Yes. Confessional Lutherans believe in the real presence of Christ Body and Blood in His Supper. However __ the bread and wine remain bread and wine they are not magically transformed. We do not worship the elements nor do we believe in a continual or repeated sacrifice present in the Supper. We also do not believe that the pastor pulls Christ down from heaven and places Him on the altar. We take Christ at His Word and simply leave it at that.
That's exactly what Luther preached and one reason he was excommunicated.