Dividend Stock Portfolio For Retirement: Top 12 Stock Picks

9. Starbucks Corporation (NASDAQ:SBUX)

Number of Hedge Fund Holders: 59

On May 21, Reuters reported that Starbucks Corporation (NASDAQ:SBUX) ended an AI program that employees had been using to automate certain inventory counts. The move came about nine months after the system was rolled out across North American stores, according to an internal newsletter reviewed by Reuters and two people familiar with the matter.

The tool was part of CEO Brian Niccol’s broader effort to address ongoing product shortages that he said had been affecting sales. The application was designed to improve the company’s visibility into shortages at stores. Reuters reported in February that the system often made counting errors and mislabeled products. In some cases, it confused similar milk varieties or failed to register them entirely.

In a statement to Reuters, Starbucks said the decision to discontinue the program, which covered milk and other beverage products, was made to “standardize how inventory is counted across coffeehouses as we continue to focus on consistency and execution at scale.”The company also said it is working toward more frequent daily replenishments to stores and further supply chain improvements.

Starbucks Corporation (NASDAQ:SBUX) is a global roaster, marketer, and retailer of specialty coffee. Its North America segment includes operations in the United States and Canada, while its international business spans China, Japan, Asia Pacific, Europe, the Middle East and Africa, Latin America, and the Caribbean.