CBS Corp. (CBS) Trading Down 3%
CBS Corp. (NYSE:CBS) shares dropped 3% during mid-day trading on Friday . The stock traded as low as $55.84 and last traded at $56.19, with a volume of 3,319,040 shares traded. The stock had previously closed at $57.94.
CBS has been the subject of several recent analyst reports. Sanford C. Bernstein reissued a “market perform” rating on shares of CBS Corp. in a research note on Friday, June 17th. Morgan Stanley reissued an “overweight” rating on shares of CBS Corp. in a research note on Friday, May 27th. Needham & Company LLC reissued a “buy” rating and issued a $65.00 price target on shares of CBS Corp. in a research note on Saturday, July 2nd. Wells Fargo & Co. reissued an “outperform” rating on shares of CBS Corp. in a research note on Saturday, June 25th. Finally, JPMorgan Chase & Co. reissued a “buy” rating on shares of CBS Corp. in a research note on Thursday, June 30th. Five research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. CBS Corp. has a consensus rating of “Buy” and an average price target of $61.86.
The company has a market cap of $25.30 billion and a price-to-earnings ratio of 17.91. The company’s 50-day moving average price is $54.39 and its 200 day moving average price is $51.82.
CBS Corp. (NYSE:CBS) last posted its earnings results on Tuesday, May 3rd. The media conglomerate reported $1.02 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.94 by $0.08. The business had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $3.50 billion. The business’s revenue was up 10.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.78 earnings per share. On average, equities research analysts expect that CBS Corp. will post $3.09 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, July 1st. Shareholders of record on Friday, June 10th were issued a dividend of $0.15 per share. The ex-dividend date was Wednesday, June 8th. This represents a $0.60 annualized dividend and a yield of 1.07%.
A number of hedge funds and institutional investors have bought and sold shares of the company. South Dakota Investment Council raised its position in CBS Corp. by 216.7% in the fourth quarter. South Dakota Investment Council now owns 225,840 shares of the media conglomerate’s stock valued at $10,644,000 after buying an additional 154,540 shares in the last quarter. Suntrust Banks Inc. raised its position in CBS Corp. by 12.7% in the fourth quarter. Suntrust Banks Inc. now owns 43,260 shares of the media conglomerate’s stock valued at $2,036,000 after buying an additional 4,877 shares in the last quarter. Geller Family Office Services LLC raised its position in CBS Corp. by 2.9% in the fourth quarter. Geller Family Office Services LLC now owns 32,865 shares of the media conglomerate’s stock valued at $1,549,000 after buying an additional 917 shares in the last quarter. Andra AP fonden raised its position in CBS Corp. by 8.6% in the fourth quarter. Andra AP fonden now owns 60,600 shares of the media conglomerate’s stock valued at $2,856,000 after buying an additional 4,800 shares in the last quarter. Finally, UBS Oconnor LLC acquired a new position in CBS Corp. during the fourth quarter valued at $6,127,000.
CBS Corporation is a mass media company. The Company’s segments include Entertainment, Cable Networks, Publishing and Local Broadcasting. Its Entertainment segment is composed of the CBS Television Network; CBS Television Studios; CBS Global Distribution Group (composed of CBS Studios International and CBS Television Distribution); CBS Interactive, and CBS Films.
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