Tribune Media Co (TRCO) Cut to “Market Perform” at Wells Fargo & Co
Tribune Media Co (NYSE:TRCO) was downgraded by research analysts at Wells Fargo & Co from an “outperform” rating to a “market perform” rating in a research note issued on Thursday, The Fly reports.
Several other research analysts have also issued reports on TRCO. Jefferies Group LLC raised their target price on Tribune Media from $30.00 to $36.00 and gave the stock a “neutral” rating in a research report on Thursday, March 2nd. Zacks Investment Research raised Tribune Media from a “strong sell” rating to a “hold” rating in a research report on Wednesday, January 11th. Three equities research analysts have rated the stock with a sell rating and two have given a hold rating to the company’s stock. The company has a consensus rating of “Sell” and a consensus price target of $36.00.
Tribune Media (NYSE:TRCO) opened at 38.41 on Thursday. Tribune Media has a 52-week low of $27.75 and a 52-week high of $40.72. The company has a market cap of $3.33 billion, a P/E ratio of 244.65 and a beta of 1.44. The company’s 50 day moving average price is $37.73 and its 200 day moving average price is $34.34.
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Tribune Media (NYSE:TRCO) last announced its quarterly earnings results on Wednesday, March 1st. The company reported $0.85 EPS for the quarter, missing the Zacks’ consensus estimate of $0.92 by $0.07. Tribune Media had a negative net margin of 18.26% and a positive return on equity of 4.27%. The firm earned $529.60 million during the quarter, compared to the consensus estimate of $596.76 million. During the same quarter in the previous year, the company posted $0.63 earnings per share. The firm’s revenue was up 10.8% on a year-over-year basis. Equities research analysts anticipate that Tribune Media will post $1.56 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, March 27th. Investors of record on Monday, March 13th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.60%. The ex-dividend date was Thursday, March 9th. Tribune Media’s dividend payout ratio is currently -24.39%.
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A number of hedge funds and other institutional investors have recently made changes to their positions in TRCO. Murphy Pohlad Asset Management raised its position in shares of Tribune Media by 20.1% in the fourth quarter. Murphy Pohlad Asset Management now owns 35,480 shares of the company’s stock valued at $1,199,000 after buying an additional 5,935 shares in the last quarter. Parametrica Management bought a new position in shares of Tribune Media during the fourth quarter valued at about $510,000. Diversified Trust Co raised its position in shares of Tribune Media by 8.6% in the fourth quarter. Diversified Trust Co now owns 21,981 shares of the company’s stock valued at $743,000 after buying an additional 1,738 shares in the last quarter. Gargoyle Investment Advisor L.L.C. raised its position in shares of Tribune Media by 252.3% in the fourth quarter. Gargoyle Investment Advisor L.L.C. now owns 56,057 shares of the company’s stock valued at $1,895,000 after buying an additional 40,147 shares in the last quarter. Finally, Hosking Partners LLP raised its position in shares of Tribune Media by 1.3% in the fourth quarter. Hosking Partners LLP now owns 185,918 shares of the company’s stock valued at $6,286,000 after buying an additional 2,380 shares in the last quarter.
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