Raymond James Financial Inc. Boosts Stake in The New York Times Company $NYT

Key Points

• Raymond James Financial Inc. increased its stake in The New York Times Company by 331.6% in the first quarter, acquiring a total of 128,078 shares valued at approximately $6.35 million.
• Several other large investors have also raised their positions in New York Times, with notable increases including a 109.3% lift by Wealth Enhancement Advisory Services LLC.
• New York Times announced a quarterly dividend of $0.18 per share, yielding 1.2%, with a payout ratio of 37.11%.

Raymond James Financial Inc. boosted its holdings in shares of The New York Times Company (NYSE:NYT - Free Report) by 331.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 128,078 shares of the company's stock after purchasing an additional 98,405 shares during the period. Raymond James Financial Inc. owned approximately 0.08% of New York Times worth $6,353,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC raised its stake in shares of New York Times by 109.3% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 25,373 shares of the company's stock valued at $1,259,000 after buying an additional 13,248 shares in the last quarter. Asset Management One Co. Ltd. acquired a new position in shares of New York Times in the first quarter valued at approximately $250,000. Centiva Capital LP lifted its position in shares of New York Times by 58.6% in the fourth quarter. Centiva Capital LP now owns 36,031 shares of the company's stock worth $1,875,000 after purchasing an additional 13,311 shares in the last quarter. State of Alaska Department of Revenue raised its position in New York Times by 164.0% during the first quarter. State of Alaska Department of Revenue now owns 49,119 shares of the company's stock worth $2,436,000 after acquiring an additional 30,515 shares in the last quarter. Finally, Element Capital Management LLC bought a new position in shares of New York Times in the first quarter valued at about $2,742,000. Institutional investors own 95.37% of the company's stock.

Insiders Place Their Bets

In other New York Times news, EVP Jacqueline M. Welch sold 5,500 shares of New York Times stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $60.04, for a total value of $330,220.00. Following the completion of the transaction, the executive vice president owned 14,470 shares in the company, valued at approximately $868,778.80. The trade was a 27.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP William Bardeen sold 5,000 shares of New York Times stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $58.04, for a total transaction of $290,200.00. Following the transaction, the executive vice president directly owned 11,243 shares in the company, valued at $652,543.72. The trade was a 30.78% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.90% of the company's stock.

New York Times Stock Up 0.1%

NYSE NYT traded up $0.08 during trading hours on Monday, hitting $59.07. 526,076 shares of the company were exchanged, compared to its average volume of 1,764,902. The company has a 50 day moving average of $56.71 and a two-hundred day moving average of $53.31. The firm has a market cap of $9.62 billion, a price-to-earnings ratio of 30.43, a PEG ratio of 1.49 and a beta of 1.16. The New York Times Company has a 52-week low of $44.83 and a 52-week high of $62.24.

New York Times (NYSE:NYT - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $0.58 EPS for the quarter, beating analysts' consensus estimates of $0.50 by $0.08. New York Times had a net margin of 11.92% and a return on equity of 19.55%. The business had revenue of $685.90 million during the quarter, compared to analysts' expectations of $670.22 million. During the same period in the prior year, the company earned $0.45 earnings per share. The business's revenue was up 9.7% compared to the same quarter last year. On average, equities research analysts predict that The New York Times Company will post 2.08 EPS for the current year.

New York Times Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 24th. Investors of record on Wednesday, July 9th were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend was Wednesday, July 9th. New York Times's dividend payout ratio is currently 37.11%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on NYT. Evercore ISI lifted their price objective on shares of New York Times from $60.00 to $67.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. Guggenheim boosted their target price on shares of New York Times from $55.00 to $56.00 and gave the company a "neutral" rating in a report on Thursday, August 7th. Citigroup restated a "buy" rating on shares of New York Times in a research report on Thursday, June 12th. Barclays set a $52.00 price target on New York Times and gave the company an "equal weight" rating in a report on Thursday, August 7th. Finally, Morgan Stanley boosted their price objective on New York Times from $54.00 to $59.00 and gave the stock an "equal weight" rating in a research note on Thursday, August 7th. Four investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, New York Times currently has a consensus rating of "Moderate Buy" and an average price target of $60.33.

New York Times Company Profile

The New York Times Company, together with its subsidiaries, creates, collects, and distributes news and information worldwide. The company operates through two segments, The New York Times Group and The Athletic. It offers The New York Times (The Times) through company's mobile application, website, printed newspaper, and associated content, such as podcast.