CBS Corporation (CBS) Receives Buy Rating from Citigroup Inc.
Citigroup Inc. reaffirmed their buy rating on shares of CBS Corporation (NYSE:CBS) in a research report sent to investors on Wednesday morning. They currently have a $75.00 target price on the media conglomerate’s stock, down from their previous target price of $76.00.
CBS has been the topic of a number of other research reports. BMO Capital Markets restated a buy rating and issued a $80.00 price objective on shares of CBS Corporation in a report on Tuesday, August 8th. BidaskClub upgraded CBS Corporation from a buy rating to a strong-buy rating in a report on Wednesday, August 2nd. Jefferies Group LLC reiterated a buy rating and set a $73.00 price target (up previously from $71.00) on shares of CBS Corporation in a report on Wednesday, August 9th. Argus reiterated a buy rating and set a $79.00 price target (up previously from $71.00) on shares of CBS Corporation in a report on Thursday, August 10th. Finally, ValuEngine lowered CBS Corporation from a buy rating to a hold rating in a report on Monday, September 11th. Five equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company. The company has an average rating of Buy and an average target price of $74.94.
CBS Corporation (CBS) traded down 1.78% during trading on Wednesday, hitting $58.90. 3,967,343 shares of the stock traded hands. CBS Corporation has a 52-week low of $54.37 and a 52-week high of $70.10. The stock has a market cap of $23.66 billion, a P/E ratio of 149.87 and a beta of 1.68. The stock has a 50 day moving average price of $61.19 and a 200-day moving average price of $63.77. CBS Corporation also saw some unusual options trading on Monday. Investors acquired 7,736 call options on the company. This represents an increase of approximately 179% compared to the typical daily volume of 2,770 call options.
CBS Corporation (NYSE:CBS) last announced its quarterly earnings data on Monday, August 7th. The media conglomerate reported $1.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.97 by $0.07. The company had revenue of $3.26 billion for 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% on a year-over-year basis. During the same quarter last year, the firm posted $0.93 EPS. On average, analysts anticipate that CBS Corporation will post $4.46 EPS for the current fiscal year.
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The company also recently disclosed a quarterly dividend, which was paid on Sunday, October 1st. Shareholders of record on Friday, September 8th were 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 was Thursday, September 7th. CBS Corporation’s dividend payout ratio is currently 211.76%.
In other CBS Corporation news, EVP Gil D. Schwartz sold 5,270 shares of the business’s stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $65.40, for a total value of $344,658.00. Following the completion of the sale, the executive vice president now owns 60,322 shares in the company, valued at $3,945,058.80. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Anthony G. Ambrosio sold 8,167 shares of the business’s stock in a transaction that occurred on Tuesday, July 11th. The shares were 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. In the last quarter, insiders sold 575,735 shares of company stock valued at $35,881,495. 1.67% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of CBS. Focused Investors LLC purchased a new stake in CBS Corporation in the second quarter valued at approximately $72,467,000. Scopus Asset Management L.P. lifted its stake 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 valued at $93,636,000 after buying an additional 843,900 shares during the last quarter. FMR LLC lifted its stake in CBS Corporation by 21.2% in the first quarter. FMR LLC now owns 3,530,274 shares of the media conglomerate’s stock valued at $244,860,000 after buying an additional 618,593 shares during the last quarter. BlueCrest Capital Management Ltd lifted its stake 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 valued at $29,928,000 after buying an additional 390,689 shares during the last quarter. Finally, MARSHALL WACE ASIA Ltd purchased a new stake in CBS Corporation in the first quarter valued at approximately $26,684,000. Institutional investors own 75.08% of the company’s stock.
About CBS Corporation
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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