Tribune Media’s (TRCO) Hold Rating Reaffirmed at Jefferies Group
Tribune Media Co. (NYSE:TRCO)‘s stock had its “hold” rating reiterated by research analysts at Jefferies Group in a research report issued to clients and investors on Thursday. They currently have a $38.00 target price on the stock. Jefferies Group’s price objective would suggest a potential upside of 2.65% from the stock’s current price.
The analysts wrote, “TRCO closed the sale of its Tribune Tower, LA Times Square, and Olympic Plant properties this week.””
Several other equities analysts have also recently issued reports on the company. Morgan Stanley cut Tribune Media from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $39.00 to $36.00 in a research note on Wednesday, June 1st. Zacks Investment Research upgraded Tribune Media from a “sell” rating to a “hold” rating in a research note on Saturday, August 13th. Citigroup Inc. initiated coverage on Tribune Media in a research note on Wednesday, June 15th. They issued a “sell” rating for the company. Finally, Wells Fargo & Co. reiterated a “buy” rating on shares of Tribune Media in a research note on Monday. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $44.17.
Tribune Media (NYSE:TRCO) opened at 37.02 on Thursday. The firm’s market cap is $3.35 billion. Tribune Media has a one year low of $26.10 and a one year high of $42.23. The company has a 50-day moving average of $37.74 and a 200 day moving average of $38.31.
Tribune Media (NYSE:TRCO) last released its earnings results on Tuesday, August 9th. The company reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.02. The company earned $526.10 million during the quarter, compared to the consensus estimate of $539.10 million. Tribune Media had a positive return on equity of 3.67% and a negative net margin of 24.18%. Tribune Media’s revenue was up 4.9% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.04) EPS. Equities research analysts expect that Tribune Media will post $2.25 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 2nd. Investors of record on Friday, August 19th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.70%. The ex-dividend date was Wednesday, August 17th. Tribune Media’s dividend payout ratio (DPR) is -18.45%.
In related news, insider Matthew Cherniss sold 11,705 shares of the company’s stock in a transaction that occurred on Thursday, August 11th. The stock was sold at an average price of $38.92, for a total value of $455,558.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.74% of the stock is owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in the stock. Aperio Group LLC acquired a new position in shares of Tribune Media during the first quarter worth about $380,000. Palisade Capital Management LLC NJ increased its stake in Tribune Media by 3.9% in the first quarter. Palisade Capital Management LLC NJ now owns 77,885 shares of the company’s stock valued at $2,987,000 after buying an additional 2,922 shares during the last quarter. American Financial Group Inc. purchased a new stake in Tribune Media during the first quarter valued at $13,039,000. State Street Corp increased its stake in Tribune Media by 7.4% in the first quarter. State Street Corp now owns 1,020,208 shares of the company’s stock valued at $39,131,000 after buying an additional 70,112 shares during the last quarter. Finally, Primecap Management Co. CA increased its stake in Tribune Media by 0.3% in the first quarter. Primecap Management Co. CA now owns 7,114,520 shares of the company’s stock valued at $272,842,000 after buying an additional 22,970 shares during the last quarter.
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