Jefferies Group LLC Reaffirms “Buy” Rating for CBS Corporation (CBS)
Jefferies Group LLC reissued their buy rating on shares of CBS Corporation (NYSE:CBS) in a research note issued to investors on Monday. Jefferies Group LLC currently has a $73.00 price objective on the media conglomerate’s stock.
Several other research firms also recently commented on CBS. BidaskClub upgraded shares of CBS Corporation from a hold rating to a buy rating in a report on Tuesday, July 25th. Barclays PLC set a $57.00 price objective on shares of CBS Corporation and gave the company a hold rating in a report on Friday, August 11th. Argus reiterated a buy rating and issued a $79.00 price objective (up from $71.00) on shares of CBS Corporation in a report on Thursday, August 10th. Needham & Company LLC reiterated a buy rating and issued a $80.00 price objective on shares of CBS Corporation in a report on Tuesday, August 8th. Finally, Royal Bank Of Canada reiterated an outperform rating and issued a $77.00 price objective (up from $75.00) on shares of CBS Corporation in a report on Tuesday, August 8th. One analyst has rated the stock with a sell rating, six have given a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average target price of $74.67.
Shares of CBS Corporation (NYSE:CBS) traded up 0.25% during mid-day trading on Monday, reaching $57.10. 156,013 shares of the company’s stock were exchanged. The stock has a market cap of $22.93 billion, a price-to-earnings ratio of 145.29 and a beta of 1.68. The stock’s 50-day moving average is $59.09 and its 200-day moving average is $63.04. CBS Corporation has a 52-week low of $54.93 and a 52-week high of $70.10.
CBS Corporation (NYSE:CBS) last released its quarterly earnings data on Monday, August 7th. The media conglomerate reported $1.04 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.97 by $0.07. CBS Corporation had a net margin of 1.27% and a return on equity of 49.51%. The firm had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.09 billion. During the same period in the previous year, the company earned $0.93 earnings per share. The company’s quarterly revenue was up 9.4% on a year-over-year basis. On average, equities analysts expect that CBS Corporation will post $4.45 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Sunday, October 1st. Investors of record on Friday, September 8th were issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.26%. The ex-dividend date of this dividend was Thursday, September 7th. CBS Corporation’s dividend payout ratio is currently 211.76%.
In related news, CEO Leslie Moonves sold 150,000 shares of the stock in a transaction on Tuesday, October 10th. The stock was sold at an average price of $57.62, for a total value of $8,643,000.00. Following the transaction, the chief executive officer now directly owns 1,182,652 shares in the company, valued at approximately $68,144,408.24. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Gil D. Schwartz sold 5,270 shares of the stock in a transaction 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 transaction, the executive vice president now owns 60,322 shares in the company, valued at $3,945,058.80. The disclosure for this sale can be found here. Over the last quarter, insiders sold 517,568 shares of company stock worth $31,245,604. 1.67% of the stock is owned by company insiders.
Large investors have recently modified their holdings of the business. Dupont Capital Management Corp bought a new position in CBS Corporation during the 2nd quarter valued at $102,000. Parallel Advisors LLC increased its position in shares of CBS Corporation by 42.5% during the 2nd quarter. Parallel Advisors LLC now owns 1,785 shares of the media conglomerate’s stock valued at $118,000 after purchasing an additional 532 shares during the last quarter. Independent Portfolio Consultants Inc. increased its position in shares of CBS Corporation by 31.4% during the 2nd quarter. Independent Portfolio Consultants Inc. now owns 2,936 shares of the media conglomerate’s stock valued at $187,000 after purchasing an additional 701 shares during the last quarter. Tocqueville Asset Management L.P. purchased a new stake in shares of CBS Corporation during the 2nd quarter valued at $205,000. Finally, Bridgewater Wealth & Financial Management LLC increased its position in shares of CBS Corporation by 12.3% during the 2nd quarter. Bridgewater Wealth & Financial Management LLC now owns 3,421 shares of the media conglomerate’s stock valued at $218,000 after purchasing an additional 374 shares during the last quarter. Institutional investors and hedge funds own 75.06% 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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