Pershing Square announced Monday that it has boosted its stake in retailer Target Corp. to nearly 10%.
The hedge fund group run by William Ackman said that it has raised its stake to 9.97% as of Friday from 9.6% as of July 5.
William Ackman is a major investor and hedge fund manager of Pershing Square Capital Management LP. As of July 2007 he owns a 9.6% stake in Target Corporation, valued at 5.6 billion dollars.
Pershing Square Capital Management has in the recent past acquired positions in Wendy's International Inc., McDonald's Corp. and Ceridian Corp., pressuring management of those companies to improve profits by cutting costs or selling divisions