Dish Network Corp. (DISH) Rating Lowered to Sell at Zacks Investment Research
Dish Network Corp. (NASDAQ:DISH) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Friday.
According to Zacks, “Persistent loss of subscribers remains a headwind for DISH Network. Also, DISH's margins may face pressure if it is unable to renew its long-term programming contracts on favorable pricing and other economic terms. Further, DISH's failure to strike any deal with wireless operators to deploy a nationwide wireless network has been acting as a major headwind. However, DISH Network’s efforts to diversify its business model from being a pure-play satellite-TV operator to an Internet TV operator should aid the company’s performance as it has emerged as a strong alternative to counter the competitive threat from video streaming operators.”
Several other brokerages have also issued reports on DISH. Macquarie upgraded Dish Network Corp. from a “neutral” rating to an “outperform” rating and set a $62.00 price objective for the company in a research report on Tuesday, August 9th. Pacific Crest reiterated a “hold” rating on shares of Dish Network Corp. in a research report on Friday, July 22nd. Credit Suisse Group AG set a $57.00 price objective on Dish Network Corp. and gave the company a “hold” rating in a research report on Wednesday, July 27th. Royal Bank Of Canada boosted their price objective on Dish Network Corp. from $50.00 to $56.00 and gave the company a “sector perform” rating in a research report on Friday, July 22nd. Finally, Telsey Advisory Group decreased their price objective on Dish Network Corp. from $69.00 to $62.00 and set a “market perform” rating for the company in a research report on Monday, July 25th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $66.46.
Shares of Dish Network Corp. (NASDAQ:DISH) traded up 1.07% during trading on Friday, reaching $57.59. 1,372,149 shares of the company traded hands. Dish Network Corp. has a 12 month low of $38.85 and a 12 month high of $65.49. The stock’s 50 day moving average price is $52.84 and its 200-day moving average price is $50.59. The stock has a market cap of $26.77 billion, a P/E ratio of 30.76 and a beta of 0.85.
Dish Network Corp. (NASDAQ:DISH) last posted its earnings results on Thursday, July 21st. The company reported $0.88 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.17. The company earned $3.84 billion during the quarter, compared to analyst estimates of $3.86 billion. Dish Network Corp. had a return on equity of 42.01% and a net margin of 5.75%. The company’s revenue for the quarter was up .2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.70 EPS. On average, equities research analysts expect that Dish Network Corp. will post $3.08 EPS for the current fiscal year.
In other Dish Network Corp. news, insider Carl E. Vogel sold 30,000 shares of the company’s stock in a transaction on Monday, September 26th. The stock was sold at an average price of $53.54, for a total value of $1,606,200.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 49.40% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of DISH. JPMorgan Chase & Co. raised its position in shares of Dish Network Corp. by 2.9% in the second quarter. JPMorgan Chase & Co. now owns 22,728,671 shares of the company’s stock worth $1,190,983,000 after buying an additional 636,960 shares in the last quarter. Dodge & Cox raised its stake in Dish Network Corp. by 23.7% in the first quarter. Dodge & Cox now owns 14,120,430 shares of the company’s stock valued at $653,211,000 after buying an additional 2,707,650 shares during the period. Vanguard Group Inc. raised its stake in Dish Network Corp. by 2.1% in the second quarter. Vanguard Group Inc. now owns 9,645,533 shares of the company’s stock valued at $505,426,000 after buying an additional 195,689 shares during the period. Franklin Resources Inc. raised its stake in Dish Network Corp. by 153,552.3% in the second quarter. Franklin Resources Inc. now owns 6,914,355 shares of the company’s stock valued at $362,313,000 after buying an additional 6,909,855 shares during the period. Finally, BlackRock Institutional Trust Company N.A. raised its stake in Dish Network Corp. by 1.2% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 5,429,903 shares of the company’s stock valued at $284,527,000 after buying an additional 63,853 shares during the period. 45.34% of the stock is currently owned by hedge funds and other institutional investors.
About Dish Network Corp.
DISH Network Corporation is a holding company. The Company operates through two segments: DISH and Wireless. It offers Pay-TV services under the DISH brand and the Sling brand (collectively Pay-TV services). The DISH branded Pay-TV service consists of Federal Communications Commission (FCC) licenses authorizing it to use direct broadcast satellite (DBS) and Fixed Satellite Service (FSS) spectrum, its owned and leased satellites, receiver systems, third-party broadcast operations, customer service facilities, a leased fiber optic network, in-home service and call center operations, and certain other assets utilized in its operations.
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