Ackman's Pershing Square Nearly Doubles Stake in Alphabet's Class A Shares

Firm's full stake Alphabet increased to $1.8 billion at end of third quarter

Bill Ackman

Bryan Bedder / Stringer / Getty Images

Key Takeaways

  • Bill Ackman's Pershing Square Capital Management upped its stake in Alphabet.
  • This is the second quarter in a row that the company has loaded up on Google's parent company.
  • Pershing Square also increased its positions in Hilton Worldwide Holdings and Howard Hughes Holdings.
  • It reduced its stake in retail home improvement giant Lowe's.

Billionaire investor Bill Ackman's Pershing Square Capital Management increased its ownership in stock of Alphabet Inc. in the third quarter, nearly doubling its stake in the company's Class A shares.

According to the firm's quarterly 13F filing with the Securities and Exchange Commission, Pershing Square added 2.17 million shares of the Google parent's Class A shares (GOOGL), bringing its stake to 4.35 million. At the end of the quarter, the value of that stake equaled $570 million.

Pershing Square also owns 9.38 million shares of Alphabet's Class C stock (GOOG), a stake worth $1.2 billion at the end of the quarter. Investors in Alphabet's Class C stock have no shareholder voting rights; its Class A stock offers one vote per share.

It marked the second straight quarter the firm increased its Alphabet stake. It bought 1.3 million Class C shares in the second quarter.

Position Changes

Pershing Square also increased its ownership positions in Hilton Worldwide Holdings (HLT), Howard Hughes Holdings (HHH) while reducing its stake in Lowes (LOW).

The firm added 972,647 shares of Hilton, bringing its stake in the hotel chain to 10.3 million shares, worth a little more than $1.5 billion at the end of the quarter. Its stake in property developer Howard Hughes increased by 236,680 to 16.8 million, valued at $1.2 billion at the quarter's end.

The firm sold 402,227 shares of retail home improvement giant Lowe's, reducing its stake to $1.5 billion.

Nov. 16, 2023 Update: This article was updated to clarify the name of the agency that receives 13F filings.

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  1. SEC. "Pershing Square Capital Management, L.P."

  2. SEC. "FORM 13F Pershing Square Capital Management."

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