California Public Employees Retirement System Trims Stake in Tribune (TRCO)

California Public Employees Retirement System reduced its stake in shares of Tribune (NYSE:TRCO) by 6.5% in the first quarter, HoldingsChannel.com reports. The fund owned 189,191 shares of the company’s stock after selling 13,225 shares during the quarter. California Public Employees Retirement System’s holdings in Tribune were worth $8,729,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently added to or reduced their stakes in the company. Quadrant Capital Group LLC bought a new position in Tribune in the 1st quarter worth approximately $58,000. Quantamental Technologies LLC bought a new position in Tribune in the 4th quarter worth approximately $64,000. PNC Financial Services Group Inc. boosted its holdings in Tribune by 23.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,666 shares of the company’s stock worth $76,000 after buying an additional 321 shares during the period. Investors Research Corp bought a new position in Tribune in the 1st quarter worth approximately $134,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Tribune by 7.9% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,517 shares of the company’s stock worth $250,000 after buying an additional 402 shares during the period. 97.50% of the stock is owned by hedge funds and other institutional investors.

TRCO opened at $46.07 on Friday. The company has a market capitalization of $4.07 billion, a P/E ratio of 12.52, a price-to-earnings-growth ratio of 2.45 and a beta of 0.56. Tribune has a 12 month low of $31.61 and a 12 month high of $46.46. The company has a quick ratio of 3.69, a current ratio of 3.69 and a debt-to-equity ratio of 0.85.

Tribune (NYSE:TRCO) last released its quarterly earnings data on Friday, May 10th. The company reported $0.60 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.22 by $0.38. Tribune had a net margin of 19.03% and a return on equity of 9.55%. The company had revenue of $455.00 million during the quarter, compared to the consensus estimate of $446.12 million. During the same period last year, the firm earned $0.51 EPS. Tribune’s revenue for the quarter was up 2.5% on a year-over-year basis. On average, equities analysts expect that Tribune will post 2.02 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 4th. Shareholders of record on Monday, May 20th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.17%. The ex-dividend date is Friday, May 17th. Tribune’s payout ratio is 27.17%.

Separately, Zacks Investment Research raised shares of Tribune from a “hold” rating to a “buy” rating and set a $52.00 price objective for the company in a report on Saturday, May 18th. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. Tribune currently has an average rating of “Hold” and a consensus price target of $41.80.

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Tribune Profile

Tribune Media Company, through its subsidiaries, operates as a diversified media and entertainment company in the United States. It offers news, entertainment, and sports programming through Tribune Broadcasting local television stations, including FOX television affiliates, CW Network, LLC television affiliates, CBS television affiliates, ABC television affiliates, MY television affiliates, NBC television affiliates, and independent television stations; and television series and movies on WGN America, a national general entertainment cable network.

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Institutional Ownership by Quarter for Tribune (NYSE:TRCO)

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