Needham & Company LLC reissued their buy rating on shares of CBS Corporation (NYSE:CBS) in a research report released on Wednesday, September 13th. They currently have a $80.00 price target on the media conglomerate’s stock.
CBS has been the topic of several other research reports. ValuEngine cut CBS Corporation from a buy rating to a hold rating in a report on Monday, September 11th. BidaskClub upgraded CBS Corporation from a sell rating to a hold rating in a report on Saturday, June 24th. Loop Capital reiterated a buy rating and issued a $78.00 target price on shares of CBS Corporation in a report on Sunday, August 20th. Jefferies Group LLC restated a buy rating and set a $71.00 price target on shares of CBS Corporation in a report on Wednesday, June 14th. Finally, Royal Bank Of Canada set a $75.00 price target on shares of CBS Corporation and gave the company a buy rating in a research report on Tuesday, June 6th. Six research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of Buy and a consensus target price of $74.98.
Shares of CBS Corporation (NYSE:CBS) traded up 1.90% on Wednesday, reaching $58.00. The company had a trading volume of 5,982,394 shares. The stock has a 50 day moving average price of $63.34 and a 200-day moving average price of $64.46. CBS Corporation has a 12 month low of $54.11 and a 12 month high of $70.10. The company has a market capitalization of $23.30 billion, a price-to-earnings ratio of 147.58 and a beta of 1.70.
CBS Corporation (NYSE:CBS) last announced its earnings results on Monday, August 7th. The media conglomerate reported $1.04 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.97 by $0.07. The firm had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.09 billion. CBS Corporation had a net margin of 1.27% and a return on equity of 49.51%. CBS Corporation’s revenue was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.93 EPS. Analysts forecast that CBS Corporation will post $4.46 EPS for the current fiscal year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 8th will be given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.24%. The ex-dividend date is Thursday, September 7th. CBS Corporation’s dividend payout ratio is presently 211.76%.
In related news, EVP Gil D. Schwartz sold 5,270 shares of the firm’s stock in a transaction on Wednesday, July 5th. The shares were sold at an average price of $64.08, for a total value of $337,701.60. Following the completion of the transaction, the executive vice president now directly owns 60,322 shares of the company’s stock, valued at $3,865,433.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Anthony G. Ambrosio sold 8,167 shares of the business’s stock in a transaction on Tuesday, July 11th. The stock was sold at an average price of $63.78, for a total transaction of $520,891.26. The disclosure for this sale can be found here. Insiders sold a total of 581,005 shares of company stock worth $36,219,197 over the last quarter. Company insiders own 1.67% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Dupont Capital Management Corp bought a new position in shares of CBS Corporation in the second quarter valued at about $102,000. Israel Discount Bank of New York bought a new stake in shares of CBS Corporation during the 1st quarter worth about $114,000. Ruggie Capital Group acquired a new position in CBS Corporation in the 1st quarter valued at about $120,000. Parallel Advisors LLC raised its holdings in CBS Corporation by 42.5% in the 2nd quarter. Parallel Advisors LLC now owns 1,785 shares of the media conglomerate’s stock valued at $118,000 after acquiring an additional 532 shares during the period. Finally, Holderness Investments Co. acquired a new stake in CBS Corporation during the first quarter worth approximately $203,000. 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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