5 Undervalued Non-Tech Stocks to Buy in 2022

3. Starbucks Corporation (NASDAQ:SBUX)

Number of Hedge Fund Holders: 53  

PE Ratio: 19.57    

Starbucks Corporation (NASDAQ:SBUX) is a specialty coffee firm. The stock has gained in the past few days after Howard Schultz, the CEO of the firm, purchased more than 137,000 shares of the company in two separate transactions. The average price paid for these shares, worth around $10 million in total, was $72.61 and $73.10 per share in the two transactions. Unionization and COVID-related problems, especially in China, have hit the stock in recent months, but strength of the business in the US is offsetting some of these setbacks. 

On May 4, MKM Partners analyst Brett Levy maintained a Buy rating on Starbucks Corporation (NASDAQ:SBUX) stock and lowered the price target to $98 from $105, backing the firm with regards to growth prospects in the long-term despite near-term headwinds. 

Among the hedge funds being tracked by Insider Monkey, London-based investment firm Fundsmith LLP is a leading shareholder in Starbucks Corporation (NASDAQ:SBUX), with 11.5 million shares worth more than $1.3 billion. 

In its Q2 2021 investor letter, Polen Capital, an asset management firm, highlighted a few stocks and Starbucks Corporation (NASDAQ:SBUX) was one of them. Here is what the fund said:

“For Starbucks Corporation (NASDAQ:SBUX), we believe the underlying businesses for the company remain strong. Starbucks Corporation (NASDAQ:SBUX) has grappled with the impact of the pandemic, but results have continued to show an ongoing post-pandemic recovery.”