CIBC Asset Management Inc reduced its holdings in Discovery Communications Inc. (NASDAQ:DISCA) by 6.2% during the third quarter, Holdings Channel reports. The institutional investor owned 27,125 shares of the company’s stock after selling 1,802 shares during the quarter. CIBC Asset Management Inc’s holdings in Discovery Communications were worth $868,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of DISCA. Truvestments Capital LLC purchased a new position in shares of Discovery Communications in the 3rd quarter valued at approximately $122,000. Dupont Capital Management Corp lifted its stake in shares of Discovery Communications by 108.8% in the 2nd quarter. Dupont Capital Management Corp now owns 6,010 shares of the company’s stock valued at $165,000 after purchasing an additional 3,132 shares during the period. FNY Investment Advisers LLC purchased a new position in shares of Discovery Communications in the 3rd quarter valued at approximately $172,000. Chicago Equity Partners LLC purchased a new position in shares of Discovery Communications in the 3rd quarter valued at approximately $200,000. Finally, Engineers Gate Manager LP purchased a new position in shares of Discovery Communications in the 3rd quarter valued at approximately $202,000. Hedge funds and other institutional investors own 37.19% of the company’s stock.
In other news, insider Bruce Campbell sold 31,462 shares of the business’s stock in a transaction on Monday, October 1st. The stock was sold at an average price of $30.00, for a total value of $943,860.00. Following the completion of the transaction, the insider now owns 72,256 shares in the company, valued at $2,167,680. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Savalle Sims sold 1,666 shares of the business’s stock in a transaction on Wednesday, September 12th. The stock was sold at an average price of $28.21, for a total value of $46,997.86. Following the completion of the transaction, the general counsel now owns 208 shares of the company’s stock, valued at approximately $5,867.68. The disclosure for this sale can be found here. Insiders sold 317,374 shares of company stock valued at $8,811,521 in the last 90 days. Company insiders own 6.73% of the company’s stock.
Shares of NASDAQ:DISCA opened at $32.98 on Friday. The firm has a market cap of $17.66 billion, a price-to-earnings ratio of 15.51, a P/E/G ratio of 0.57 and a beta of 1.24. Discovery Communications Inc. has a 12-month low of $15.99 and a 12-month high of $34.89. The company has a debt-to-equity ratio of 1.61, a current ratio of 1.01 and a quick ratio of 1.45.
Discovery Communications (NASDAQ:DISCA) last announced its quarterly earnings data on Thursday, November 8th. The company reported $0.52 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.62 by ($0.10). The company had revenue of $2.59 billion for the quarter, compared to analysts’ expectations of $2.60 billion. Discovery Communications had a negative net margin of 8.52% and a positive return on equity of 17.05%. The firm’s quarterly revenue was up 57.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.43 EPS. As a group, research analysts anticipate that Discovery Communications Inc. will post 2.65 EPS for the current year.
DISCA has been the subject of a number of research analyst reports. Pivotal Research cut Discovery Communications from a “hold” rating to a “sell” rating and set a $26.00 target price for the company. in a research note on Tuesday, September 18th. Credit Suisse Group upgraded Discovery Communications from a “neutral” rating to an “outperform” rating and raised their target price for the company from $30.00 to $40.00 in a research note on Wednesday, October 10th. Bank of America raised their target price on Discovery Communications from $30.00 to $35.50 and gave the company a “buy” rating in a research note on Thursday, September 13th. Jefferies Financial Group upgraded Discovery Communications from a “hold” rating to a “buy” rating and set a $20.00 target price for the company in a research note on Tuesday, August 21st. Finally, JPMorgan Chase & Co. raised their target price on Discovery Communications to $38.00 and gave the company an “overweight” rating in a research note on Wednesday, October 10th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $32.22.
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Discovery Communications Company Profile
Discovery, Inc operates as a media company worldwide. The company operates through U.S. Networks, International Networks, and Education and Other segments. It owns and operates various television networks under the Discovery Channel, TLC, Animal Planet, Investigation Discovery, Science Channel, Velocity, Discovery Family Channel, Destination America, American Heroes Channel, Discovery Life, The Oprah Winfrey Network, Eurosport, Discovery Kids, DMAX, and Discovery Home & Health brands, as well as other regional television networks.
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