Connor Clark & Lunn Investment Management Ltd. Buys New Position in Starz Entertainment Corp. $STRZ

Key Points

• Institutional interest increased: Connor Clark & Lunn bought 48,885 Starz shares valued at approximately $1.41 million, while BlackRock, Geode Capital and Bank of New York Mellon also initiated positions during the second quarter.
• Analyst sentiment remains mixed: Starz has an average “Hold” rating and a consensus price target of $31.50, with ratings ranging from Strong Buy to Sell.
• Financial performance was weak despite a higher stock price: Shares opened at $27.75, but the company reported a quarterly loss of $11.27 per share versus the expected $0.59 loss, alongside negative margins and return on equity. CEO Jeffrey Hirsch purchased $248,000 of shares, while an executive vice president sold approximately $71,000 worth.

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Starz Entertainment Corp. (NASDAQ:STRZ - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 48,885 shares of the company's stock, valued at approximately $1,411,000. Connor Clark & Lunn Investment Management Ltd. owned 0.29% of Starz Entertainment as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of STRZ. BlackRock Inc. acquired a new stake in Starz Entertainment in the 2nd quarter valued at about $35,599,000. NewEdge Wealth LLC grew its stake in shares of Starz Entertainment by 15.5% in the 4th quarter. NewEdge Wealth LLC now owns 710,862 shares of the company's stock worth $8,317,000 after purchasing an additional 95,245 shares during the last quarter. Royce & Associates LP grew its stake in shares of Starz Entertainment by 21.5% in the 4th quarter. Royce & Associates LP now owns 440,645 shares of the company's stock worth $5,156,000 after purchasing an additional 78,000 shares during the last quarter. Geode Capital Management LLC bought a new stake in shares of Starz Entertainment in the 2nd quarter worth approximately $5,076,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Starz Entertainment in the 2nd quarter worth approximately $9,018,000.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on STRZ shares. Morgan Stanley set a $30.00 target price on shares of Starz Entertainment in a report on Monday, August 10th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Starz Entertainment in a report on Wednesday, July 29th. Raymond James Financial reiterated an "outperform" rating and set a $29.00 price objective on shares of Starz Entertainment in a research report on Friday, May 8th. JPMorgan Chase & Co. raised their price objective on Starz Entertainment from $13.00 to $25.00 and gave the stock a "neutral" rating in a research note on Friday, May 29th. Finally, Robert W. Baird set a $30.00 target price on Starz Entertainment and gave the stock an "outperform" rating in a report on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $31.50.

Insider Transactions at Starz Entertainment

In other news, EVP Jason Wyrick sold 2,803 shares of the firm's stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $25.47, for a total value of $71,392.41. Following the completion of the sale, the executive vice president owned 27,241 shares of the company's stock, valued at $693,828.27. This trade represents a 9.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Jeffrey Hirsch purchased 10,000 shares of the stock in a transaction dated Monday, August 10th. The shares were acquired at an average price of $24.80 per share, for a total transaction of $248,000.00. Following the acquisition, the chief executive officer directly owned 65,000 shares of the company's stock, valued at $1,612,000. This represents a 18.18% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 22.62% of the stock is currently owned by insiders.

Starz Entertainment Stock Up 2.1%

Shares of NASDAQ:STRZ opened at $27.75 on Friday. The company has a debt-to-equity ratio of 2.05, a quick ratio of 0.25 and a current ratio of 0.25. The company has a market cap of $475.19 million, a PE ratio of -1.09 and a beta of 2.46. Starz Entertainment Corp. has a 52 week low of $8.40 and a 52 week high of $32.58. The firm has a 50 day simple moving average of $27.08 and a 200 day simple moving average of $20.70.

Starz Entertainment (NASDAQ:STRZ - Get Free Report) last posted its quarterly earnings data on Friday, August 7th. The company reported ($11.27) earnings per share for the quarter, missing the consensus estimate of ($0.59) by ($10.68). Starz Entertainment had a negative return on equity of 25.64% and a negative net margin of 33.98%.The firm had revenue of $307.90 million for the quarter. As a group, research analysts expect that Starz Entertainment Corp. will post -6.12 earnings per share for the current year.

Starz Entertainment Profile

Starz Entertainment NASDAQ: STRZ is a global media and entertainment company that operates premium subscription video services across linear television and digital streaming platforms. The company's core offering includes the STARZ and STARZ ENCORE linear networks in the United States, alongside its STARZPLAY streaming service, which is available in North America, parts of Europe, Latin America and select Asian markets. Through its multi-platform distribution strategy, Starz delivers a combination of original programming, feature films and licensed series to a broad subscriber base.

At the heart of Starz Entertainment's business is its investment in original content production.

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