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After attaining a high of $58.02 on Mar 28, shares of Time Warner Inc. (TWX - Analyst Report) further soared to touch a new high of $59.09 yesterday.   

Shares of this Media and Entertainment company eventually closed at $58.80, rising approximately 18.8% year to date. The company currently trades at a forward P/E of 16x, at par with the peer group average.

Time Warner has been expanding its digital presence, enabling consumers to enjoy its content through numerous platforms and devices. Alongside, it has entered into several content distribution deals, which strengthen its multichannel subscription model by adding more platforms to deliver its content.

Meanwhile, Warner Bros. became the first movie studio to offer video on demand, and acquired Flixster, a movie search application on smartphones and mobile devices. The company also launched a digital movie technology, UltraViolet, via which consumers have the choice to watch movies on their preferred Internet-connected devices. The device is available in the U.S., Canada and the U.K., and now the company plans to launch the technology in Australia, France, Germany, Irelandand New Zealand.

Alongside, Time Warner has been actively managing its cash flows returning much of its free cash to shareholders via dividend and share repurchases. During the last reported quarter, the company generated free cash flow of $990 million. Time Warner hiked its quarterly dividend by 11% to 28.75 cents a share and announced a new share buyback plan of $4 billion. From Jan 1, 2012 through Feb 1, 2013, Time Warner bought back 84 million shares, aggregating $3.5 billion.

Going forward, this Zacks Rank #3 (Hold) stock projects low double-digit growth rate in earnings per share for 2013.

Besides Time Warner, companies such as V.F. Corp. (VFC - Analyst Report), The Walt Disney Company (DIS - Analyst Report) and The Home Depot, Inc. (HD - Analyst Report) achieved new 52-week highs of $170.56, $59.24 and $71.57, respectively, on Tuesday, Apr 9.

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