NewEdge Wealth LLC Acquires Shares of 482,028 Starz Entertainment Corp. $STRZ

Key Points

• NewEdge Wealth acquired 482,028 Starz Entertainment shares worth approximately $13.9 million, representing about 2.88% of the company. BlackRock, Geode Capital Management and Bank of New York Mellon also initiated positions during the second quarter.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $31.50. Price targets range from $30 to $45, while Weiss Ratings maintained a sell rating.
• Starz shares opened at $27.15 after rising 6.3%, but the company reported a steep quarterly loss of $11.27 per share versus consensus expectations of a $0.59 loss. Revenue was $307.9 million, and analysts expect a full-year loss of $3.38 per share.

NewEdge Wealth LLC bought a new position in Starz Entertainment Corp. (NASDAQ:STRZ - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 482,028 shares of the company's stock, valued at approximately $13,911,000. NewEdge Wealth LLC owned about 2.88% of Starz Entertainment at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in STRZ. BlackRock Inc. purchased a new position in shares of Starz Entertainment during the 2nd quarter valued at $35,599,000. Royce & Associates LP increased its holdings in 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 acquiring an additional 78,000 shares during the last quarter. Geode Capital Management LLC purchased a new stake in Starz Entertainment in the 2nd quarter worth about $5,076,000. Bank of New York Mellon Corp bought a new stake in Starz Entertainment in the 2nd quarter valued at about $9,018,000. Finally, J. Goldman & Co LP raised its stake in Starz Entertainment by 21.6% in the 4th quarter. J. Goldman & Co LP now owns 255,690 shares of the company's stock valued at $2,992,000 after acquiring an additional 45,352 shares during the period.

Analyst Ratings Changes

A number of brokerages have weighed in on STRZ. Weiss Ratings reiterated a "sell (d-)" rating on shares of Starz Entertainment in a research report on Wednesday, July 29th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $30.00 price target on shares of Starz Entertainment in a research report on Tuesday. Robert W. Baird set a $30.00 price target on shares of Starz Entertainment and gave the company an "outperform" rating in a research note on Monday, May 11th. B. Riley Financial started coverage on shares of Starz Entertainment in a report on Tuesday, June 30th. They issued a "buy" rating and a $45.00 price objective for the company. Finally, Morgan Stanley set a $30.00 price objective on shares of Starz Entertainment in a research note on Monday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $31.50.

Insider Activity

In other news, insider James M. Kapenstein acquired 1,000 shares of Starz Entertainment stock in a transaction that occurred on Monday, August 10th. The stock was bought at an average price of $25.73 per share, with a total value of $25,730.00. Following the completion of the purchase, the insider owned 12,302 shares in the company, valued at approximately $316,530.46. The trade was a 8.85% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Jason Wyrick sold 2,803 shares of the company's stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $25.47, for a total transaction of $71,392.41. Following the sale, the executive vice president directly owned 27,241 shares in the company, valued at $693,828.27. This trade represents a 9.33% decrease in their position. The disclosure for this sale is available in the SEC filing. 22.62% of the stock is owned by company insiders.

Starz Entertainment Stock Up 6.3%

Shares of NASDAQ STRZ opened at $27.15 on Thursday. Starz Entertainment Corp. has a 52 week low of $8.40 and a 52 week high of $32.58. The business has a 50-day simple moving average of $27.13 and a two-hundred day simple moving average of $19.87. The company has a quick ratio of 0.25, a current ratio of 0.25 and a debt-to-equity ratio of 2.05. The company has a market cap of $464.81 million, a P/E ratio of -1.07 and a beta of 2.46.

Starz Entertainment (NASDAQ:STRZ - Get Free Report) last posted its earnings results on Friday, August 7th. The company reported ($11.27) earnings per share for the quarter, missing analysts' consensus estimates of ($0.59) by ($10.68). Starz Entertainment had a negative net margin of 33.98% and a negative return on equity of 25.64%. The company had revenue of $307.90 million for the quarter. Research analysts anticipate that Starz Entertainment Corp. will post -3.38 earnings per share for the current fiscal year.

About Starz Entertainment

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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