Farallon Capital sells stake in Target

Associated Press

NEW YORK (AP) — Farallon Capital Management LLC said in a regulatory filing Wednesday that it sold its entire stake in Target Corp.

According to Farallon's Securities and Exchange Commission filing for the quarter ended Sept. 30, the investment firm founded by billionaire Tom Steyer sold all of its 1.7 million Target shares.

According to the firm's filing for the quarter ended June 30, the shares were worth about $98.1 million at that time.

Farallon previously was the discount retailer's 60th-largest shareholder, according to FactSet.

Target shares rose 10 cents to $62.19 in afternoon trading. Shares of the Minneapolis-based chain are up 21 percent in the year to date.