Starbucks Corporation (SBUX) Declined on Uncertain Macro Environment

The London Company, an investment management company, released “The London Company Large Cap Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund returned 8% gross, (7.9% net) compared to an 8.6% increase in the Russell 1000 Index. The portfolio’s relative performance was slowed down by sector exposure which was partially offset by favorable stock selection. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

The London Company Large Cap Strategy highlighted stocks like Starbucks Corporation (NASDAQ:SBUX) in the second quarter 2023 investor letter. Headquartered in Seattle, Washington, Starbucks Corporation (NASDAQ:SBUX) roasts, markets, and sells specialty coffee. On August 4, 2023, Starbucks Corporation (NASDAQ:SBUX) stock closed at $100.68 per share. One-month return of Starbucks Corporation (NASDAQ:SBUX) was 4.82%, and its shares gained 17.44% of their value over the last 52 weeks. Starbucks Corporation (NASDAQ:SBUX) has a market capitalization of $115.42 billion.

The London Company Large Cap Strategy made the following comment about Starbucks Corporation (NASDAQ:SBUX) in its second quarter 2023 investor letter:

Starbucks Corporation (NASDAQ:SBUX) – Sentiment on SBUX turned more negative in this uncertain macro environment with the impending return of student loan payments in the U.S. SBUX reported very strong results for the Jan-March quarter, but exercised caution by not raising guidance. SBUX is beginning to realize tailwinds from the re-opening of the Chinese economy, adding a buffer to growth and margins for the remainder of the year.”

Starbucks Corporation (NASDAQ:SBUX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 69 hedge fund portfolios held Starbucks Corporation (NASDAQ:SBUX) at the end of first quarter which was 61 in the previous quarter.

We discussed Starbucks Corporation (NASDAQ:SBUX) in another article and shared the list of best restaurant dividend stocks to buy. In addition, please check out our hedge fund investor letters Q2 2023 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.