Hedge fund boosts its stake in Target
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Activist hedge fund Pershing Square Capital increased its stake in Target Corp to nearly 10%, a Securities and Exchange Commission filing said.
Pershing, which recently raised a $2-billion fund to exclusively invest in Target, now holds a 9.97% stake in the discount retail chain, up from about 9.6% in July.
According to the filing, Pershing said it had met with Target’s management and might meet with it again to discuss the company’s strategy, business, assets, operations, capital structure or its financial condition.
Pershing said it had engaged financial advisors and might contact other Target shareholders. Target shares rose $1.79, or 3.5%, to $52.47.
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