Pershing Square Capital Management, L.P. 13F: Exits HLT Stake

Pershing Square Capital Management, L.P. has completely closed out its position in Hilton Worldwide Holdings Inc. (NYSE: HLT). The activist investment firm led by billionaire Bill Ackman sold all 3,028,664 shares it previously held, according to the fund's latest Form 13F filing with the Securities and Exchange Commission on May 15, 2026.

Because 13F filings are backward-looking and only show holdings at the end of a specific quarter, they do not tell us if the fund has made further trades since the reporting period ended. However, the filing confirms that Pershing Square chose to wrap up its multi-year investment in the hospitality giant during the quarter.

Pershing Square Shifts Away From Hilton

Pershing Square is famous for running an incredibly concentrated portfolio. The firm typically holds only a handful of large-cap stocks at any given time, focusing on high-quality, cash-generative businesses that it can hold for years. Hilton had long fit this description, serving as a cornerstone of the portfolio due to its fee-based franchise model. Selling out of the position entirely represents a major strategy shift for the fund, which had previously owned more than 3.02 million shares.

Hilton Stock Trades Near Yearly Highs

Hilton shares recently traded at $330.46 as of Saturday. The stock has been performing well, trading comfortably above its 50-day moving average of $319.10 and its 200-day moving average of $314.31. Hilton has traded as low as $253.54 and as high as $358.00 over the past year. The company trades at a price-to-earnings ratio of 45.03, though its forward P/E ratio sits at a more modest 29.37.

Recent Earnings and Business Growth

Hilton continues to grow its global lodging footprint. The company posted revenue of $5.10 billion, which represents a 2.5% increase compared to the prior period. Hilton also boasts a high net margin of 31.03%. Investors looking forward to the next financial update can circle October 28, 2026, on their calendars, when the company is scheduled to release its next quarterly earnings report.

Hilton's Dividend Payout

For investors focused on income, Hilton pays an annual dividend rate of $0.60 per share. This gives the stock a dividend yield of 0.2%. The company maintains a conservative dividend payout ratio of 8.81%, leaving plenty of cash to reinvest into expanding its hotel portfolio and franchise network.

Analysts Set New Price Targets

Wall Street researchers still view the hotel company favorably. On October 14, 2026, Freedom Broker initiated coverage on the stock with a Buy rating and a $359.00 price target. A few days earlier, on October 12, 2026, Morgan Stanley maintained its Overweight rating and bumped its price target up to $336.00 from $332.00. Truist Securities kept a Hold rating on September 10, 2026, with a target of $316.00. Overall, 26 analysts covering the stock have a consensus buy recommendation, with an average price target of $353.00.

About Hilton Worldwide

Hilton is one of the largest hospitality companies in the world. It manages, franchises, and leases properties across a massive portfolio of brands, including Waldorf Astoria, Conrad, Embassy Suites, DoubleTree, and Hampton. Founded in 1919 and based in McLean, Virginia, the company generates the vast majority of its fee income from licensing its brand names to independent hotel owners.

What to Watch at Hilton Worldwide Holdings Inc.

With Pershing Square completely out of the picture, market watchers will be looking to see which stock Bill Ackman's fund buys next to replace the capital. Investors should also watch Hilton's upcoming earnings report on October 28, 2026, to see if travel demand continues to support the company's valuation. Remember that while 13F filings provide great insight into what big funds are doing, they are historical records and may not reflect real-time portfolio decisions.