Time Warner Inc (NYSE:TWX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Monday.

According to Zacks, “Time Warner, which accepted the buyout offer of AT&T, has outpaced the industry in a year. The company’s initiatives such as foraying into new markets and digital endeavors, and investments in video content and technology bode well. This is evident from positive earnings surprise streak of more than 20 straight quarters, including an earnings beat of 15.2% in third-quarter 2017. The company witnessed robust subscription revenue growth at HBO and Turner. Warner Bros. benefited from the success of It, Annabelle: Creation and others. However, management expects HBO’s programming cost to increase at a higher rate in the final quarter due to the timing of original programming and availability of acquired content. Further, operating income at Warner Bros. is also likely to fall in the fourth quarter. We believe that decline in overall advertising spending and currency headwinds may also impact the performance.”

Several other brokerages also recently issued reports on TWX. Royal Bank Of Canada reiterated a “hold” rating and issued a $102.00 price objective on shares of Time Warner in a research report on Friday. BidaskClub upgraded Time Warner from a “hold” rating to a “buy” rating in a research report on Tuesday, August 1st. Cowen and Company restated a “hold” rating and set a $102.00 target price on shares of Time Warner in a research report on Friday. Jefferies Group LLC downgraded Time Warner from a “buy” rating to a “hold” rating and set a $105.00 target price for the company. in a research report on Thursday, August 3rd. Finally, Needham & Company LLC restated a “hold” rating on shares of Time Warner in a research report on Tuesday, September 26th. One analyst has rated the stock with a sell rating, twenty-three have assigned a hold rating and five have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $105.05.

Shares of Time Warner (NYSE:TWX) traded down 0.53% during trading on Monday, hitting $98.27. The company’s stock had a trading volume of 3,531,343 shares. The company has a market capitalization of $76.43 billion, a P/E ratio of 18.23 and a beta of 1.02. The firm’s 50 day moving average is $101.87 and its 200-day moving average is $100.53. Time Warner has a 1-year low of $85.22 and a 1-year high of $103.90.

Time Warner (NYSE:TWX) last announced its quarterly earnings data on Thursday, October 26th. The media conglomerate reported $1.82 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.59 by $0.23. The company had revenue of $7.60 billion for the quarter, compared to analyst estimates of $7.40 billion. Time Warner had a return on equity of 20.62% and a net margin of 18.05%. Time Warner’s revenue for the quarter was up 6.0% compared to the same quarter last year. During the same quarter last year, the firm earned $1.83 EPS. Analysts forecast that Time Warner will post $6.13 EPS for the current fiscal year.

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A number of large investors have recently added to or reduced their stakes in TWX. Jacobi Capital Management LLC raised its stake in Time Warner by 2.1% in the second quarter. Jacobi Capital Management LLC now owns 995 shares of the media conglomerate’s stock valued at $100,000 after buying an additional 20 shares during the period. Bellwether Investment Group LLC raised its stake in Time Warner by 15.6% in the first quarter. Bellwether Investment Group LLC now owns 1,083 shares of the media conglomerate’s stock valued at $106,000 after buying an additional 146 shares during the period. Patriot Financial Group Insurance Agency LLC raised its stake in Time Warner by 4.0% in the second quarter. Patriot Financial Group Insurance Agency LLC now owns 1,153 shares of the media conglomerate’s stock valued at $116,000 after buying an additional 44 shares during the period. Harfst & Associates Inc. raised its stake in Time Warner by 31.6% in the second quarter. Harfst & Associates Inc. now owns 1,198 shares of the media conglomerate’s stock valued at $120,000 after buying an additional 288 shares during the period. Finally, Captrust Financial Advisors bought a new stake in Time Warner in the second quarter valued at approximately $127,000. Hedge funds and other institutional investors own 79.21% of the company’s stock.

About Time Warner

Time Warner Inc is a media and entertainment company. The Company operates through three segments: Turner, which consists of cable networks and digital media properties; Home Box Office, which consists of premium pay television and over the top (OTT) services and premium pay, basic tier television and OTT services internationally, and Warner Bros., which consists of television, feature film, home video, and videogame production and distribution.

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