Pershing reduces share holding in Target, two others

NEW YORK (Reuters) - Hedge fund Pershing Square Capital Management reduced its common share holding in Target Corp (TGT.N), Wendy's/Arby's Group Inc, and Visa Inc (V.N), while selling its entire share stake in Dr Pepper Snapple Group Inc (DPS.N).

Pershing, headed by William Ackman, said it raised its investments in mall owner General Growth Properties Inc (GGWPQ.PK) to 23.1 million shares from 20.1 million, according to a filing with the U.S. Securities and Exchange Commission.

The fund also bought an 8.1 million share stake in Apartment Investment and Management Co (AIV.N) and 1.6 million share stake in Yum Brands Inc (YUM.N).

Pershing Square, which has been engaged in a proxy battle with discount retailer Target for weeks, said it owns 24.8 million shares as of March 31, down from 26.8 million shares reported in December 31.

Pershing's 7.8 percent stake in Target, as of May 1, includes common stock, options and other over-the-counter securities.

The fund cut its share stake in U.S. credit card company Visa to 2.1 million shares from 7.1 million, and in fast-food restaurant operator Wendy's/Arby's to 32.2 million shares from 47 million shares.

(Reporting by Tenzin Pema; editing by Mathew Lewis and Steve Orlofsky)