Stock Repurchase Program Declared by ITV (LON:ITV)

ITV (LON:ITV) announced that its Board of Directors has approved a stock repurchase plan on Friday, July 31st, RTT News reports. The company plans to repurchase 0 outstanding shares. This repurchase authorization permits the broadcaster to reacquire shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

ITV Stock Performance

Shares of LON ITV traded down GBX 1.05 during midday trading on Friday, reaching GBX 74.25. 17,044,217 shares of the company traded hands, compared to its average volume of 38,703,078. ITV has a 52 week low of GBX 65.70 and a 52 week high of GBX 87.35. The stock has a 50-day moving average price of GBX 78.69 and a 200 day moving average price of GBX 79.55. The company has a debt-to-equity ratio of 48.72, a current ratio of 1.23 and a quick ratio of 0.83. The company has a market cap of £2.78 billion, a price-to-earnings ratio of 12.80, a PEG ratio of -0.53 and a beta of 0.82.

ITV (LON:ITV) last announced its earnings results on Friday, July 31st. The broadcaster reported GBX 2.20 earnings per share (EPS) for the quarter. ITV had a net margin of 7.28% and a return on equity of 11.42%. Sell-side analysts anticipate that ITV will post 1120 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. cut ITV to a “neutral” rating and cut their price target for the company from GBX 104 to GBX 85 in a report on Tuesday, July 7th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a GBX 90 price objective on shares of ITV in a report on Friday, May 15th. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat, ITV presently has an average rating of “Hold” and an average price target of GBX 87.50.

Insider Transactions at ITV

In other news, insider Chris Kennedy sold 396,282 shares of the stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of GBX 78, for a total value of £309,099.96. Also, insider Carolyn McCall sold 652,363 shares of the firm’s stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of GBX 78, for a total transaction of £508,843.14. 0.53% of the stock is currently owned by insiders.

ITV Company Profile

ITV is a producer, streamer and broadcaster, consisting of ITV Studios and Media & Entertainment (M&E).

ITV Studios is a scaled global creator, owner and distributor of high-quality TV content, producing some of the most successful shows in the world. It operates in 13 countries, across 60+ labels and is diversified by genre, geography and customer in the key creative markets around the world.

Media & Entertainment is the largest commercial streamer and broadcaster. Through M&E, we make brilliant British-focused content available on ITVX – our free, advertiser-funded streaming service – alongside our free-to-air linear TV channels.