Looks like it is.
In an amended 13D filing, Bill Ackman's hedge fund Pershing Square Capital Management is now showing a 4.4% ownership stake in Target (TGT). This is down from their previous 7.8% ownership stake in the company. Pershing Square reduced their overall position through a combination of transactions including the sale of options and purchase of common stock. Originally, Ackman's 7.8% stake was comprised of 3.3% in common stock and 4.5% in stock-settled call options. Now, Ackman's reduced 4.4% stake is comprised of 3.5% worth of stock and 0.9% worth of options. They are now showing an aggregate amount of shares beneficially owned of 32,994,586.
This was our favorite come from behind tale. If Ackman drops it much further it will be a sad day indeed at the Dealbreaker offices.
(We love you, Bill! Call us!)
Bill Ackman's Pershing Square Reduces Target (TGT) Position [Market Folly]