy of the same can be downloaded here. During 1Q, U.S. stocks made significant gains due to steady economic growth, decreasing inflation, and a slightly weaker labor market, increasing the likelihood of a soft landing. The fund gained 8.3% (8.2%, net) during the quarter compared to a 10.3% rise in the Russell 1000 Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.

The London Company Large Cap Strategy featured stocks like Starbucks Corporation (NASDAQ:SBUX) in the first quarter 2024 investor letter. Headquartered in Seattle, Washington, Starbucks Corporation (NASDAQ:SBUX) roasts, markets, and sells specialty coffee. On May 2, 2024, Starbucks Corporation (NASDAQ:SBUX) stock closed at $74.93 per share. One-month return of Starbucks Corporation (NASDAQ:SBUX) was -13.72%, and its shares lost 30.11% of their value over the last 52 weeks. Starbucks Corporation (NASDAQ:SBUX) has a market capitalization of $84.873 billion.

The London Company Large Cap Strategy stated the following regarding Starbucks Corporation (NASDAQ:SBUX) in its first quarter 2024 investor letter:

"Starbucks Corporation (NASDAQ:SBUX) - A handful of revenue headwinds weighed on SBUX's results in the quarter. Boycotts due to conflict in the Middle East should be a shorter-term headwind to traffic. The dynamics in the China market may take a bit longer to shake out. That said, as the China consumer gains strength there should be plenty of whitespace for a more rational, tiered market to prosper. The U.S. loyalty base remains strong as ever, cost cutting measures are being pulled forward to counter deleverage from lower revenue, and cash flow is healthy and growing (>4% FCF yield)."

A barista pouring a freshly brewed cup of coffee from a high-end espresso machine.

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Starbucks Corporation (NASDAQ:SBUX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 59 hedge fund portfolios held Starbucks Corporation (NASDAQ:SBUX) at the end of the fourth quarter which was 60 in the previous quarter.

We previously discussed Starbucks Corporation (NASDAQ:SBUX) in another article, where we shared the list of best fast food stocks to buy according to analysts. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.