Zacks Investment Research Lowers Tribune (TRCO) to Hold

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Zacks Investment Research cut shares of Tribune (NYSE:TRCO) from a strong-buy rating to a hold rating in a research report sent to investors on Tuesday.

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 topic of several other research reports. Evercore ISI began coverage on Tribune in a research note on Tuesday, July 31st. They set a buy rating and a $40.00 price target on the stock. ValuEngine raised Tribune from a strong sell rating to a sell rating in a research note on Thursday, September 6th. Stephens raised Tribune from an equal weight rating to an overweight rating and decreased their price target for the stock from $45.00 to $41.00 in a research note on Tuesday, July 17th. Finally, Wells Fargo & Co decreased their price target on Tribune from $42.00 to $36.00 and set a market perform rating on the stock in a research note on Wednesday, July 18th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. The company has a consensus rating of Hold and an average target price of $40.20.

Shares of NYSE:TRCO opened at $38.81 on Tuesday. The company has a market cap of $3.39 billion, a PE ratio of 27.52 and a beta of 1.20. The company has a debt-to-equity ratio of 0.86, a quick ratio of 3.24 and a current ratio of 3.24. Tribune has a 12 month low of $31.61 and a 12 month high of $43.71.

Tribune (NYSE:TRCO) last announced its quarterly earnings results on Thursday, August 9th. The company reported $0.99 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.59 by $0.40. The business had revenue of $489.36 million for the quarter, compared to analyst estimates of $483.10 million. Tribune had a return on equity of 7.18% and a net margin of 28.61%. The company’s quarterly revenue was up 4.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.36 EPS. Analysts expect that Tribune will post 3.1 EPS for the current fiscal year.

Large investors have recently made changes to their positions in the company. Royal Bank of Canada lifted its stake in Tribune by 813.2% in the 1st quarter. Royal Bank of Canada now owns 2,977 shares of the company’s stock valued at $121,000 after buying an additional 2,651 shares in the last quarter. NumerixS Investment Technologies Inc lifted its stake in Tribune by 170.1% in the 2nd quarter. NumerixS Investment Technologies Inc now owns 3,782 shares of the company’s stock valued at $144,000 after buying an additional 2,382 shares in the last quarter. NJ State Employees Deferred Compensation Plan purchased a new stake in Tribune in the 2nd quarter valued at approximately $230,000. Sei Investments Co. lifted its stake in Tribune by 42.0% in the 1st quarter. Sei Investments Co. now owns 5,786 shares of the company’s stock valued at $235,000 after buying an additional 1,712 shares in the last quarter. Finally, Sphinx Trading LP purchased a new stake in Tribune in the 2nd quarter valued at approximately $249,000. 94.18% of the stock is currently owned by institutional investors and hedge funds.

About Tribune

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, MY television affiliates, NBC television affiliates, and independent television stations; and television series and movies on WGN America, a national general entertainment cable network.

Read More: Price to Earnings Ratio (PE)

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