Cinemark Holdings Inc $CNK Shares Sold by Royal Bank of Canada

Key Points

• Royal Bank of Canada cut its Cinemark stake by 98.2% in the first quarter, selling 318,387 shares and retaining 5,891 shares valued at approximately $168,000.
• Cinemark reported stronger-than-expected quarterly results, with earnings of $1.19 per share and revenue of $1.09 billion, up 15.5% year over year.
• The company declared a quarterly dividend of $0.09 per share, while analysts maintained a generally positive outlook with a “Moderate Buy” consensus and an average price target of $37.93.

Royal Bank of Canada lowered its stake in Cinemark Holdings Inc (NYSE:CNK - Free Report) by 98.2% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 5,891 shares of the company's stock after selling 318,387 shares during the period. Royal Bank of Canada's holdings in Cinemark were worth $168,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the stock. Lavaca Capital LLC acquired a new position in Cinemark in the fourth quarter worth about $133,045,000. Orbis Allan Gray Ltd raised its stake in Cinemark by 31.0% during the fourth quarter. Orbis Allan Gray Ltd now owns 15,057,911 shares of the company's stock valued at $349,946,000 after buying an additional 3,563,810 shares in the last quarter. Alyeska Investment Group L.P. bought a new position in Cinemark during the 4th quarter worth approximately $55,296,000. Victory Capital Management Inc. lifted its holdings in Cinemark by 12,759.3% during the 4th quarter. Victory Capital Management Inc. now owns 2,026,245 shares of the company's stock worth $47,090,000 after buying an additional 2,010,488 shares during the last quarter. Finally, Woodline Partners LP acquired a new position in shares of Cinemark in the 3rd quarter worth approximately $33,390,000.

Cinemark Price Performance

Shares of CNK opened at $36.04 on Friday. Cinemark Holdings Inc has a 12 month low of $21.60 and a 12 month high of $38.98. The company has a debt-to-equity ratio of 3.87, a current ratio of 0.84 and a quick ratio of 0.81. The stock has a fifty day moving average price of $34.10 and a 200 day moving average price of $30.35. The company has a market cap of $4.18 billion, a P/E ratio of 21.33 and a beta of 1.00.

Cinemark (NYSE:CNK - Get Free Report) last posted its earnings results on Thursday, July 30th. The company reported $1.19 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.03 by $0.16. Cinemark had a return on equity of 50.94% and a net margin of 6.44%.The company had revenue of $1.09 billion for the quarter, compared to analysts' expectations of $1.03 billion. During the same period last year, the business posted $0.63 earnings per share. The firm's quarterly revenue was up 15.5% compared to the same quarter last year. On average, research analysts forecast that Cinemark Holdings Inc will post 2.36 earnings per share for the current year.

Cinemark Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 9th. Investors of record on Wednesday, August 26th will be given a $0.09 dividend. The ex-dividend date is Wednesday, August 26th. This represents a $0.36 annualized dividend and a yield of 1.0%. Cinemark's dividend payout ratio (DPR) is currently 21.30%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on CNK shares. Morgan Stanley set a $40.00 price objective on Cinemark in a research note on Wednesday, July 29th. JPMorgan Chase & Co. lowered shares of Cinemark from an "overweight" rating to a "neutral" rating and lowered their target price for the company from $40.00 to $39.00 in a research note on Friday, August 14th. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and set a $40.00 target price on shares of Cinemark in a report on Friday, July 31st. Zacks Research raised shares of Cinemark from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 4th. Finally, B. Riley Financial lifted their price target on shares of Cinemark from $35.00 to $37.00 and gave the company a "neutral" rating in a report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $37.93.

About Cinemark

Cinemark Holdings, Inc NYSE: CNK is a leading theatrical exhibitor that acquires, develops and operates motion picture theatres under the Cinemark® brand in the United States and Latin America. The company's core business involves the presentation of first-run feature films coupled with an array of in‐theatre services, including concessions, premium auditoriums and loyalty programs. Cinemark's exhibition portfolio encompasses both corporate‐owned and franchised complexes, offering moviegoers a range of experiences from standard screens to large‐format halls.

The company's product offerings extend beyond ticket sales to include an assortment of concession items, such as popcorn, fountain beverages, candy and specialty snacks, as well as bar and lounge concepts in select locations.

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