Cinema giant Regal agrees to be bought by UK's Cineworld

Cinema giant Regal agrees to be bought by UK's Cineworld

Yesterday Jupiter Asset Management said most investors had not expected the group to embark on any major acquisitions.

Several other large investors have also added to or reduced their stakes in RGC. The company had Year Ago Sales of 812.6 Million. The Manufacturers Life Insurance Company now owns 4,871 shares of the company's stock worth $100,000 after buying an additional 373 shares in the last quarter. For the past 5 years, the company's revenue has grown 3.6%, while the company's earnings per share has grown 31.7%. NY increased its holdings in Regal Entertainment Group by 15.8% in the third quarter. Regal shares were up 6.1 percent in pre-market trading. Recently, analysts have updated the overall rating to 2. Royal Bank Of Canada lifted their price target on Regal Entertainment Group to $23.00 in a research report on Wednesday, November 29th.

The Cineworld Group based in the UK agreed to acquire Regal Entertainment Group a theater operator based in the United States for $3.6 billion to move into the world's largest movie market. Credit Suisse Group AG downgraded Regal Entertainment Group from a "neutral" rating to an "underperform" rating and set a $20.00 target price on the a report on Tuesday, January 31st. The company now has a consensus rating of "Hold" and an average price target of $21.48. For the next 5 years, Regal Entertainment Group is expecting Growth of 10% per annum, whereas in the past 5 years the growth was -0.94% per annum.

The Relative Volume of the company is 2.07 and Average Volume (3 months) is 4.92 million.

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Cineworld has said that it will fund the acquisition through a mixture of debt and a £1.7bn ($2.3bn) equity fundraising. The company's P/E (price to earnings) ratio is 24.7 and Forward P/E ratio of 19.19.

Regal Entertainment Group (NYSE:RGC) last released its earnings results on Tuesday, October 24th. The company reported $0.07 earnings per share (EPS) for the quarter, beating the Thomson Reuters' consensus estimate of $0.04 by $0.03. The return on equity ratio or ROE stands at 13.4 percent while most common profitability ratio return on investment (ROI) was 5 percent. During the same quarter in the previous year, the business earned $0.29 EPS.

The deal is expected to close during the first quarter of 2018. This represents a $0.88 annualized dividend and a yield of 4.27%. The ex-dividend date is Friday, December 1st. Regal Entertainment Group's dividend payout ratio (DPR) is presently 101.15%.

Regal Entertainment Group announced that its Board of Directors has authorized a share buyback program on Thursday, August 31st that allows the company to buyback $50.00 million in shares. Shares repurchase programs are usually an indication that the company's leadership believes its shares are undervalued.