Ackman revealed the fund has 15.2 million shares, or around $900 million worth, of the coffee giant during a presentation at Grant’s Interest Rate Observer fall conference in New York, as per a CNBC report.
"If [same-store sales] and valuation revert closer to historical average levels, we believe that SBUX shares can more than double over the next three years," said Ackman’s in a presentation. He also referred to the Seattle-based chain as a "rare opportunity to own one of the world's best businesses at a discount."
Starbucks responded to the disclosure, saying: "We view active, engaged dialogue that we have with shareholders as critical input into our strategic approach and we value constructive feedback on delivering long-term shareholder value. We look forward to maintaining a productive dialogue with Mr. Ackman as we do with all of our shareholders."
Ackman said in August that the fund had a position in a then-unidentified company.
The presentation stated the average cost for Starbucks was $51 per share. Shares were trading at $57.81 in Tuesday afternoon trading.
Contact Lenore Fedow at [email protected]