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Starbucks Loses Pershing Square As An Investor After Bill Ackman Sells Stake

From: thestreet.com

Shares of coffee giant Starbucks (SBUX) – Get Report were falling Wednesday after activist investor Bill Ackman announced that his Pershing Square Capital Investment firm exited its stake in the company.

Speaking at an investment presentation, Ackman said that Starbucks is “firing on all cylinders,” leading him to conclude that now is the time to get out, according to Bloomberg.

Pershing’s Starbucks investment returned 73% over 19 months, a signal that positive returns could “become more modest,” according to Ackman.

The downturn may have already begun, with Starbucks trading down about 0.3% year to date after rising more than 30% over the past 12 months.

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