CBS Corporation (CBS) Earns “Buy” Rating from Needham & Company LLC
Needham & Company LLC reaffirmed their buy rating on shares of CBS Corporation (NYSE:CBS) in a research note released on Wednesday morning. They currently have a $80.00 price objective on the media conglomerate’s stock.
Other research analysts have also recently issued reports about the company. Benchmark Co. raised their target price on CBS Corporation from $76.00 to $81.00 and gave the stock a buy rating in a research report on Tuesday, August 8th. BMO Capital Markets reaffirmed a buy rating and issued a $80.00 target price on shares of CBS Corporation in a research report on Tuesday, August 8th. Jefferies Group LLC reaffirmed a buy rating and issued a $71.00 target price on shares of CBS Corporation in a research report on Wednesday, June 14th. Guggenheim reaffirmed a buy rating and issued a $78.00 target price on shares of CBS Corporation in a research report on Tuesday, June 13th. Finally, Royal Bank Of Canada set a $75.00 target price on CBS Corporation and gave the stock a buy rating in a research report on Tuesday, June 6th. Seven research 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 company. CBS Corporation currently has an average rating of Buy and an average target price of $73.44.
Shares of CBS Corporation (CBS) opened at 58.23 on Wednesday. The company has a market cap of $23.39 billion, a price-to-earnings ratio of 148.17 and a beta of 1.70. The company has a 50 day moving average of $63.81 and a 200-day moving average of $64.62. CBS Corporation has a 52 week low of $48.88 and a 52 week high of $70.10.
CBS Corporation (NYSE:CBS) last issued 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 firm had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.09 billion. CBS Corporation had a return on equity of 49.51% and a net margin of 1.27%. CBS Corporation’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same period last year, the business earned $0.93 earnings per share. On average, equities research analysts expect that CBS Corporation will post $4.46 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Investors of record on Friday, September 8th will be given a $0.18 dividend. The ex-dividend date of this dividend is Thursday, September 7th. This represents a $0.72 dividend on an annualized basis and a yield of 1.24%. 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 Thursday, August 10th. The stock was sold at an average price of $65.96, for a total value of $538,695.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 value of $337,701.60. Following the completion of the sale, the executive vice president now owns 60,322 shares of the company’s stock, valued at $3,865,433.76. The disclosure for this sale can be found here. Over the last quarter, insiders sold 431,005 shares of company stock valued at $27,363,197. Corporate insiders own 1.67% of the company’s stock.
A number of hedge funds have recently made changes to their positions in CBS. Focused Investors LLC acquired a new stake in CBS Corporation in the second quarter worth about $72,467,000. Scopus Asset Management L.P. increased its position in CBS Corporation by 166.7% in the first quarter. Scopus Asset Management L.P. now owns 1,350,000 shares of the media conglomerate’s stock worth $93,636,000 after purchasing an additional 843,900 shares during the period. FMR LLC increased its position in CBS Corporation by 21.2% in the first quarter. FMR LLC now owns 3,530,274 shares of the media conglomerate’s stock worth $244,860,000 after purchasing an additional 618,593 shares during the period. BlueCrest Capital Management Ltd increased its position in CBS Corporation by 957.7% in the first quarter. BlueCrest Capital Management Ltd now owns 431,485 shares of the media conglomerate’s stock worth $29,928,000 after purchasing an additional 390,689 shares during the period. Finally, MARSHALL WACE ASIA Ltd acquired a new stake in CBS Corporation in the first quarter worth about $26,684,000. Hedge funds and other institutional investors own 75.09% of the company’s stock.
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.
Receive News & Ratings for CBS Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CBS Corporation and related companies with MarketBeat.com's FREE daily email newsletter.