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 research report issued to clients and investors on Tuesday. The firm currently has a $44.00 target price on the stock. Zacks Investment Research‘s target price would indicate a potential upside of 16.68% from the stock’s current price.

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. “

Several other analysts have also recently issued reports on the company. 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 cut their target price for the stock from $45.00 to $41.00 in a research note on Tuesday, July 17th. Wells Fargo & Co cut their target price 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. Finally, Evercore ISI started coverage on Tribune in a research note on Tuesday, July 31st. They issued a “buy” rating and a $40.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, one has given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $40.20.

Shares of NYSE:TRCO opened at $37.71 on Tuesday. Tribune has a 12-month low of $31.61 and a 12-month high of $43.71. The stock has a market cap of $3.31 billion, a PE ratio of 26.74 and a beta of 1.22. The company has a current ratio of 3.24, a quick ratio of 3.24 and a debt-to-equity ratio of 0.86.

Tribune (NYSE:TRCO) last announced its quarterly earnings data on Thursday, August 9th. The company reported $0.99 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.40. Tribune had a return on equity of 7.18% and a net margin of 28.61%. The firm had revenue of $489.36 million for the quarter, compared to analysts’ expectations of $483.10 million. During the same period last year, the firm earned $0.36 earnings per share. The company’s revenue for the quarter was up 4.2% compared to the same quarter last year. analysts anticipate that Tribune will post 3.1 EPS for the current year.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Royal Bank of Canada grew its stake in shares of Tribune by 813.2% in the first quarter. Royal Bank of Canada now owns 2,977 shares of the company’s stock worth $121,000 after purchasing an additional 2,651 shares during the last quarter. NumerixS Investment Technologies Inc grew its stake in shares of Tribune by 170.1% in the second quarter. NumerixS Investment Technologies Inc now owns 3,782 shares of the company’s stock worth $144,000 after purchasing an additional 2,382 shares during the last quarter. Quantbot Technologies LP bought a new stake in shares of Tribune in the first quarter worth about $194,000. Signition LP bought a new stake in shares of Tribune in the first quarter worth about $206,000. Finally, NJ State Employees Deferred Compensation Plan bought a new stake in shares of Tribune in the second quarter worth about $230,000. 94.18% of the stock is currently owned by institutional investors.

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.

See Also: Earnings Per Share (EPS)

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