The analyst on Thursday also downgraded some of the top media stocks which included Walt Disney and Time Warner.
The concern is also highlighted by the decline which the media stocks have witnessed lately as they announced the quarterly earnings results. The Insider information was disclosed with the Securities and Exchange Commission in a Form 4 filing. Investors must note that the brokerage house has an Equal-weight rating on the shares of the company. Deutsche Bank reiterated a hold rating and issued a $120.00 price objective (up from $105.00) on shares of Walt Disney in a research note on Saturday, May 23rd. Cablevision Systems rounded out the sector, dipping 1.4% by the afternoon.
“We rate DISNEY (WALT) CO (DIS) a BUY”. The shares were sold at an average price of $109.46, for a total transaction of $324,548.90. This is a boost from Walt Disney’s previous semiannual dividend of $0.58. Media Networks contain various broadcast, cable, radio, digital and publishing companies across two divisions – ESPN Inc. and the Disney/ABC Television Group Walt Disney Parks and Resorts (NYSE:DIS) is a supplier of family travel and leisure experiences.
Netflix Inc., the best performer in the Standard & Poor’s 500 Index this year, joined a decline in media stocks, falling the most since October after bucking the selloff that hit Walt Disney Co., CBS Corp. and others. Thirteen investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Also, EVP Mary Jayne Parker sold 139,704 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $118.50, for a total transaction of $237,000.00. The disclosure for this sale can be found here. Shareholders of record on Monday, July 6th were given a dividend of $0.66 per share.
“You could call it an August Reset”, CNN reports.
According to Juenger, the market is now valuing media companies as “structurally impaired assets”, adding that in addition to a secular downturn in the TV advertising business, affiliate fees for cable networks “are being put at increased risk”. The Company manages and has a 40% equity interest in Euro Disney S.C.A. The Company owns a 48% interest in Hong Kong Disneyland Resort through Hongkong global Theme Parks Limited. The Walt Disney Studio brings music pictures and stage plays to consumers across the planet.