TD sells its Maple Leaf Sports stake

Article Excerpt

TORONTO-DOMINION BANK $82 (Toronto symbol TD; Conservative Growth Portfolio, Finance sector; Shares outstanding: 883.1 million; Market cap: $72.4 billion; Price-to-sales ratio: 2.8; Dividend yield: 3.2%; TSINetwork Rating: Above Average; www.td.com) has agreed to sell its 13.46% stake in Maple Leaf Sports & Entertainment (MLSE) to the Ontario Teachers’ Pension Plan. MLSE owns professional sports teams (Toronto Maple Leafs, Toronto Raptors and Toronto FC) plus the Air Canada Centre arena in downtown Toronto. The bank did not disclose the price, but it likely made a substantial return on this investment. TD Bank is a buy. buy…