Investors Buy CBS Corporation (CBS) on Weakness
Traders purchased shares of CBS Corporation (NYSE:CBS) on weakness during trading hours on Friday. $65.14 million flowed into the stock on the tick-up and $45.60 million flowed out of the stock on the tick-down, for a money net flow of $19.54 million into the stock. Of all equities tracked, CBS Corporation had the 26th highest net in-flow for the day. CBS Corporation traded down ($1.08) for the day and closed at $59.42
A number of equities analysts have recently weighed in on CBS shares. BMO Capital Markets reaffirmed a “buy” rating and issued a $80.00 price target on shares of CBS Corporation in a research note on Tuesday, August 8th. BidaskClub raised shares of CBS Corporation from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, August 2nd. Jefferies Group LLC reaffirmed a “buy” rating and issued a $73.00 price target (up from $71.00) on shares of CBS Corporation in a research note on Wednesday, August 9th. Argus reaffirmed a “buy” rating and issued a $79.00 price target (up from $71.00) on shares of CBS Corporation in a research note on Thursday, August 10th. Finally, Citigroup Inc. reaffirmed a “buy” rating and issued a $76.00 price target (up from $75.00) on shares of CBS Corporation in a research note on Wednesday, August 23rd. Six analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $73.44.
The firm’s 50 day moving average is $65.10 and its 200-day moving average is $64.95. The company has a market capitalization of $23.87 billion, a price-to-earnings ratio of 151.20 and a beta of 1.70.
CBS Corporation (NYSE:CBS) last announced its earnings results on Monday, August 7th. The media conglomerate reported $1.04 EPS for the quarter, topping the consensus estimate of $0.97 by $0.07. The business had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.09 billion. CBS Corporation had a net margin of 1.27% and a return on equity of 49.51%. CBS Corporation’s revenue was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.93 EPS. On average, equities analysts forecast that CBS Corporation will post $4.46 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Investors of record on Friday, September 8th will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.21%. The ex-dividend date of this dividend is Thursday, September 7th. CBS Corporation’s payout ratio is 211.76%.
In related news, EVP Anthony G. Ambrosio sold 8,167 shares of CBS Corporation stock in a transaction dated Tuesday, July 11th. The shares were sold at an average price of $63.78, for a total transaction of $520,891.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Gil D. Schwartz sold 5,270 shares of CBS Corporation stock in a transaction dated Wednesday, July 5th. The stock was sold at an average price of $64.08, for a total transaction of $337,701.60. Following the sale, the executive vice president now directly owns 60,322 shares of the company’s stock, valued at approximately $3,865,433.76. The disclosure for this sale can be found here. Insiders have sold a total of 376,874 shares of company stock valued at $24,201,946 in the last ninety days. 1.67% of the stock is currently owned by insiders.
Several hedge funds have recently made changes to their positions in CBS. State of Alaska Department of Revenue bought a new stake in shares of CBS Corporation during the 1st quarter worth about $157,000. First Trust Advisors LP boosted its holdings in shares of CBS Corporation by 8.5% during the 1st quarter. First Trust Advisors LP now owns 147,177 shares of the media conglomerate’s stock worth $10,208,000 after buying an additional 11,578 shares during the period. Daiwa Securities Group Inc. boosted its holdings in shares of CBS Corporation by 12.0% during the 1st quarter. Daiwa Securities Group Inc. now owns 39,991 shares of the media conglomerate’s stock worth $2,774,000 after buying an additional 4,300 shares during the period. Boston Partners boosted its holdings in shares of CBS Corporation by 3.0% during the 1st quarter. Boston Partners now owns 3,242,746 shares of the media conglomerate’s stock worth $224,917,000 after buying an additional 94,956 shares during the period. Finally, Checchi Capital Advisers LLC bought a new stake in shares of CBS Corporation during the 1st quarter worth about $214,000. 75.09% of the stock is owned by institutional investors and hedge funds.
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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.