More buybacks more options more selling by the Fishers, more cash transferred from the balance sheet to benefit the founders. ATM has no end. I think I'm going to start a company and do the same. Why not just fire up a 500M dividend for all?
The ATM continues as it should. Are you aware of the effort and genious of the Fisher family to grow this company from one store to 3,500+ in 40 years of effort? Do you realize that 175,000 people enjoy employment in a successful company? Do you watch the conservative financials of a well managed company? Why would you begrudge the sale of stock? The money will not be hoarded, it will be invested and donated just as it has for the last 15 years of orderly sales.
Because they should use their cash to invest in there brands or purchase new ones, invest in enhanced marketing or distribution strategy, and grow globally.
You buy your stock when its undervalued. Granted they built a great company over the years but its been dead since late 90's. This stock has moved from 17-22 for the last 6 to 7 years. There is a reason for that.
Now stock its just a vehicle for one set of owners to get rich - while the rest of the commons hold the bag.