ITV (LON:ITV) to Buyback 0 Shares

ITV (LON:ITV) declared that its Board of Directors has authorized a stock buyback program on Friday, July 31st, RTT News reports. The company plans to buyback 0 shares. This buyback authorization authorizes the broadcaster to reacquire shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. JPMorgan Chase & Co. downgraded shares of ITV to a “neutral” rating and reduced their price target for the company from GBX 104 to GBX 85 in a research note on Tuesday, July 7th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a GBX 90 price objective on shares of ITV in a report on Friday, May 15th. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of GBX 87.50.

ITV Trading Down 1.4%

ITV opened at GBX 74.25 on Monday. ITV has a 52 week low of GBX 65.70 and a 52 week high of GBX 87.35. The company has a quick ratio of 0.83, a current ratio of 1.18 and a debt-to-equity ratio of 52.95. The business has a fifty day simple moving average of GBX 78.69 and a 200-day simple moving average of GBX 79.54. The firm has a market cap of £2.78 billion, a P/E ratio of 12.80, a P/E/G ratio of -0.53 and a beta of 0.82.

ITV (LON:ITV) last posted its quarterly earnings data on Friday, July 31st. The broadcaster reported GBX 2.20 earnings per share (EPS) for the quarter. ITV had a return on equity of 13.15% and a net margin of 6.57%. On average, equities analysts expect that ITV will post 1120 earnings per share for the current year.

Insider Activity

In other ITV news, insider Chris Kennedy sold 396,282 shares of ITV stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of GBX 78, for a total value of £309,099.96. Also, insider Carolyn McCall sold 652,363 shares of the business’s stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of GBX 78, for a total transaction of £508,843.14. Insiders own 0.53% of the company’s stock.

About ITV

ITV is a producer, streamer and broadcaster, consisting of ITV Studios and Media & Entertainment (M&E).

ITV Studios is a scaled global creator, owner and distributor of high-quality TV content, producing some of the most successful shows in the world. It operates in 13 countries, across 60+ labels and is diversified by genre, geography and customer in the key creative markets around the world.

Media & Entertainment is the largest commercial streamer and broadcaster. Through M&E, we make brilliant British-focused content available on ITVX – our free, advertiser-funded streaming service – alongside our free-to-air linear TV channels.