5 Best Seasonal Stocks to Buy Now

4. Starbucks Corporation (NASDAQ:SBUX)

Number of Hedge Fund Holders: 63

Starbucks Corporation (NASDAQ:SBUX) is an American chain of coffeehouses with roaster reserves. The company also rolls out seasonal drinks every year in the name of some of the most famous festivals around the world, which certainly fuels the company’s sales. For example, on Black Friday 2019, the traffic at Starbucks Corporation (NASDAQ:SBUX) grew by 54%, compared with the full-year average. The company ranks fourth on our list of the best seasonal stocks to buy now.

In Q3 2021, Starbucks Corporation (NASDAQ:SBUX) posted an EPS of $1.01, beating the consensus by $0.23. The company’s comparable sales grew by 73% versus the estimates of 69.6%. Due to the strong results, Starbucks Corporation (NASDAQ:SBUX) lifted its FY21 guidance and now expects revenue in the range of $29.1 billion to $29.3 billion. Starbucks Corporation (NASDAQ:SBUX) was favored by Wall Street analysts after releasing solid quarterly earnings. In July, BMO Capital and Cowen both lifted their price targets on the stock to $140 and $135, respectively. In the same month, Jefferies Financial Group also lifted its price target on Starbucks Corporation (NASDAQ:SBUX) to $135, while keeping a ‘Buy’ rating on the shares. In the past year, the stock gained 35.19%.

As of Q2 2021, 63 hedge funds tracked by Insider Monkey have positions in Starbucks Corporation (NASDAQ:SBUX), up from 61 in the previous quarter. The total value of these stakes is $4.75 billion.

Polen Capital, an investment management firm, recently released its Q2 2021 investor letter and mentioned Starbucks Corporation (NASDAQ:SBUX) in it. Here is what the firm has to say:

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