New York Times Shares Receive Buy Rating from StockNews.com with Morgan Stanley Raising Price Target

In a recent report, StockNews.com upgraded its stance on the New York Times Company (NYSE:NYT) shares, moving from a 'hold' to a 'buy' rating. This recommendation came to light on Monday morning, signaling a positive shift in the investment advisory firm's outlook on the media giant's stock. In a related move, analysts at Morgan Stanley revised their price target for New York Times, lifting it from $42.00 to $45.00 while maintaining an 'equal weight' rating on the stock.

Analyst Consensus and Stock Performance

The New York Times Company has garnered mixed analyst ratings, with three maintaining a 'hold' and two suggesting a 'buy.' The average consensus target price stands at $42.75, based on the aggregate of these ratings by MarketBeat. The stock itself began trading at $47.31 on Monday, showcasing a significant market capitalization of $7.78 billion and a PE ratio amounting to 40.78. New York Times boasts a relatively stable beta of 1.11, with a 50-day moving average price around $46.50 and a 200-day moving average close to $43.55.

Financial Highlights

Financial disclosure on Wednesday, November 8th, revealed that New York Times surpassed earnings expectations for the quarter, posting $0.37 earnings per share (EPS), outperforming the consensus estimate of $0.29 by $0.08. The company’s net margin stood at 8.00%, with an impressive 16.22% return on equity. Revenue figures reached $598.35 million, exceeding estimates and growing by 9.3% from the previous year. The projected EPS for the current year sits at $1.49.

Dividend Announcement

Alongside these financial results, New York Times announced a quarterly dividend set to be distributed on Thursday, January 18th to shareholders recorded as of Wednesday, January 3rd. The dividend amount is declared at $0.11 per share, translating to an annualized payout of $0.44 and a yield of 0.93%. The ex-dividend date was set for Tuesday, January 2nd, with a payout ratio at 37.93%.

Institutional Investments

Institutional investors have recently adjusted their holdings in the New York Times stock. Notable movements include Covestor Ltd increasing its stake by 9.6%, Fifth Third Bancorp upping their shares by 2.3%, and Mariner LLC by 1.0%. BlackDiamond Wealth Management Inc. and PNC Financial Services Group Inc. also reported greater exposure to the company's shares. Overall, institutional investors and hedge funds hold a dominant 95.37% of the company's stock.

About The New York Times Company

The New York Times Company, with its subsidiaries, continues to be a pioneer in delivering news and information across various global platforms. It publishes The New York Times newspaper, in both daily and Sunday editions, as well as operating its online counterpart, NYTimes.com.

upgrade, buy, hold