Bank of America Corp. Upgrades Viacom Inc. (VIA) to “Buy”
Viacom Inc. (NASDAQ:VIA) was upgraded by investment analysts at Bank of America Corp. from an “underperform” rating to a “buy” rating in a report released on Thursday. The brokerage currently has a $44.00 target price on the stock, up from their prior target price of $37.00. Bank of America Corp.’s price target indicates a potential upside of 9.07% from the company’s previous close.
Several other research firms have also recently weighed in on VIA. Brean Capital started coverage on shares of Viacom in a research note on Thursday, July 7th. They set a “hold” rating for the company. Wedbush reaffirmed a “neutral” rating and set a $44.00 target price (down from $46.00) on shares of Viacom in a research note on Thursday, July 7th. Argus reaffirmed a “hold” rating on shares of Viacom in a research note on Monday, August 15th. Loop Capital reaffirmed a “hold” rating and set a $46.00 target price on shares of Viacom in a research note on Monday, August 29th. Finally, Wunderlich reaffirmed a “buy” rating and set a $87.00 target price on shares of Viacom in a research note on Friday, June 17th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and ten have given a buy rating to the stock. Viacom presently has an average rating of “Hold” and an average target price of $48.67.
Viacom (NASDAQ:VIA) opened at 40.34 on Thursday. The company’s 50 day moving average is $42.17 and its 200 day moving average is $45.21. Viacom has a 12 month low of $33.88 and a 12 month high of $54.69. The stock has a market cap of $16.00 billion, a PE ratio of 7.77 and a beta of 1.17.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Monday, September 26th were issued a $0.20 dividend. The ex-dividend date of this dividend was Thursday, September 22nd. This represents a $0.80 annualized dividend and a dividend yield of 1.98%. Viacom’s dividend payout ratio is currently 15.41%.
Large investors have recently bought and sold shares of the stock. Franklin Resources Inc. raised its stake in Viacom by 7.7% in the first quarter. Franklin Resources Inc. now owns 5,600 shares of the company’s stock valued at $254,000 after buying an additional 400 shares in the last quarter. Schwab Charles Investment Management Inc. increased its position in shares of Viacom by 5.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 10,888 shares of the company’s stock worth $506,000 after buying an additional 588 shares during the last quarter. Allianz Asset Management AG increased its position in shares of Viacom by 7.0% in the second quarter. Allianz Asset Management AG now owns 11,695 shares of the company’s stock worth $543,000 after buying an additional 760 shares during the last quarter. Aperio Group LLC increased its position in shares of Viacom by 18.8% in the first quarter. Aperio Group LLC now owns 8,108 shares of the company’s stock worth $367,000 after buying an additional 1,282 shares during the last quarter. Finally, Brown Advisory Inc. increased its position in shares of Viacom by 20.3% in the second quarter. Brown Advisory Inc. now owns 8,882 shares of the company’s stock worth $412,000 after buying an additional 1,500 shares during the last quarter. Institutional investors and hedge funds own 2.18% of the company’s stock.
Viacom Inc (Viacom) is an entertainment content company that connects with audiences in over 160 countries and territories and creates compelling television programs, motion pictures, short-form video, applications, games, consumer products, social media and other entertainment content. The Company operates through two segments: Media Networks and Filmed Entertainment.
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