Woodline Partners LP Sells 77,158 Shares of The New York Times Company $NYT

Key Points

• Woodline Partners LP sold 77,158 shares of The New York Times Company, reducing its holdings by 17.9% to own 354,339 shares worth approximately $17.6 million.
• Corporate insiders, including EVP Jacqueline M. Welch and William Bardeen, have recently sold shares, decreasing their ownership stakes by 27.54% and 30.78% respectively.
• New York Times reported $0.58 earnings per share for the most recent quarter, exceeding analyst expectations, alongside a revenue increase of 9.7% year-over-year.

Woodline Partners LP lessened its stake in shares of The New York Times Company (NYSE:NYT - Free Report) by 17.9% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 354,339 shares of the company's stock after selling 77,158 shares during the quarter. Woodline Partners LP owned about 0.22% of New York Times worth $17,575,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in New York Times by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 15,987,404 shares of the company's stock valued at $792,975,000 after purchasing an additional 187,056 shares during the period. T. Rowe Price Investment Management Inc. raised its position in shares of New York Times by 7.2% in the first quarter. T. Rowe Price Investment Management Inc. now owns 10,392,977 shares of the company's stock worth $515,492,000 after buying an additional 698,433 shares in the last quarter. Baillie Gifford & Co. boosted its stake in New York Times by 19.0% during the first quarter. Baillie Gifford & Co. now owns 3,018,477 shares of the company's stock valued at $149,716,000 after buying an additional 481,682 shares during the period. Dimensional Fund Advisors LP grew its position in New York Times by 8.5% during the first quarter. Dimensional Fund Advisors LP now owns 2,707,676 shares of the company's stock worth $134,292,000 after buying an additional 211,062 shares in the last quarter. Finally, Alliancebernstein L.P. increased its stake in New York Times by 37.4% in the 1st quarter. Alliancebernstein L.P. now owns 2,622,794 shares of the company's stock worth $130,091,000 after acquiring an additional 714,317 shares during the last quarter. 95.37% of the stock is currently owned by institutional investors.

New York Times Stock Up 0.6%

Shares of New York Times stock traded up $0.37 on Friday, hitting $58.91. The stock had a trading volume of 1,372,577 shares, compared to its average volume of 1,357,095. The New York Times Company has a one year low of $44.83 and a one year high of $62.24. The stock's 50-day simple moving average is $56.88 and its two-hundred day simple moving average is $53.64. The stock has a market cap of $9.59 billion, a price-to-earnings ratio of 30.37, a PEG ratio of 1.48 and a beta of 1.16.

New York Times (NYSE:NYT - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $0.58 earnings per share for the quarter, topping 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 company had revenue of $685.90 million during the quarter, compared to analyst estimates of $670.22 million. During the same period in the prior year, the business posted $0.45 earnings per share. New York Times's revenue for the quarter was up 9.7% on a year-over-year basis. As a group, equities analysts predict that The New York Times Company will post 2.08 EPS for the current fiscal year.

New York Times Announces Dividend

The firm also recently announced 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 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date was Wednesday, July 9th. New York Times's dividend payout ratio is currently 37.11%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on NYT shares. Evercore ISI raised their price target on New York Times from $60.00 to $67.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. Morgan Stanley raised their price objective on New York Times from $54.00 to $59.00 and gave the company an "equal weight" rating in a report on Thursday, August 7th. Guggenheim upped their target price on New York Times from $55.00 to $56.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Zacks Research downgraded shares of New York Times from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 8th. Finally, Citigroup reaffirmed a "buy" rating on shares of New York Times in a research note on Thursday, June 12th. Four analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $60.33.

Insiders Place Their Bets

In other New York Times news, 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 sale, the executive vice president directly owned 11,243 shares of the company's stock, valued at approximately $652,543.72. The trade was a 30.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Jacqueline M. Welch sold 5,500 shares of the stock in a transaction that occurred 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 directly owned 14,470 shares of the company's stock, valued at $868,778.80. This represents a 27.54% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.90% of the company's stock.

About New York Times

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.