Zacks Investment Research upgraded shares of Manchester United (NYSE:MANU) from a hold rating to a strong-buy rating in a research note released on Tuesday morning. Zacks Investment Research currently has $21.00 price target on the stock.
According to Zacks, “Manchester United PLC operates a professional sports team. The Company manages the soccer team and all affiliated club activities of the Manchester United Football Club that includes the media network, foundation, fan zone, news and sports features, and team merchandise. Manchester United PLC is based in Manchester, United Kingdom. “
Other research analysts also recently issued reports about the company. Jefferies Financial Group raised their price objective on Manchester United to $26.00 and gave the company a buy rating in a research note on Monday, October 1st. Bank of America raised their price objective on Manchester United from $21.00 to $24.00 and gave the company a neutral rating in a research note on Thursday, September 27th. Three investment analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average price target of $23.00.
Manchester United (NYSE:MANU) last issued its quarterly earnings data on Thursday, November 15th. The company reported $0.06 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.09) by $0.15. Manchester United had a positive return on equity of 3.43% and a negative net margin of 6.61%. The business had revenue of $175.92 million for the quarter, compared to the consensus estimate of $170.12 million. On average, research analysts forecast that Manchester United will post 0.17 EPS for the current fiscal year.
The firm also recently announced a Semi-Annual dividend, which will be paid on Friday, January 4th. Shareholders of record on Friday, November 30th will be issued a $0.09 dividend. This represents a yield of 2.05%. The ex-dividend date of this dividend is Thursday, November 29th. Manchester United’s dividend payout ratio (DPR) is currently 128.57%.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Acadian Asset Management LLC grew its holdings in shares of Manchester United by 117.2% during the 2nd quarter. Acadian Asset Management LLC now owns 10,262 shares of the company’s stock worth $212,000 after purchasing an additional 5,538 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Manchester United by 34,225.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 13,730 shares of the company’s stock worth $309,000 after purchasing an additional 13,690 shares in the last quarter. Marshall Wace LLP acquired a new stake in shares of Manchester United during the 3rd quarter worth approximately $345,000. Millennium Management LLC acquired a new stake in shares of Manchester United during the 1st quarter worth approximately $317,000. Finally, GSA Capital Partners LLP acquired a new stake in shares of Manchester United during the 3rd quarter worth approximately $606,000. 85.17% of the stock is currently owned by hedge funds and other institutional investors.
About Manchester United
Manchester United plc, together with its subsidiaries, owns and operates a professional sports team in the United Kingdom. The company operates Manchester United Football Club, a professional football club. It develops marketing and sponsorship relationships with international and regional companies to leverage its brand.
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