CIBC World Markets Inc. Raises Stake in Discovery Communications Inc. (DISCA)

CIBC World Markets Inc. increased its position in shares of Discovery Communications Inc. (NASDAQ:DISCA) by 1.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 255,969 shares of the company’s stock after acquiring an additional 4,708 shares during the quarter. CIBC World Markets Inc.’s holdings in Discovery Communications were worth $8,191,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Truvestments Capital LLC acquired a new position in Discovery Communications in the third quarter valued at about $122,000. Dupont Capital Management Corp lifted its stake in Discovery Communications by 108.8% in the second quarter. Dupont Capital Management Corp now owns 6,010 shares of the company’s stock valued at $165,000 after buying an additional 3,132 shares during the period. FNY Investment Advisers LLC acquired a new position in Discovery Communications in the third quarter valued at about $172,000. Chicago Equity Partners LLC acquired a new position in Discovery Communications in the third quarter valued at about $200,000. Finally, Engineers Gate Manager LP acquired a new position in Discovery Communications in the third quarter valued at about $202,000. 35.94% of the stock is currently owned by institutional investors and hedge funds.

Shares of Discovery Communications stock opened at $30.43 on Friday. Discovery Communications Inc. has a 1 year low of $17.20 and a 1 year high of $34.89. The stock has a market capitalization of $15.93 billion, a price-to-earnings ratio of 13.96, a price-to-earnings-growth ratio of 0.43 and a beta of 1.24. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 1.61.

Discovery Communications (NASDAQ:DISCA) last announced its quarterly earnings results on Thursday, November 8th. The company reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.62 by ($0.10). Discovery Communications had a positive return on equity of 17.05% and a negative net margin of 8.52%. The business had revenue of $2.59 billion during the quarter, compared to the consensus estimate of $2.60 billion. During the same quarter last year, the company earned $0.43 earnings per share. The firm’s revenue was up 57.0% compared to the same quarter last year. On average, research analysts predict that Discovery Communications Inc. will post 2.67 EPS for the current fiscal year.

DISCA has been the topic of several analyst reports. Jefferies Financial Group raised Discovery Communications from a “hold” rating to a “buy” rating and set a $20.00 target price on the stock in a research note on Tuesday, August 21st. Barrington Research reissued a “buy” rating and issued a $30.00 target price on shares of Discovery Communications in a research note on Friday, August 17th. Citigroup increased their target price on Discovery Communications from $30.00 to $32.00 and gave the company a “buy” rating in a research note on Wednesday, August 15th. Royal Bank of Canada reissued a “buy” rating and issued a $30.00 target price on shares of Discovery Communications in a research note on Wednesday, August 8th. Finally, Macquarie set a $38.00 target price on Discovery Communications and gave the company a “buy” rating in a research note on Friday, September 14th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $33.21.

In related news, insider Bruce Campbell sold 31,462 shares of the stock in a transaction dated Monday, October 1st. The stock was sold at an average price of $30.00, for a total transaction of $943,860.00. Following the completion of the transaction, the insider now directly owns 72,256 shares in the company, valued at $2,167,680. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider David Leavy sold 39,278 shares of the stock in a transaction dated Monday, November 12th. The stock was sold at an average price of $31.65, for a total value of $1,243,148.70. The disclosure for this sale can be found here. Insiders sold 464,652 shares of company stock valued at $13,203,210 over the last 90 days. Corporate insiders own 6.73% of the company’s stock.

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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.

Further Reading: Cost of Equity

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Institutional Ownership by Quarter for Discovery Communications (NASDAQ:DISCA)

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