Zacks Investment Research Upgrades Tribune (TRCO) to “Strong-Buy”
Tribune (NYSE:TRCO) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report released on Tuesday. The brokerage currently has a $44.00 price objective on the stock. Zacks Investment Research‘s target price would indicate a potential upside of 16.68% from the company’s previous close.
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. “
Other equities analysts have also issued reports about the stock. Stephens upgraded shares of Tribune from an “equal weight” rating to an “overweight” rating and lowered their target price for the company from $45.00 to $41.00 in a report on Tuesday, July 17th. Wells Fargo & Co lowered their target price on shares of Tribune from $42.00 to $36.00 and set a “market perform” rating for the company in a report on Wednesday, July 18th. Evercore ISI assumed coverage on shares of Tribune in a report on Tuesday, July 31st. They set a “buy” rating and a $40.00 target price for the company. Finally, ValuEngine lowered shares of Tribune from a “sell” rating to a “strong sell” rating in a report on Monday, July 16th. Two research analysts have rated the stock with a sell rating, one has given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $40.20.
Tribune (NYSE:TRCO) last issued its quarterly earnings data 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. Tribune had a net margin of 28.61% and a return on equity of 7.18%. The business had revenue of $489.36 million during the quarter, compared to analyst estimates of $483.10 million. During the same period last year, the business posted $0.36 earnings per share. Tribune’s quarterly revenue was up 4.2% compared to the same quarter last year. sell-side analysts predict that Tribune will post 3.1 EPS for the current fiscal year.
Several hedge funds have recently added to or reduced their stakes in TRCO. Rhumbline Advisers lifted its holdings in shares of Tribune by 3.2% during the first quarter. Rhumbline Advisers now owns 70,148 shares of the company’s stock valued at $2,842,000 after purchasing an additional 2,145 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its holdings in shares of Tribune by 11.3% during the first quarter. Schwab Charles Investment Management Inc. now owns 409,656 shares of the company’s stock valued at $16,596,000 after purchasing an additional 41,671 shares during the last quarter. Aperio Group LLC lifted its holdings in shares of Tribune by 97.3% during the first quarter. Aperio Group LLC now owns 24,717 shares of the company’s stock valued at $1,001,000 after purchasing an additional 12,189 shares during the last quarter. Northern Trust Corp raised its holdings in Tribune by 2.3% in the 1st quarter. Northern Trust Corp now owns 366,737 shares of the company’s stock worth $14,857,000 after acquiring an additional 8,103 shares during the last quarter. Finally, BlackRock Inc. raised its holdings in Tribune by 1.4% in the 1st quarter. BlackRock Inc. now owns 3,166,195 shares of the company’s stock worth $128,263,000 after acquiring an additional 44,969 shares during the last quarter. Hedge funds and other institutional investors own 94.18% of the company’s stock.
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.
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