CBS Corporation (NYSE:CBS) Issues Earnings Results, Beats Expectations By $0.07 EPS
CBS Corporation (NYSE:CBS) announced its quarterly earnings data on Monday. The media conglomerate reported $1.04 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.97 by $0.07, Briefing.com reports. CBS Corporation had a return on equity of 41.55% and a net margin of 3.96%. The business had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.09 billion. During the same period in the previous year, the business posted $0.93 EPS. The firm’s quarterly revenue was up 9.4% compared to the same quarter last year.
CBS Corporation (NYSE:CBS) opened at 64.52 on Tuesday. The stock has a market capitalization of $26.19 billion, a P/E ratio of 52.63 and a beta of 1.71. CBS Corporation has a 52 week low of $48.88 and a 52 week high of $70.10. The company’s 50-day moving average price is $64.01 and its 200 day moving average price is $64.87.
The business also recently declared a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 8th will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.12%. The ex-dividend date of this dividend is Thursday, September 7th. CBS Corporation’s payout ratio is 63.72%.
In other CBS Corporation news, CEO Leslie Moonves sold 200,000 shares of the firm’s stock in a transaction dated Wednesday, July 12th. The stock was sold at an average price of $63.79, for a total transaction of $12,758,000.00. Following the transaction, the chief executive officer now owns 1,232,652 shares of the company’s stock, valued at $78,630,871.08. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Anthony G. Ambrosio sold 8,167 shares of the firm’s stock in a transaction dated Tuesday, July 11th. The stock was sold at an average price of $63.78, for a total value of $520,891.26. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 218,707 shares of company stock worth $13,961,251. 2.03% of the stock is owned by insiders.
A number of large investors have recently made changes to their positions in CBS. Macquarie Group Ltd. raised its stake in shares of CBS Corporation by 43.4% in the fourth quarter. Macquarie Group Ltd. now owns 286,227 shares of the media conglomerate’s stock worth $18,210,000 after buying an additional 86,661 shares in the last quarter. Raymond James Trust N.A. increased its stake in CBS Corporation by 9.6% in the first quarter. Raymond James Trust N.A. now owns 5,238 shares of the media conglomerate’s stock worth $363,000 after buying an additional 459 shares during the last quarter. Chesley Taft & Associates LLC bought a new stake in CBS Corporation during the first quarter worth about $223,000. Murphy Capital Management Inc. bought a new stake in CBS Corporation during the first quarter worth about $782,000. Finally, Bremer Trust National Association increased its stake in CBS Corporation by 14.8% in the first quarter. Bremer Trust National Association now owns 29,943 shares of the media conglomerate’s stock worth $2,076,000 after buying an additional 3,865 shares during the last quarter. 75.42% of the stock is currently owned by institutional investors.
CBS has been the subject of a number of recent analyst reports. BidaskClub raised CBS Corporation from a “buy” rating to a “strong-buy” rating in a report on Wednesday, August 2nd. Cowen and Company reissued an “outperform” rating and set a $70.00 price objective on shares of CBS Corporation in a report on Friday, May 5th. Telsey Advisory Group boosted their price objective on CBS Corporation from $66.00 to $69.00 and gave the stock a “market perform” rating in a report on Friday, May 5th. Pivotal Research reissued a “hold” rating and set a $67.00 price objective on shares of CBS Corporation in a report on Sunday, April 23rd. Finally, Benchmark Co. reissued a “buy” rating and set a $76.00 price objective on shares of CBS Corporation in a report on Friday, June 16th. Six analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $71.98.
CBS Corporation Company Profile
CBS Corporation is a mass media company. The Company operates through four segment: Entertainment, Cable Networks, Publishing, Local Media. The Entertainment segment comprises the CBS TV Network; CBS TV Studios; CBS Studios International and CBS TV Distribution; CBS Interactive; CBS Films; and the Company’s digital streaming services, CBS All Access and CBSN.
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