Dish Network Corp. (DISH) Rating Increased to Strong-Buy at Zacks Investment Research
Dish Network Corp. (NASDAQ:DISH) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report issued on Wednesday. The brokerage presently has a $60.00 price target on the stock. Zacks Investment Research’s target price indicates a potential upside of 14.66% from the stock’s previous close.
According to Zacks, “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. Further, DISH Network is poised to benefit from its recent launch of a new version of its Internet TV service — Sling TV, which will allow subscribers to stream on up to three different devices simultaneously for $20 a month. Additionally, the company has a strong portfolio of wireless spectrums which can be monetized or can be used for installing mobile network. However, persistent loss of subscribers remains a headwind for DISH Network. “
A number of other analysts also recently weighed in on the company. Macquarie reiterated a “hold” rating and set a $62.00 target price on shares of Dish Network Corp. in a research report on Tuesday, May 31st. Jefferies Group reiterated a “buy” rating and set a $50.73 target price (down from $80.00) on shares of Dish Network Corp. in a research report on Friday, June 3rd. Wells Fargo & Co. reiterated a “buy” rating and set a $119.00 target price on shares of Dish Network Corp. in a research report on Friday, June 3rd. JPMorgan Chase & Co. reiterated a “buy” rating on shares of Dish Network Corp. in a research report on Saturday, June 4th. Finally, Moffett Nathanson downgraded Dish Network Corp. from a “neutral” rating to a “sell” rating and set a $40.00 target price for the company. in a research report on Tuesday, June 28th. They noted that the move was a valuation call. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $66.24.
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Dish Network Corp. (NASDAQ:DISH) opened at 52.33 on Wednesday. The firm’s 50-day moving average price is $50.85 and its 200 day moving average price is $49.85. Dish Network Corp. has a 1-year low of $38.85 and a 1-year high of $65.49. The firm has a market capitalization of $24.33 billion, a price-to-earnings ratio of 27.95 and a beta of 0.79.
Dish Network Corp. (NASDAQ:DISH) last released its quarterly earnings results on Thursday, July 21st. The company reported $0.88 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.17. The business earned $3.84 billion during the quarter, compared to the consensus estimate of $3.86 billion. Dish Network Corp. had a return on equity of 42.01% and a net margin of 5.75%. The firm’s quarterly revenue was up .2% on a year-over-year basis. During the same period in the previous year, the company posted $0.70 EPS. On average, analysts predict that Dish Network Corp. will post $3.07 EPS for the current year.
Several large investors have recently made changes to their positions in the stock. Norges Bank acquired a new stake in shares of Dish Network Corp. during the fourth quarter valued at approximately $70,904,000. DnB Asset Management AS raised its stake in shares of Dish Network Corp. by 69.5% in the first quarter. DnB Asset Management AS now owns 21,953 shares of the company’s stock valued at $1,016,000 after buying an additional 9,000 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its stake in shares of Dish Network Corp. by 10.1% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 70,026 shares of the company’s stock valued at $3,239,000 after buying an additional 6,441 shares during the last quarter. Virginia Retirement System acquired a new stake in shares of Dish Network Corp. during the first quarter valued at approximately $6,761,000. Finally, Three Peaks Capital Management LLC raised its stake in shares of Dish Network Corp. by 15.7% in the first quarter. Three Peaks Capital Management LLC now owns 152,817 shares of the company’s stock valued at $7,069,000 after buying an additional 20,703 shares during the last quarter. Institutional investors own 45.34% of the company’s stock.
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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