Cowen and Company Reaffirms “Buy” Rating for CBS Corporation (CBS)
Other research analysts have also issued reports about the company. Needham & Company LLC reiterated a buy rating and issued a $80.00 price objective on shares of CBS Corporation in a research report on Tuesday, August 8th. Benchmark Co. increased their price objective on CBS Corporation from $76.00 to $81.00 and gave the stock a buy rating in a research report on Tuesday, August 8th. Jefferies Group LLC reiterated a buy rating and issued a $71.00 price objective on shares of CBS Corporation in a research report on Wednesday, June 14th. Guggenheim reiterated a buy rating and issued a $78.00 price objective on shares of CBS Corporation in a research report on Tuesday, June 13th. Finally, Royal Bank Of Canada set a $75.00 price objective on CBS Corporation and gave the stock a buy rating in a research report on Tuesday, June 6th. Six investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of Buy and an average target price of $74.98.
Shares of CBS Corporation (CBS) opened at 59.23 on Thursday. The company’s 50 day moving average price is $63.34 and its 200-day moving average price is $64.46. CBS Corporation has a 52 week low of $48.88 and a 52 week high of $70.10. The company has a market capitalization of $23.79 billion, a price-to-earnings ratio of 150.71 and a beta of 1.70.
CBS Corporation (NYSE:CBS) last issued its quarterly earnings data on Monday, August 7th. The media conglomerate reported $1.04 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.07. The company had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.09 billion. CBS Corporation had a return on equity of 49.51% and a net margin of 1.27%. The firm’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.93 earnings per share. Analysts anticipate that CBS Corporation will post $4.46 earnings per share for the current fiscal year.
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The firm also recently declared a quarterly dividend, which will be paid on Sunday, October 1st. Shareholders of record on Friday, September 8th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.22%. The ex-dividend date of this dividend is Thursday, September 7th. CBS Corporation’s dividend payout ratio is presently 211.76%.
In other CBS Corporation news, 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 transaction of $520,891.26. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 value of $12,758,000.00. Following the transaction, the chief executive officer now directly owns 1,232,652 shares in the company, valued at approximately $78,630,871.08. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 581,005 shares of company stock worth $36,219,197. 1.67% of the stock is owned by insiders.
Several hedge funds have recently modified their holdings of CBS. Focused Investors LLC purchased a new position in shares of CBS Corporation during the second quarter worth about $72,467,000. Scopus Asset Management L.P. grew its holdings in shares of CBS Corporation by 166.7% during 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 last quarter. FMR LLC grew its holdings in shares of CBS Corporation by 21.2% during 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 last quarter. BlueCrest Capital Management Ltd grew its holdings in shares of CBS Corporation by 957.7% during 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 last quarter. Finally, MARSHALL WACE ASIA Ltd purchased a new position in shares of CBS Corporation during the first quarter worth about $26,684,000. 75.08% of the stock is currently owned by institutional investors.
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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