Schwab Charles Investment Management Inc. Reduces Stake in Tribune Media Company (TRCO)
Schwab Charles Investment Management Inc. lessened its holdings in Tribune Media Company (NYSE:TRCO) by 26.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 215,416 shares of the company’s stock after selling 79,239 shares during the quarter. Schwab Charles Investment Management Inc. owned approximately 0.25% of Tribune Media worth $8,783,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. raised its holdings in Tribune Media by 8.2% in the 1st quarter. Vanguard Group Inc. now owns 6,049,595 shares of the company’s stock valued at $225,468,000 after buying an additional 456,589 shares during the last quarter. BlackRock Inc. raised its holdings in Tribune Media by 10,758.5% in the 1st quarter. BlackRock Inc. now owns 3,059,287 shares of the company’s stock valued at $114,020,000 after buying an additional 3,031,113 shares during the last quarter. Morgan Stanley raised its holdings in Tribune Media by 59.6% in the 1st quarter. Morgan Stanley now owns 2,811,082 shares of the company’s stock valued at $104,769,000 after buying an additional 1,049,539 shares during the last quarter. Canyon Capital Advisors LLC bought a new position in Tribune Media in the 1st quarter valued at approximately $51,808,000. Finally, State Street Corp raised its holdings in Tribune Media by 5.2% in the 1st quarter. State Street Corp now owns 1,088,872 shares of the company’s stock valued at $40,585,000 after buying an additional 54,215 shares during the last quarter. Institutional investors and hedge funds own 97.13% of the company’s stock.
TRCO has been the subject of a number of research reports. Zacks Investment Research lowered shares of Tribune Media from a “hold” rating to a “strong sell” rating in a report on Thursday, July 13th. BidaskClub lowered shares of Tribune Media from a “hold” rating to a “sell” rating in a report on Thursday, September 14th. Finally, Jefferies Group LLC reiterated a “hold” rating and issued a $42.00 price objective on shares of Tribune Media in a report on Wednesday, June 14th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $44.50.
Tribune Media Company (NYSE:TRCO) opened at 41.23 on Thursday. The company has a market cap of $3.60 billion, a price-to-earnings ratio of 74.29 and a beta of 1.53. Tribune Media Company has a 12-month low of $27.75 and a 12-month high of $43.04. The firm’s 50-day moving average is $40.22 and its 200 day moving average is $39.76.
Tribune Media (NYSE:TRCO) last issued its earnings results on Wednesday, August 9th. The company reported $0.36 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.43 by ($0.07). The firm had revenue of $469.50 million during the quarter, compared to analysts’ expectations of $472.56 million. Tribune Media had a return on equity of 4.38% and a net margin of 2.49%. The firm’s quarterly revenue was down 2.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.52 EPS. On average, equities analysts expect that Tribune Media Company will post $1.29 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, September 5th. Shareholders of record on Monday, August 21st were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.43%. The ex-dividend date was Thursday, August 17th. Tribune Media’s dividend payout ratio is currently 204.08%.
Tribune Media Company Profile
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, NBC television affiliates, and independent television stations; and television series and movies on WGN America, a national general entertainment cable network.
Want to see what other hedge funds are holding TRCO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tribune Media Company (NYSE:TRCO).
Receive News & Stock Ratings for Tribune Media Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tribune Media Company and related stocks with our FREE daily email newsletter.