UPDATE 1-Pershing Square’s Ackman adds ADP during quarter

BOSTON, Aug 16 (BestGrowthStock) – Hedge fund manager William
Ackman, who already told investors that he bet big on Citigroup
(C.N: ) during the second quarter, also added payroll servicing
company Automatic Data Processing (ADP.O: ), a new filing shows.

Ackman’s New York-based Pershing Square Capital Management
owned 8.3 million shares of ADP during April, May and June,
according to a filing submitted to the U.S. Securities and
Exchange Commission on Monday.

ADP is a name that Ackman, known for taking concentrated
positions in a few stocks, has owned in the past because he
said he expected the company’s earnings to pick up as the
economy recovered.

Besides adding Citi, where Ackman owns 146 million shares,
and ADP, Ackman made few changes.

The portfolio still features roughly 20 million shares of
retailer Target Corp (TGT.N: ), long Ackman’s single largest
holding.

Ackman’s New York-based fund firm oversees roughly $5.6
billion in assets.

In the first quarter, Ackman made a big bet on Kraft Foods
(KFT.N: ), the maker of Oreo cookies and Maxwell Coffee, and he
barely adjusted that in the second quarter.
(Reporting by Svea Herbst-Bayliss. Editing by Robert
MacMillan)

UPDATE 1-Pershing Square’s Ackman adds ADP during quarter