Retailer Target is facing pressure from hedge fund Toms Capital Investment Management following a sales drop and a slump in its stock value this year, according to people familiar with the matter, the Financial Times reported.
Shares of the company were up 3% after the news.
The U.S. hedge fund, which built a stake in Tylenol maker Kenvue before its sale to Kimberly-Clark last month for $40 billion, has made a significant investment in Target, the report said, but the exact size of its stake was not known.
Target and Toms Capital did not immediately respond to Reuters requests for comment.
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