CBS (CBS) Coverage Initiated by Analysts at Wolfe Research
Wolfe Research assumed coverage on shares of CBS (NYSE:CBS) in a report released on Friday morning, The Fly reports. The brokerage issued a market perform rating on the media conglomerate’s stock.
A number of other analysts have also commented on CBS. ValuEngine raised CBS from a strong sell rating to a sell rating in a report on Friday, September 7th. Barrington Research restated a buy rating and issued a $73.00 target price on shares of CBS in a research note on Monday, September 10th. UBS Group downgraded CBS from a buy rating to a neutral rating and cut their target price for the stock from $72.00 to $60.00 in a research note on Monday, September 10th. B. Riley boosted their target price on CBS from $61.00 to $63.00 and gave the stock a buy rating in a research note on Wednesday, September 26th. Finally, Zacks Investment Research downgraded CBS from a hold rating to a sell rating in a research note on Tuesday, October 9th. Thirteen research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. CBS currently has an average rating of Hold and an average price target of $66.14.
CBS traded down $0.21 during midday trading on Friday, reaching $51.10. 2,834,884 shares of the company were exchanged, compared to its average volume of 2,251,970. The company has a debt-to-equity ratio of 3.76, a quick ratio of 1.05 and a current ratio of 1.51. The firm has a market capitalization of $19.21 billion, a P/E ratio of 12.20, a P/E/G ratio of 0.66 and a beta of 1.19. CBS has a one year low of $47.54 and a one year high of $61.59.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 1st. Investors of record on Tuesday, December 11th will be paid a $0.18 dividend. The ex-dividend date is Monday, December 10th. This represents a $0.72 annualized dividend and a yield of 1.41%. CBS’s payout ratio is 17.18%.
In related news, EVP Anthony G. Ambrosio sold 3,449 shares of the company’s stock in a transaction that occurred on Tuesday, October 9th. The stock was sold at an average price of $57.67, for a total value of $198,903.83. Following the transaction, the executive vice president now owns 72,702 shares in the company, valued at $4,192,724.34. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Anthony G. Ambrosio sold 11,697 shares of the company’s stock in a transaction that occurred on Friday, September 28th. The shares were sold at an average price of $57.53, for a total value of $672,928.41. Following the completion of the transaction, the executive vice president now owns 80,950 shares in the company, valued at approximately $4,657,053.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 17,380 shares of company stock worth $1,001,762. 0.51% of the stock is owned by company insiders.
A number of institutional investors have recently bought and sold shares of CBS. Capital Research Global Investors lifted its stake in CBS by 31.6% in the third quarter. Capital Research Global Investors now owns 32,802,753 shares of the media conglomerate’s stock valued at $1,884,518,000 after purchasing an additional 7,877,689 shares during the last quarter. Capital International Investors raised its holdings in CBS by 77.7% during the 3rd quarter. Capital International Investors now owns 3,988,800 shares of the media conglomerate’s stock valued at $229,157,000 after acquiring an additional 1,744,200 shares during the period. Victory Capital Management Inc. raised its holdings in CBS by 21.3% during the 3rd quarter. Victory Capital Management Inc. now owns 3,234,338 shares of the media conglomerate’s stock valued at $185,813,000 after acquiring an additional 568,942 shares during the period. Capital Guardian Trust Co. bought a new stake in CBS during the 3rd quarter valued at $30,851,000. Finally, Menora Mivtachim Holdings LTD. bought a new stake in CBS during the 3rd quarter valued at $23,264,000. Institutional investors and hedge funds own 68.78% of the company’s stock.
CBS Corporation operates as a mass media company worldwide. The company operates through four segments: Entertainment, Cable Networks, Publishing, and Local Media. The Entertainment segment distributes a schedule of news and public affairs broadcasts, and sports and entertainment programming; produces, acquires, and/or distributes programming, including series, specials, news, and public affairs; operates online content networks for information and entertainment; produces, acquires, and distributes theatrical motion pictures; and digital streaming services.
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