Tribune Media (TRCO) Upgraded at Zacks Investment Research
Tribune Media (NYSE:TRCO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Friday. The firm presently has a $48.00 price objective on the stock. Zacks Investment Research‘s target price indicates a potential upside of 14.64% from the company’s current price.
According to Zacks, “Tribune Media Company is engaged in broadcast distribution, digital properties and data businesses. The company provides Antenna TV, THIS TV, radio station, music and video content and technologies. It also owns and manages real estate properties. Tribune Media Company, formerly known as Tribune Company, is based in Chicago, Illinois. “
TRCO has been the subject of several other reports. Deutsche Bank began coverage on shares of Tribune Media in a report on Friday, October 20th. They issued a “hold” rating and a $42.00 price objective for the company. BidaskClub upgraded shares of Tribune Media from a “sell” rating to a “hold” rating in a report on Wednesday, September 20th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $44.70.
Tribune Media (NYSE:TRCO) last posted its quarterly earnings data on Wednesday, November 8th. The company reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.06). The company had revenue of $450.53 million during the quarter, compared to the consensus estimate of $459.81 million. Tribune Media had a negative net margin of 6.12% and a positive return on equity of 4.11%. The company’s revenue was down 4.2% on a year-over-year basis. During the same quarter last year, the business earned $0.56 earnings per share. equities research analysts forecast that Tribune Media will post 1.11 earnings per share for the current year.
In related news, insider Tribune L.P. Oaktree sold 7,000,000 shares of the firm’s stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $40.36, for a total transaction of $282,520,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.55% of the company’s stock.
A number of large investors have recently modified their holdings of TRCO. Janus Henderson Group PLC purchased a new stake in shares of Tribune Media in the 2nd quarter valued at approximately $1,981,000. Boyar Asset Management Inc. lifted its position in Tribune Media by 34.1% in the 4th quarter. Boyar Asset Management Inc. now owns 44,702 shares of the company’s stock worth $1,511,000 after buying an additional 11,373 shares in the last quarter. Swiss National Bank purchased a new stake in Tribune Media in the 4th quarter worth approximately $3,460,000. Omega Advisors Inc. lifted its position in Tribune Media by 7.6% in the 1st quarter. Omega Advisors Inc. now owns 3,970,628 shares of the company’s stock worth $152,274,000 after buying an additional 281,033 shares in the last quarter. Finally, Morgan Stanley lifted its position in Tribune Media by 181.2% in the 3rd quarter. Morgan Stanley now owns 2,267,633 shares of the company’s stock worth $82,814,000 after buying an additional 1,461,200 shares in the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.
About Tribune Media
Tribune Media Company, through its subsidiaries, operates as a media and entertainment company in the United States. It offers news, entertainment, and sports programming through Tribune Broadcasting local television stations, including FOX television affiliates, CW Network, LLC television affiliates, CBS television affiliates, ABC television affiliates, NBC television affiliates, and independent television stations; and television series and movies on WGN America, a national general entertainment cable network.
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