NewEdge Wealth LLC Makes New $13.91 Million Investment in Starz Entertainment Corp. $STRZ

NewEdge Wealth LLC purchased a new stake in Starz Entertainment Corp. (NASDAQ:STRZ) during the 2nd quarter, HoldingsChannel reports. The fund purchased 482,028 shares of the company’s stock, valued at approximately $13,911,000.

A number of other large investors have also recently modified their holdings of STRZ. BlackRock Inc. purchased a new position in shares of Starz Entertainment during the second quarter worth about $35,599,000. Deutsche Bank AG bought a new position in shares of Starz Entertainment in the second quarter worth approximately $342,000. Persistent Asset Partners Ltd purchased a new stake in Starz Entertainment in the second quarter valued at approximately $196,000. Bank of New York Mellon Corp purchased a new stake in Starz Entertainment in the second quarter valued at approximately $9,018,000. Finally, Oppenheimer Asset Management Inc. bought a new stake in Starz Entertainment during the second quarter valued at approximately $434,000.

Starz Entertainment Stock Up 6.3%

Shares of NASDAQ STRZ opened at $27.15 on Thursday. The stock has a market capitalization of $464.81 million, a P/E ratio of -1.07 and a beta of 2.46. Starz Entertainment Corp. has a one year low of $8.40 and a one year high of $32.58. The firm’s 50 day simple moving average is $27.13 and its two-hundred day simple moving average is $19.87. The company has a debt-to-equity ratio of 2.05, a current ratio of 0.25 and a quick ratio of 0.25.

Starz Entertainment (NASDAQ:STRZ) last announced its quarterly earnings data on Friday, August 7th. The company reported ($11.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.59) by ($10.68). Starz Entertainment had a negative return on equity of 25.64% and a negative net margin of 33.98%.The business had revenue of $307.90 million during the quarter. As a group, analysts expect that Starz Entertainment Corp. will post -3.38 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Jeffrey Hirsch acquired 10,000 shares of Starz Entertainment stock in a transaction dated Monday, August 10th. The shares were purchased at an average cost of $24.80 per share, with a total value of $248,000.00. Following the completion of the purchase, the chief executive officer owned 65,000 shares of the company’s stock, valued at $1,612,000. This represents a 18.18% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider James M. Kapenstein acquired 1,000 shares of the firm’s stock in a transaction dated Monday, August 10th. The stock was bought at an average price of $25.73 per share, for a total transaction of $25,730.00. Following the acquisition, the insider owned 12,302 shares of the company’s stock, valued at approximately $316,530.46. This trade represents a 8.85% increase in their position. The disclosure for this purchase is available in the SEC filing. 22.62% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have commented on STRZ shares. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $30.00 price target on shares of Starz Entertainment in a research note on Tuesday. Robert W. Baird set a $30.00 price objective on shares of Starz Entertainment and gave the company an “outperform” rating in a research report on Monday, May 11th. B. Riley Financial assumed coverage on shares of Starz Entertainment in a report on Tuesday, June 30th. They set a “buy” rating and a $45.00 price objective for the company. Wall Street Zen lowered shares of Starz Entertainment from a “hold” rating to a “sell” rating in a research report on Saturday, July 25th. Finally, Morgan Stanley set a $30.00 target price on Starz Entertainment in a research note on Monday, August 10th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $31.50.

Starz Entertainment Company Profile

Starz Entertainment (NASDAQ: STRZ) is a global media and entertainment company that operates premium subscription video services across linear television and digital streaming platforms. The company’s core offering includes the STARZ and STARZ ENCORE linear networks in the United States, alongside its STARZPLAY streaming service, which is available in North America, parts of Europe, Latin America and select Asian markets. Through its multi-platform distribution strategy, Starz delivers a combination of original programming, feature films and licensed series to a broad subscriber base.

At the heart of Starz Entertainment’s business is its investment in original content production.