Matrix Asset Advisors, an asset management company, released its second quarter 2022 investor letter. A copy of the same can be downloaded here. In the second quarter, most areas of the market were down. Value and dividend strategies were protective compared to the worst-performing growth sector. The Large Cap Value Portfolio of the fund outperformed its benchmark, the S&P 500, in the second quarter but trailed the Russell 1000 Value Index. Its Matrix Dividend Income portfolio meaningfully outperformed the S&P 500 and the Russell 1000 Value Index benchmarks in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Matrix Asset Advisors Investors discussed stocks like Starbucks Corporation (NASDAQ:SBUX) in the second quarter investor letter. Based in Seattle, Washington, Starbucks Corporation (NASDAQ:SBUX) is a specialty coffee retailer worldwide that roasts, markets, and retails coffee. On September 16, 2022, Starbucks Corporation (NASDAQ:SBUX) stock closed at $91.31 per share. One-month return of Starbucks Corporation (NASDAQ:SBUX) was 7.49% and its shares lost 18.34% of their value over the last 52 weeks. Starbucks Corporation (NASDAQ:SBUX) has a market capitalization of $104.769 billion.
Here is what Matrix Asset Advisors specifically said about Starbucks Corporation (NASDAQ:SBUX) in its Q2 2022 investor letter:
“Starbucks Corporation (NASDAQ:SBUX) is a premiere global coffee brand supported by over 32,600 stores across the world. The firm has a long history of beverage innovation and strong employee/barista relations with the firm paying above-market wages and benefits. Starbucks has a strong balance sheet and finances. The company generates steady and consistent cash flow, selling millions of cups of premium coffee every day. The company’s share price declined in part due to its large business in China which was largely shut down due to Covid restrictions and because of rising commodity and labor costs. We think the shares are attractively priced for a company that should grow 10% plus per year with a dividend yield of 2.6% at our average cost.”
Photo by Karlo Tottoc on Unsplash
Starbucks Corporation (NASDAQ:SBUX) is not on the list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 55 hedge fund portfolios held Starbucks Corporation (NASDAQ:SBUX) at the end of the second quarter which was 58 in the previous quarter.
We discussed Starbucks Corporation (NASDAQ:SBUX) in another article and shared the list of blue-chip stocks to invest in according to billionaire Ray Dalio. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article is originally published at Insider Monkey.
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