Media companies were among the big losers in the S&P 500 Thursday, with Disney, CBS, Viacom Inc. and Time Warner Inc. all down more than 3.5 per cent after Sanford C. Bernstein analyst Todd Juenger downgraded the sector, saying subscriber fees and advertising sales are at risk as the pay-TV industry loses viewers.
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“Given the brand new math utilized to Disney’s TV belongings, we not see sufficient upside to have conviction the inventory will outperform the market over the subsequent 12 months”, Juenger wrote in a Thursday analysis report.
Disney, a Dow 30 stock, lost 6% on the day to settle at $100.01, a six-month low. Guggenheim upgraded Walt Disney from a neutral rating to a buy rating and boosted their price target for the company from $109.53 to $127.00 in a research note on Monday, April 27th. Finally, Vetr raised shares of Walt Disney from a sell rating to a hold rating and set a $116.63 price target on the stock in a research report on Tuesday, May 5th.
Analysts on the Street that are covering the firm now have a consensus short-term stock price target of $120.588. Shares are now down 4.13 at $102.32 on above average volume. Also, SVP Brent Woodford sold 2,000 shares of the stock in a transaction on Wednesday, July 15th. The stock was sold at an average price of $111.12, for a total transaction of $15,523,908.48. The disclosure for this sale can be found here. Additionally, the stock has been as high as $122.08 and as low as $78.54 in the last 52 weeks. The 50-day moving average is $115.51 and the 200 day moving average is recorded at $109.32. The firm has a market cap of $168.93 billion and a price-to-earnings ratio of 20.8422. The entertainment giant reported $1.45 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.42 by $0.03. During the same quarter in the prior year, the business posted $1.28 EPS.
On the programming side, Discovery Communications fell 5.3% in afternoon trading followed by Madison Square Garden Co.
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The business also recently disclosed a semiannual dividend, which was distributed on Wednesday, July 29th. The stock has an estimated 5 year annual growth of 14.02% and a PEG multiple of 1.48.
