Investors Sell Shares of Discovery Communications (DISCA) on Strength Following Analyst Downgrade
Traders sold shares of Discovery Communications, Inc. (NASDAQ:DISCA) on strength during trading on Friday after Deutsche Bank lowered their price target on the stock from $26.00 to $21.00. $24.31 million flowed into the stock on the tick-up and $51.44 million flowed out of the stock on the tick-down, for a money net flow of $27.13 million out of the stock. Of all equities tracked, Discovery Communications had the 15th highest net out-flow for the day. Discovery Communications traded up $0.44 for the day and closed at $19.46
Several other research firms have also recently commented on DISCA. Loop Capital lowered their price target on shares of Discovery Communications from $25.00 to $21.00 and set a “hold” rating on the stock in a report on Friday, November 3rd. Piper Jaffray Companies initiated coverage on shares of Discovery Communications in a report on Friday, August 11th. They set a “neutral” rating and a $27.00 price target on the stock. Zacks Investment Research upgraded shares of Discovery Communications from a “sell” rating to a “hold” rating in a report on Thursday, October 12th. B. Riley restated a “neutral” rating and set a $19.00 price target (down from $23.00) on shares of Discovery Communications in a report on Wednesday, November 1st. Finally, Royal Bank Of Canada restated a “buy” rating and set a $29.00 price target on shares of Discovery Communications in a report on Friday, October 20th. Five research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have assigned a buy rating to the company. Discovery Communications currently has a consensus rating of “Hold” and an average price target of $23.67.
In other news, Director J David Wargo bought 100,000 shares of the business’s stock in a transaction on Monday, November 6th. The stock was purchased at an average price of $15.76 per share, with a total value of $1,576,000.00. Following the transaction, the director now directly owns 147,591 shares in the company, valued at $2,326,034.16. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Gunnar Wiedenfels bought 15,000 shares of the business’s stock in a transaction on Friday, November 3rd. The shares were purchased at an average cost of $15.45 per share, with a total value of $231,750.00. Following the transaction, the chief financial officer now owns 50,000 shares in the company, valued at $772,500. The disclosure for this purchase can be found here. Insiders purchased 195,000 shares of company stock valued at $3,071,750 over the last quarter. 6.81% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in DISCA. Bank of New York Mellon Corp lifted its position in Discovery Communications by 12.2% during the 3rd quarter. Bank of New York Mellon Corp now owns 11,966,987 shares of the company’s stock worth $254,779,000 after acquiring an additional 1,297,175 shares during the last quarter. FMR LLC raised its position in shares of Discovery Communications by 32.7% during the second quarter. FMR LLC now owns 4,938,569 shares of the company’s stock valued at $127,563,000 after buying an additional 1,216,517 shares during the last quarter. Hotchkis & Wiley Capital Management LLC raised its position in shares of Discovery Communications by 5.2% during the second quarter. Hotchkis & Wiley Capital Management LLC now owns 18,606,223 shares of the company’s stock valued at $480,599,000 after buying an additional 917,632 shares during the last quarter. Alyeska Investment Group L.P. acquired a new position in shares of Discovery Communications during the third quarter valued at about $19,118,000. Finally, Vanguard Group Inc. raised its position in shares of Discovery Communications by 5.4% during the second quarter. Vanguard Group Inc. now owns 16,661,316 shares of the company’s stock valued at $430,362,000 after buying an additional 858,015 shares during the last quarter. 48.25% of the stock is owned by hedge funds and other institutional investors.
The firm has a market capitalization of $7,170.00, a PE ratio of 8.64, a P/E/G ratio of 0.98 and a beta of 1.57. The company has a current ratio of 5.87, a quick ratio of 5.87 and a debt-to-equity ratio of 2.56.
Discovery Communications (NASDAQ:DISCA) last announced its quarterly earnings data on Thursday, November 2nd. The company reported $0.43 EPS for the quarter, missing the Zacks’ consensus estimate of $0.55 by ($0.12). The company had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.64 billion. Discovery Communications had a net margin of 16.63% and a return on equity of 22.24%. The firm’s quarterly revenue was up 6.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.47 EPS. research analysts anticipate that Discovery Communications, Inc. will post 2.02 EPS for the current year.
About Discovery Communications
Discovery Communications, Inc (Discovery) is a global media company. The Company provides content across multiple distribution platforms, including pay-television (pay-TV), free-to-air (FTA) and broadcast television, Websites, digital distribution arrangements and content licensing agreements. Its segments include U.S.
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