Bank of New York Mellon Corp boosted its stake in Tribune Media Co (NYSE:TRCO) by 5.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 483,518 shares of the company’s stock after purchasing an additional 27,048 shares during the period. Bank of New York Mellon Corp owned approximately 0.55% of Tribune Media worth $19,756,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Tribune Media by 0.3% during the second quarter. Vanguard Group Inc. now owns 6,066,444 shares of the company’s stock valued at $247,329,000 after acquiring an additional 16,849 shares in the last quarter. Pentwater Capital Management LP acquired a new stake in shares of Tribune Media during the second quarter valued at about $228,312,000. Alpine Associates Management Inc. acquired a new stake in shares of Tribune Media during the second quarter valued at about $108,957,000. York Capital Management Global Advisors LLC grew its stake in shares of Tribune Media by 208.4% during the second quarter. York Capital Management Global Advisors LLC now owns 1,549,379 shares of the company’s stock valued at $63,168,000 after acquiring an additional 1,047,037 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in shares of Tribune Media by 484.1% during the second quarter. Goldman Sachs Group Inc. now owns 1,326,656 shares of the company’s stock valued at $54,088,000 after acquiring an additional 1,099,513 shares in the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.
Several analysts have recently weighed in on TRCO shares. BidaskClub downgraded Tribune Media from a “hold” rating to a “sell” rating in a research note on Monday, October 23rd. Zacks Investment Research upgraded Tribune Media from a “strong sell” rating to a “hold” rating in a research note on Wednesday, November 15th. Finally, Deutsche Bank started coverage on Tribune Media in a research note on Friday, October 20th. They set a “hold” rating and a $42.00 target price for the company. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $43.88.
In related news, insider Tribune L.P. Oaktree sold 7,000,000 shares of Tribune Media stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $40.36, for a total value of $282,520,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.55% of the stock is currently owned by company insiders.
Tribune Media Co (TRCO) traded up $0.26 during trading hours on Friday, reaching $42.24. The company had a trading volume of 1,110,000 shares, compared to its average volume of 1,116,606. The firm has a market capitalization of $3,687.59, a P/E ratio of 29.13, a price-to-earnings-growth ratio of 12.68 and a beta of 1.51. Tribune Media Co has a fifty-two week low of $27.75 and a fifty-two week high of $43.04. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 1.01.
Tribune Media (NYSE:TRCO) last posted its quarterly earnings results on Wednesday, November 8th. The company reported $0.31 EPS for the quarter, missing the Zacks’ consensus estimate of $0.37 by ($0.06). The firm had revenue of $450.53 million during the quarter, compared to analyst estimates of $459.81 million. Tribune Media had a positive return on equity of 4.11% and a negative net margin of 6.12%. The firm’s revenue for the quarter was down 4.2% on a year-over-year basis. During the same quarter last year, the business posted $0.56 earnings per share. analysts expect that Tribune Media Co will post 1.11 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, December 5th. Investors of record on Monday, November 20th were paid a $0.25 dividend. The ex-dividend date was Friday, November 17th. This represents a $1.00 dividend on an annualized basis and a yield of 2.37%. Tribune Media’s dividend payout ratio (DPR) is -75.19%.
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Tribune Media Profile
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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