Reports Ackman's Pershing Square Accumulated 5%+ Stake in Target (TGT)

According to reports from Bloomberg, activist investor William Ackman, through his Pershing Square hedge fund, has built up a greater than 5% stake in Target (NYSE: TGT), citing a person with knowledge of his actions.

Ackman is expected to disclose the stake shortly, as would be required by SEC rules.

Recent reports suggested Ackman raised $2 billion that was to be used in a new fund that will focus on just one large "iconic American" company.