Manchester United Ltd. $MANU Shares Sold by Bank of America Corp DE

Key Points

• Bank of America cut its Manchester United stake by 44.5% in the first quarter, selling 65,224 shares and retaining 81,201 shares valued at approximately $1.37 million.
• Other institutional investors, including Janus Henderson, Renaissance Technologies, and Gabelli Funds, increased their positions. Institutional investors collectively own 23.34% of MANU.
• MANU opened at $20.87, below its 50-day moving average of $22.61, while analysts maintain an overall “Sell” rating on the stock.

Bank of America Corp DE reduced its position in shares of Manchester United Ltd. (NYSE:MANU - Free Report) by 44.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 81,201 shares of the company's stock after selling 65,224 shares during the period. Bank of America Corp DE's holdings in Manchester United were worth $1,366,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Janus Henderson Group PLC increased its position in Manchester United by 13.7% in the first quarter. Janus Henderson Group PLC now owns 645,790 shares of the company's stock worth $10,862,000 after buying an additional 77,804 shares during the period. EverSource Wealth Advisors LLC grew its position in Manchester United by 70.1% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,611 shares of the company's stock worth $44,000 after purchasing an additional 1,076 shares during the last quarter. Royal Bank of Canada increased its stake in shares of Manchester United by 20.4% in the first quarter. Royal Bank of Canada now owns 7,852 shares of the company's stock valued at $131,000 after purchasing an additional 1,329 shares during the period. Renaissance Technologies LLC boosted its position in shares of Manchester United by 23.7% during the first quarter. Renaissance Technologies LLC now owns 268,400 shares of the company's stock worth $4,514,000 after buying an additional 51,500 shares during the period. Finally, Gabelli Funds LLC grew its holdings in Manchester United by 26.2% in the 1st quarter. Gabelli Funds LLC now owns 619,318 shares of the company's stock worth $10,417,000 after buying an additional 128,655 shares in the last quarter. 23.34% of the stock is currently owned by institutional investors.

Manchester United Price Performance

NYSE:MANU opened at $20.87 on Friday. The firm has a market cap of $3.60 billion, a PE ratio of -149.06 and a beta of 0.58. The company's 50-day moving average price is $22.61 and its two-hundred day moving average price is $20.15. The company has a quick ratio of 0.35, a current ratio of 0.37 and a debt-to-equity ratio of 2.73. Manchester United Ltd. has a 12 month low of $14.59 and a 12 month high of $24.45.

Wall Street Analyst Weigh In

MANU has been the topic of several recent analyst reports. Weiss Ratings raised Manchester United from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Monday, June 15th. Wall Street Zen upgraded shares of Manchester United from a "sell" rating to a "hold" rating in a research report on Sunday, May 31st. One analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company presently has an average rating of "Sell".

About Manchester United

Manchester United plc is a global sports and entertainment company best known for its ownership and operation of Manchester United Football Club, one of the most prominent professional football clubs in the world. The company's core activities include the organization and promotion of competitive football matches, management of club facilities such as Old Trafford stadium, and the development of youth and academy programs. As a publicly traded entity on the New York Stock Exchange NYSE: MANU, Manchester United plc leverages its status to expand commercial partnerships and broaden its international footprint.

The company's revenue streams are diversified across matchday operations, broadcast rights, commercial partnerships, and licensing and merchandising.

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