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William Ackman, an activist investor, says his Pershing Square fund holds a stake in Starbucks.
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William Ackman said his activist hedge fund, Pershing Square Capital Management LP, had acquired a stake of about 1.1% in the coffee giant.
Starbucks
Corp.
SBUX 2.56%
"This is one of the most dominant companies in the industry we've ever seen," Ackman said Tuesday. He unveiled the new position at the Seattle-based coffee chain during a presentation at Grant's interest rate observer's autumn conference in New York, his first such participation for several years. month.
Mr. Ackman said that he thought Starbucks shares had recently fallen due to slower sales per store, reduced long-term growth targets and changes in executives. But he noted that comparable store sales were consistently positive and that he believed the US market could still grow, particularly in the Midwest and South.
Pershing Square has a stake of about 1.1%, worth nearly $ 900 million, built in recent months.
Starbucks shares rose 3.3% to $ 58.41 after Mr. Ackman disclosed the stake. Taking into account this gain, its shares have increased by less than 2% this year.
(More soon)
Write to Cara Lombardo at [email protected]
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