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Ackman cuts his stake in ADP

Aug 15, 2018 - New York Business Journal

Bill Ackman's hedge fund has cut its position in Automatic Data Processing Inc.

Pershing Square Capital Management disclosed in a Tuesday filing with the Securities and Exchange Commission that it now owns 4.2 million shares of the Roseland, New Jersey-based human resources company. That's down from 8.8 million shares at the end of March. Click here for the SEC filing.

Ackman - the silver-haired activist investor known for his boardroom battles - had built up a stake in ADP (NASDAQ:...