Credit Suisse Group AG Reaffirms “Outperform” Rating for CBS Corp. (CBS)
CBS Corp. (NYSE:CBS)‘s stock had its “outperform” rating reiterated by analysts at Credit Suisse Group AG in a report released on Wednesday. They currently have a $75.00 price objective on the media conglomerate’s stock. Credit Suisse Group AG’s price objective suggests a potential upside of 32.96% from the stock’s previous close.
Several other research analysts also recently commented on the company. Drexel Hamilton started coverage on CBS Corp. in a report on Tuesday, September 6th. They issued a “buy” rating and a $65.00 price objective on the stock. Jefferies Group reiterated a “buy” rating on shares of CBS Corp. in a report on Monday, September 12th. Zacks Investment Research upgraded CBS Corp. from a “hold” rating to a “buy” rating and set a $62.00 price objective on the stock in a report on Wednesday, July 20th. BMO Capital Markets reiterated an “outperform” rating and issued a $63.00 price objective on shares of CBS Corp. in a report on Sunday, July 31st. Finally, Telsey Advisory Group cut CBS Corp. from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $67.00 to $57.00 in a research note on Thursday, September 22nd. Five equities research analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company’s stock. CBS Corp. currently has a consensus rating of “Buy” and a consensus target price of $62.64.
CBS Corp. (NYSE:CBS) traded up 1.55% on Wednesday, reaching $56.41. The company had a trading volume of 5,608,823 shares. The company’s 50 day moving average is $52.15 and its 200-day moving average is $53.75. CBS Corp. has a one year low of $41.36 and a one year high of $58.22. The firm has a market capitalization of $25.08 billion, a price-to-earnings ratio of 16.69 and a beta of 1.81.
CBS Corp. (NYSE:CBS) last released its quarterly earnings data on Thursday, July 28th. The media conglomerate reported $0.93 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.86 by $0.07. The firm had revenue of $3.29 billion for the quarter, compared to the consensus estimate of $3.21 billion. CBS Corp. had a return on equity of 31.53% and a net margin of 11.07%. The company’s quarterly revenue was up 2.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.74 earnings per share. On average, equities research analysts expect that CBS Corp. will post $3.09 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Saturday, October 1st. Investors of record on Friday, September 9th were issued a $0.18 dividend. The ex-dividend date was Wednesday, September 7th. This represents a $0.72 annualized dividend and a yield of 1.28%. This is an increase from CBS Corp.’s previous quarterly dividend of $0.15. CBS Corp.’s dividend payout ratio is currently 21.30%.
Hedge funds and other institutional investors have recently modified their holdings of the company. British Columbia Investment Management Corp increased its position in shares of CBS Corp. by 9.6% in the second quarter. British Columbia Investment Management Corp now owns 196,111 shares of the media conglomerate’s stock valued at $10,676,000 after buying an additional 17,103 shares in the last quarter. Bank of Montreal Can purchased a new position in shares of CBS Corp. during the second quarter valued at $13,118,000. Redwood Investments LLC increased its position in shares of CBS Corp. by 6,964.5% in the second quarter. Redwood Investments LLC now owns 196,746 shares of the media conglomerate’s stock valued at $10,711,000 after buying an additional 193,961 shares in the last quarter. Junto Capital Management LP purchased a new position in shares of CBS Corp. during the first quarter valued at $25,427,000. Finally, Kovitz Investment Group Partners LLC purchased a new position in shares of CBS Corp. during the first quarter valued at $51,458,000. 76.78% of the stock is owned by institutional investors.
About CBS Corp.
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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