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Starbucks Corp. (NASDAQ:SBUX) experienced a surge Tuesday following both the announcement of new care benefits, as well as some big news from a hedge fund billionaire.
What Happened
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Pershing Square Capital's Bill Ackman revealed his new long position in Starbucks while speaking at a New York conference.
Pershing has over 15 million shares, amounting to over $900 million. Ackman’s average cost for the stock was $51 per share, which puts him ahead roughly 13 percent following the investment.
Why It’s Important
"If SSS (same store sales) and valuation revert closer to historical average levels," his presentation read, according to CNBC, "we believe that SBUX shares can more than double over the next three years. It's a rare opportunity to own one of the world's best businesses at a discount."
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Ackman considers China the company’s single largest growth opportunity, with a repurchase plan that will represent 20 percent of market value.
What's Next
In response to the long position, Starbucks released a statement.
“We view the 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."
Starbucks shares were up 2 percent to $57.67 at time of publication Tuesday.
Related Links:
Stephens' Restaurant Analyst Parses Starbucks' 'Ho-Hum' Quarter
Piper Jaffray Downgrades Starbucks On Comp Performance
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.