5 Stocks Billionaire Leon Cooperman Just Bought and Sold

In this article, we discuss 5 stocks billionaire Leon Cooperman just bought. If you want to read about Cooperman’s investment journey and more stocks he sold and bought in the third quarter of 2023, head over to 10 Stocks Billionaire Leon Cooperman Just Bought and Sold.

5. Manchester United plc (NYSE:MANU)

Omega Advisors’ Stake Value: $18.39 million

Manchester United plc (NYSE:MANU) is the owner and operator of the Manchester United Football Club – a professional sports team based in the United Kingdom. The company focuses on building marketing and sponsorship partnerships with international and regional businesses to enhance its brand recognition. Additionally, it engages in the marketing and sale of sports apparel, training gear, leisurewear, and other licensed products. Leon Cooperman added Manchester United plc (NYSE:MANU) to his portfolio in Q3 2023, taking up a stake of 929,078 shares worth $18.39 million.

On November 17, the stock of Manchester United plc (NYSE:MANU) rose 6% following news suggesting that British billionaire Jim Ratcliffe is nearing an agreement to purchase a portion of the renowned soccer club at approximately $33 per share.

According to Insider Monkey’s second quarter database, 28 hedge funds were bullish on Manchester United plc (NYSE:MANU), compared to 32 funds in the previous quarter. John W. Rogers’ Ariel Investments held the largest position in the company, with approximately 6.5 million shares worth $158.4 million.

Here is what Baron Focused Growth Fund has to say about Manchester United PLC (NYSE:MANU) in its Q1 2023 investor letter:

“Manchester United plc (NYSE:MANU) is the best-known team in the English Premier League and generates revenue from broadcasting, sponsorship, and licensing. Shares were down this quarter on uncertainty around the possibility and timing of Manchester United’s potential sale following the news in late 2022 that the club was exploring strategic alternatives. We retain conviction and continue to monitor bids and owner demands, with recent transactions of similar clubs suggesting that the stock is comparatively undervalued. In our view, Manchester United is a unique media company with over 1.1 billion fans globally and broad appeal that should compound value over the long term.”

4. DT Midstream, Inc. (NYSE:DTM)

Omega Advisors’ Stake Value: $28.05 million

DT Midstream, Inc. (NYSE:DTM) provides a range of natural gas services in the United States. Operating through two divisions, Pipeline and Gathering, the company develops, owns, and manages an integrated collection of interstate and intrastate pipelines, storage systems, lateral pipelines, gathering systems, treatment plants, compression facilities, and surface facilities. In the third quarter of 2023, Cooperman upped his stake in DT Midstream, Inc. (NYSE:DTM) by 77%. The position comprised 530,000 shares valued at $28.05 million.

On November 1, DT Midstream, Inc. (NYSE:DTM) declared a $0.69 per share quarterly dividend, in-line with previous. The dividend is to be paid on January 15, 2024 to shareholders of record as of December 18.

As per Insider Monkey’s second quarter database, 19 hedge funds were bullish on DT Midstream, Inc. (NYSE:DTM), same as the last quarter. Amy Minella’s Cardinal Capital is the largest position holder in the company, with 1.84 million shares worth approximately $91.3 million.

3. Las Vegas Sands Corp. (NYSE:LVS)

Omega Advisors’ Stake Value: $45.84 million

Las Vegas Sands Corp. (NYSE:LVS) creates, owns, and manages integrated resorts located in Macao and Singapore. Their properties include The Venetian Macao Resort Hotel, the Londoner Macao, The Parisian Macao, The Plaza Macao, Four Seasons Hotel Macao, Cotai Strip in Macao, and Marina Bay Sands in Singapore. These resorts offer a variety of features such as lodging, gaming, entertainment, shopping areas, spaces for conventions and exhibitions, and restaurants from renowned chefs. Leon Cooperman added Las Vegas Sands Corp. (NYSE:LVS) to his portfolio in Q3 2023 by purchasing 1 million shares for a value of $45.84 million.

On November 3, Las Vegas Sands Corp. (NYSE:LVS) declared a $0.20 per share quarterly dividend. The dividend was paid on November 15 to shareholders of record as of November 7.

As per Insider Monkey’s second quarter database, 52 hedge funds were bullish on Las Vegas Sands Corp. (NYSE:LVS), up from 50 funds in the preceding quarter. Steve Cohen’s Point72 Asset Management held a significant position in the company, with 2.43 million shares valued at $140.68 million.

Baron Real Estate Fund made the following comment about Las Vegas Sands Corp. (NYSE:LVS) in its first quarter 2023 investor letter:

“In the first quarter of 2023, we re-acquired shares in Macau-centric casino gaming companies Wynn Resorts, Limited and Las Vegas Sands Corp. (NYSE:LVS) with the following considerations in mind:

Since the early days of the COVID-19 pandemic in 2020 through mid-2022, the shares of Wynn and Las Vegas Sands significantly underperformed the share price performance of other U.S.-centric casino gaming and lodging companies due in large part to extremely limited travel mobility to Macau during China’s Zero-COVID policy. Just as business activity and the shares of U.S.-centric casino gaming companies rebounded sharply once people felt comfortable to travel to Las Vegas and other U.S. regional gaming markets, we have felt that Macau business activity and the shares of Macau-centric casino gaming companies would follow in the footsteps of Las Vegas-centric and other U.S. gaming and lodging companies and inflect positively once people were permitted to travel to Macau more freely.

China recently abandoned it’s Zero-COVID policy and removed travel restrictions in January 2023. We now believe both Wynn and Las Vegas Sands are well positioned to capitalize on China’s reopening.

For Las Vegas Sands, we believe additional drivers for future value creation beyond a re-emergence in Macau business activity include: (i) our expectation for a continued positive inflection in visitation and cash flow at Marina Bay Sands, Singapore; (ii) Las Vegas Sands’ plans to invest $4.5 billion in Macau and Singapore in the next 10 years; (iii) the company’s plans to pursue a New York casino and its prioritization of Texas as a new market; and (iv) the possibility that Las Vegas Sands reinstates its dividend in the next few years…”

2. Elevance Health, Inc. (NYSE:ELV)

Omega Advisors’ Stake Value: $51.44 million

Elevance Health, Inc. (NYSE:ELV) functions as a health benefits firm that offers different services. The company is divided into four segments – Commercial & Specialty Business, Government Business, CarelonRx, and Other. Its primary focus is assisting individuals, families, and communities throughout their healthcare journey by providing access to care, support, and resources for healthier living. Elevance Health, Inc. (NYSE:ELV) delivers a range of medical, digital, pharmacy, behavioral, clinical, and care solutions to serve people’s needs. Leon Cooperman increased his Elevance Health, Inc. (NYSE:ELV) stake by 97% in Q3 2023 by purchasing 118,140 shares worth $51.44 million.

On October 18, Elevance Health, Inc. (NYSE:ELV) declared a $1.48 per share quarterly dividend, in-line with previous. It is to be paid on December 21 to shareholders of record as of December 6.

According to Insider Monkey’s second quarter database, 82 hedge funds were bullish on Elevance Health, Inc. (NYSE:ELV), compared to 81 in the prior quarter. Jean-Marie Eveillard’s First Eagle Investment Management is the largest shareholder of the company, with 1.8 million shares worth $802 million.

ClearBridge Large Cap Value Strategy made the following comment about Elevance Health, Inc. (NYSE:ELV) in its Q3 2023 investor letter:

“Our health care positioning also fared well. We continue to maintain an overweight position to managed care companies via long-term holdings in UnitedHealth and Elevance Health, Inc. (NYSE:ELV), as we believe the short cycle nature of their insurance franchises allows them to reprice their book of business in a relatively short time frame, even if health care costs come in higher than previously anticipated.”

1. WillScot Mobile Mini Holdings Corp. (NASDAQ:WSC)

Omega Advisors’ Stake Value: $113.33 million

WillScot Mobile Mini Holdings Corp. (NASDAQ:WSC) provides portable workspace and storage solutions across the United States, Canada, and Mexico. Divided into two segments, Modular Solutions and Storage Solutions, the company leases out modular spaces and portable storage units to a range of customers. These customers belong to industries such as commercial, construction, retail, education, energy, government, and healthcare. In Q3 2023, Leon Cooperman upped his stake in WillScot Mobile Mini Holdings Corp. (NASDAQ:WSC) by 22%. The position consists of approximately 2.73 million shares valued at $113.33 million.

On November 1, WillScot Mobile Mini Holdings Corp. (NASDAQ:WSC) announced a Q3 GAAP EPS of $0.46, outperforming market consensus by $0.01. However, its revenue came in at $605 million, missing Street estimates by $7.51 million.

According to Insider Monkey’s second quarter database, 59 hedge funds were bullish on WillScot Mobile Mini Holdings Corp. (NASDAQ:WSC), same as the preceding quarter.

Bernzott Capital Advisors US Small Cap Value Fund made the following comment about WillScot Mobile Mini Holdings Corp. (NASDAQ:WSC) in its Q1 2023 investor letter:

“WillScot Mobile Mini Holdings Corp. (NASDAQ:WSC): Exited the position as a result of the company exceeding the upper end of our market cap restrictions due to stock appreciation.

We ended 1Q managing $548 million, with $286 million in our US Small Cap Value strategy. As a bottom-up, fundamental value investor, we seek high-quality companies we believe can compound returns over long periods while proving resilient in downturns. We believe characteristics of a high-quality company include market leadership; recurring revenue or subscription model providing revenue visibility; high margins and operating leverage; high returns on capital; financial flexibility; and a strong management team with skin in the game and a long-term view.”

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