Sumitomo Mitsui Asset Management Company LTD Has $6.12 Million Position in Time Warner Inc. (TWX)
Sumitomo Mitsui Asset Management Company LTD cut its stake in shares of Time Warner Inc. (NYSE:TWX) by 4.6% during the second quarter, Holdings Channel reports. The fund owned 60,982 shares of the media conglomerate’s stock after selling 2,916 shares during the period. Sumitomo Mitsui Asset Management Company LTD’s holdings in Time Warner were worth $6,123,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of the stock. Wagner Bowman Management Corp bought a new stake in shares of Time Warner during the first quarter valued at about $240,000. Retirement Systems of Alabama boosted its stake in shares of Time Warner by 1.3% in the first quarter. Retirement Systems of Alabama now owns 662,300 shares of the media conglomerate’s stock valued at $64,713,000 after buying an additional 8,804 shares during the last quarter. Windward Capital Management Co. CA boosted its stake in shares of Time Warner by 1.7% in the first quarter. Windward Capital Management Co. CA now owns 124,949 shares of the media conglomerate’s stock valued at $12,209,000 after buying an additional 2,058 shares during the last quarter. Asset Dedication LLC boosted its stake in shares of Time Warner by 14.6% in the first quarter. Asset Dedication LLC now owns 1,729 shares of the media conglomerate’s stock valued at $169,000 after buying an additional 220 shares during the last quarter. Finally, State of Alaska Department of Revenue bought a new stake in shares of Time Warner during the first quarter valued at about $10,994,000. Institutional investors own 80.02% of the company’s stock.
Time Warner Inc. (NYSE TWX) opened at 101.90 on Friday. The stock has a market cap of $79.26 billion, a P/E ratio of 18.91 and a beta of 1.05. Time Warner Inc. has a 12-month low of $74.27 and a 12-month high of $103.34. The stock has a 50 day moving average price of $100.86 and a 200-day moving average price of $98.86.
Time Warner (NYSE:TWX) last announced its quarterly earnings data on Wednesday, August 2nd. The media conglomerate reported $1.33 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.19 by $0.14. The firm had revenue of $7.33 billion during the quarter, compared to analyst estimates of $7.29 billion. Time Warner had a return on equity of 19.14% and a net margin of 14.10%. Time Warner’s quarterly revenue was up 5.4% on a year-over-year basis. During the same period in the previous year, the company earned $1.29 earnings per share. On average, equities analysts expect that Time Warner Inc. will post $6.09 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 1st. Investors of record on Monday, July 10th were issued a $0.4025 dividend. This represents a $1.61 annualized dividend and a yield of 1.58%. The ex-dividend date was Thursday, July 6th. Time Warner’s dividend payout ratio is currently 29.98%.
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TWX has been the topic of several recent analyst reports. Jefferies Group LLC reaffirmed a “hold” rating and issued a $105.00 price target (up previously from $102.42) on shares of Time Warner in a research note on Sunday, July 30th. Cowen and Company reaffirmed a “hold” rating and issued a $107.50 price target on shares of Time Warner in a research note on Thursday, August 3rd. Evercore ISI lowered Time Warner from an “outperform” rating to an “in-line” rating and set a $108.00 price target on the stock. in a research note on Monday, August 7th. Zacks Investment Research lowered Time Warner from a “buy” rating to a “hold” rating in a research note on Monday, August 7th. Finally, BidaskClub raised Time Warner from a “hold” rating to a “buy” rating in a research note on Tuesday, August 1st. One equities research analyst has rated the stock with a sell rating, twenty-five have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $102.25.
In other news, CFO Howard M. Averill acquired 255 shares of the stock in a transaction that occurred on Thursday, June 15th. The stock was purchased at an average cost of $99.67 per share, with a total value of $25,415.85. Following the completion of the acquisition, the chief financial officer now directly owns 63,399 shares in the company, valued at $6,318,978.33. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.16% of the stock is owned by insiders.
About Time Warner
Time Warner Inc is a media and entertainment company. The Company operates through three segments: Turner, which consists of cable networks and digital media properties; Home Box Office, which consists of premium pay television and over the top (OTT) services and premium pay, basic tier television and OTT services internationally, and Warner Bros., which consists of television, feature film, home video, and videogame production and distribution.
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