Wedbush Reiterates “Outperform” Rating for Regal Entertainment Group (RGC)

Wedbush restated their outperform rating on shares of Regal Entertainment Group (NYSE:RGC) in a report issued on Monday. They currently have a $23.00 price target on the stock, up from their prior price target of $19.00. Wedbush also issued estimates for Regal Entertainment Group’s Q3 2017 earnings at $0.05 EPS, Q4 2017 earnings at $0.36 EPS, FY2017 earnings at $0.89 EPS, Q1 2018 earnings at $0.24 EPS, Q2 2018 earnings at $0.27 EPS, Q3 2018 earnings at $0.18 EPS, Q4 2018 earnings at $0.29 EPS and FY2018 earnings at $0.99 EPS.

Other analysts have also issued reports about the company. MKM Partners raised Regal Entertainment Group from a neutral rating to a buy rating and raised their price objective for the company from $20.00 to $22.00 in a report on Tuesday, September 5th. They noted that the move was a valuation call. B. Riley reissued a buy rating and issued a $26.00 price objective on shares of Regal Entertainment Group in a report on Tuesday, July 18th. Benchmark Co. dropped their price objective on Regal Entertainment Group from $24.00 to $19.00 and set a buy rating on the stock in a report on Tuesday, September 26th. Morgan Stanley raised Regal Entertainment Group from an underweight rating to an equal weight rating and set a $17.00 price objective on the stock in a report on Thursday, October 5th. Finally, Piper Jaffray Companies set a $19.00 price objective on Regal Entertainment Group and gave the company a hold rating in a report on Thursday, July 27th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Regal Entertainment Group presently has a consensus rating of Hold and an average price target of $23.38.

Regal Entertainment Group (RGC) opened at 16.11 on Monday. Regal Entertainment Group has a 12-month low of $13.90 and a 12-month high of $24.79. The company has a 50-day moving average price of $15.82 and a 200-day moving average price of $19.16. The stock has a market capitalization of $2.52 billion, a PE ratio of 14.96 and a beta of 0.97.

Regal Entertainment Group (NYSE:RGC) last issued its quarterly earnings data on Wednesday, July 26th. The company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.02). Regal Entertainment Group had a net margin of 5.24% and a negative return on equity of 20.42%. The business had revenue of $764.20 million during the quarter, compared to analyst estimates of $764.15 million. During the same period in the previous year, the business posted $0.23 earnings per share. The firm’s revenue for the quarter was down 2.8% on a year-over-year basis. Analysts expect that Regal Entertainment Group will post $0.97 earnings per share for the current fiscal year.

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The company also recently announced a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Tuesday, September 5th were given a $0.22 dividend. The ex-dividend date of this dividend was Thursday, August 31st. This represents a $0.88 annualized dividend and a dividend yield of 5.46%. Regal Entertainment Group’s dividend payout ratio (DPR) is presently 82.24%.

Regal Entertainment Group declared that its board has authorized a stock repurchase plan on Thursday, August 31st that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 2.2% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

In other news, CFO David Ownby bought 7,500 shares of the firm’s stock in a transaction dated Thursday, August 24th. The shares were acquired at an average price of $14.04 per share, for a total transaction of $105,300.00. Following the completion of the transaction, the chief financial officer now directly owns 229,573 shares in the company, valued at approximately $3,223,204.92. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Stephen A. Kaplan bought 10,000 shares of the firm’s stock in a transaction dated Friday, August 25th. The stock was purchased at an average price of $14.87 per share, for a total transaction of $148,700.00. Following the transaction, the director now owns 155,572 shares of the company’s stock, valued at $2,313,355.64. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 242,500 shares of company stock worth $641,000. Company insiders own 2.00% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RGC. BlackRock Inc. lifted its position in shares of Regal Entertainment Group by 10,841.3% in the first quarter. BlackRock Inc. now owns 3,861,499 shares of the company’s stock valued at $87,192,000 after acquiring an additional 3,826,206 shares in the last quarter. Brandywine Global Investment Management LLC purchased a new position in shares of Regal Entertainment Group in the second quarter valued at approximately $48,366,000. Vanguard Group Inc. lifted its position in shares of Regal Entertainment Group by 10.7% in the first quarter. Vanguard Group Inc. now owns 12,828,823 shares of the company’s stock valued at $289,675,000 after acquiring an additional 1,241,331 shares in the last quarter. Alliancebernstein L.P. lifted its position in shares of Regal Entertainment Group by 11.6% in the second quarter. Alliancebernstein L.P. now owns 10,092,993 shares of the company’s stock valued at $206,503,000 after acquiring an additional 1,048,051 shares in the last quarter. Finally, Point72 Asset Management L.P. purchased a new position in shares of Regal Entertainment Group in the first quarter valued at approximately $20,986,000. Institutional investors and hedge funds own 82.41% of the company’s stock.

Regal Entertainment Group Company Profile

Regal Entertainment Group is an operator of theatre circuits in the United States. As of March 31, 2017, the Company operated 7,262 screens in 559 theatres in 43 states along with Guam, Saipan, American Samoa and the District of Columbia. The Company manages its business under theatre exhibition operations segment.

Analyst Recommendations for Regal Entertainment Group (NYSE:RGC)

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