Sather wasn’t alone. More than 150 institutional investors have liquidated their entire Disney holdings this year, according to data compiled by Bloomberg, selling a total of 5.38 million shares now valued at close to $1 billion. They ranged from Parnassus Investments, which unloaded 1.86 million shares because of the Covid-19 uncertainties, to smaller investors like Prescient Management Co., which sold 9,000 shares.

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