Starbucks Stock Rises on Report Starboard Value Took Stake in Coffee Chain

Starbucks (SBUX) shares advanced in intraday trading Monday on word hedge fund Starboard Value has taken a stake in the world’s biggest coffee chain and is calling for efforts to raise the stock price.

The Wall Street Journal explained that the size of the investment and the demands were not known. Neither Starbucks nor Starboard immediately responded an to an Investopedia request for comment.

Starbucks Already in Negotiations With Activist Elliott Investment Management

The paper noted that the move came as Starbucks is in settlement discussions with activist investor Elliott Investment Management, which it previously reported had taken a large stake in the company and also called for changes. 

Last month, Starbucks reported lower year-over-year third-quarter revenue as global same-store sales fell 3%, including a 14% decline in China.

Even with today’s 2.2% rise to $76.75 as of 1:05 p.m. ET, Starbucks shares are still down about 20% year-to-date.