Meeder Asset Management Inc. Reduces Stake in Time Warner Inc. (NYSE:TWX)
Meeder Asset Management Inc. cut its position in Time Warner Inc. (NYSE:TWX) by 7.9% during the first quarter, Holdings Channel reports. The firm owned 65,037 shares of the media conglomerate’s stock after selling 5,612 shares during the period. Meeder Asset Management Inc.’s holdings in Time Warner were worth $6,354,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Empyrean Capital Partners LP purchased a new position in Time Warner during the fourth quarter worth approximately $123,616,000. Bank of Montreal Can increased its position in Time Warner by 75.9% in the first quarter. Bank of Montreal Can now owns 2,611,753 shares of the media conglomerate’s stock worth $255,195,000 after buying an additional 1,126,854 shares during the period. Swiss National Bank increased its position in Time Warner by 26.1% in the first quarter. Swiss National Bank now owns 2,732,408 shares of the media conglomerate’s stock worth $266,984,000 after buying an additional 565,900 shares during the period. Independent Franchise Partners LLP increased its position in Time Warner by 9.4% in the first quarter. Independent Franchise Partners LLP now owns 6,485,191 shares of the media conglomerate’s stock worth $633,668,000 after buying an additional 558,751 shares during the period. Finally, Karp Capital Management Corp purchased a new position in Time Warner during the first quarter worth approximately $37,109,000. Institutional investors own 79.86% of the company’s stock.
Time Warner Inc. (NYSE TWX) opened at 99.42 on Friday. The stock has a 50 day moving average price of $99.73 and a 200 day moving average price of $98.12. Time Warner Inc. has a 12 month low of $74.27 and a 12 month high of $102.45. The firm has a market cap of $77.10 billion, a price-to-earnings ratio of 18.97 and a beta of 1.05.
Time Warner (NYSE:TWX) last posted its quarterly earnings results on Wednesday, May 3rd. The media conglomerate reported $1.66 EPS for the quarter, beating the consensus estimate of $1.44 by $0.22. The firm had revenue of $7.74 billion during the quarter, compared to analysts’ expectations of $7.66 billion. Time Warner had a return on equity of 19.45% and a net margin of 13.90%. The company’s revenue for the quarter was up 5.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.49 EPS. On average, equities analysts expect that Time Warner Inc. will post $6.04 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 1st. Shareholders of record on Monday, July 10th will be issued a $0.4025 dividend. The ex-dividend date is Thursday, July 6th. This represents a $1.61 annualized dividend and a yield of 1.62%. Time Warner’s dividend payout ratio (DPR) is 30.78%.
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TWX has been the topic of a number of research reports. FBR & Co restated a “buy” rating and issued a $107.50 price objective on shares of Time Warner in a report on Friday, April 7th. MKM Partners restated a “neutral” rating and issued a $107.50 price objective (up from $90.00) on shares of Time Warner in a report on Monday, May 1st. Rosenblatt Securities initiated coverage on Time Warner in a report on Tuesday, April 4th. They issued a “neutral” rating and a $105.00 price objective on the stock. BMO Capital Markets restated a “hold” rating and issued a $108.00 price objective on shares of Time Warner in a report on Monday, April 17th. Finally, Pivotal Research downgraded Time Warner from a “buy” rating to a “hold” rating and raised their price objective for the stock from $100.00 to $107.50 in a report on Thursday, April 20th. One analyst has rated the stock with a sell rating, twenty-two have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $100.95.
In other news, CFO Howard M. Averill purchased 255 shares of the business’s stock in a transaction on Thursday, June 15th. The stock was purchased at an average price of $99.67 per share, with a total value of $25,415.85. Following the acquisition, the chief financial officer now directly owns 63,399 shares in the company, valued at approximately $6,318,978.33. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.16% of the company’s stock.
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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