CBS Corporation (CBS) Downgraded to “Sell” at Zacks Investment Research

Zacks Investment Research downgraded shares of CBS Corporation (NYSE:CBS) from a hold rating to a sell rating in a research note released on Tuesday, October 17th.

According to Zacks, “Shares of CBS have underperformed the industry in the past three months. During the second half of 2017, the company may face tough advertising revenue comparison as the prior year benefited from strong political advertising. Moreover, currency fluctuations and higher expenditure for original programming might prove to be a drag. Nevertheless, CBS is likely to gain from increasing demand for content, rise in retransmission rates, expansion of direct-to-consumer business, sturdy digital presence and upfront fees from traditional distribution partners. These helped the company to post better-than-expected second-quarter 2017 results. We believe with the launch of Showtime's streaming service; online news channel, CBSN; and over-the-top service, CBS All Access, the company is generating incremental revenue. Moreover, the company aims to attain $2.5 billion of revenues from retransmission and reverse compensation by 2020.”

CBS has been the subject of a number of other reports. BMO Capital Markets restated a buy rating and set a $80.00 price objective on shares of CBS Corporation in a research note on Tuesday, August 8th. BidaskClub upgraded shares of CBS Corporation from a buy rating to a strong-buy rating in a research note on Wednesday, August 2nd. Jefferies Group LLC restated a buy rating and set a $73.00 price objective (up from $71.00) on shares of CBS Corporation in a research note on Wednesday, August 9th. Argus restated a buy rating and set a $79.00 price objective (up from $71.00) on shares of CBS Corporation in a research note on Thursday, August 10th. Finally, Citigroup Inc. restated a buy rating and set a $76.00 price objective (up from $75.00) on shares of CBS Corporation in a research note on Wednesday, August 23rd. Six 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. CBS Corporation has a consensus rating of Buy and an average price target of $73.33.

Shares of CBS Corporation (NYSE:CBS) traded up $1.74 during trading hours on Tuesday, hitting $57.14. 4,616,002 shares of the company’s stock were exchanged, compared to its average volume of 5,033,839. The firm has a market cap of $22,251.52, a price-to-earnings ratio of 12.88, a PEG ratio of 0.97 and a beta of 1.62. The company has a debt-to-equity ratio of 3.03, a quick ratio of 1.10 and a current ratio of 1.55. CBS Corporation has a 1 year low of $52.75 and a 1 year high of $70.10.

CBS Corporation (NYSE:CBS) last posted its quarterly earnings data on Thursday, November 2nd. The media conglomerate reported $1.11 EPS for the quarter, topping the Zacks’ consensus estimate of $1.07 by $0.04. CBS Corporation had a net margin of 2.14% and a return on equity of 58.49%. The company had revenue of $3.17 billion during the quarter, compared to the consensus estimate of $3.26 billion. During the same period in the prior year, the business posted $1.05 EPS. The company’s quarterly revenue was up 2.8% on a year-over-year basis. analysts forecast that CBS Corporation will post 4.41 earnings per share for the current fiscal year.

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In related news, CEO Leslie Moonves sold 150,000 shares of CBS Corporation stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $64.68, for a total value of $9,702,000.00. Following the transaction, the chief executive officer now directly owns 1,182,652 shares of the company’s stock, valued at $76,493,931.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Gil D. Schwartz sold 54,131 shares of CBS Corporation stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $58.40, for a total transaction of $3,161,250.40. Following the completion of the transaction, the executive vice president now directly owns 102,483 shares in the company, valued at $5,985,007.20. The disclosure for this sale can be found here. Insiders sold 512,298 shares of company stock worth $30,900,946 over the last three months. 2.03% of the stock is currently owned by insiders.

A number of large investors have recently made changes to their positions in the stock. Bank of Hawaii increased its stake in CBS Corporation by 0.3% in the second quarter. Bank of Hawaii now owns 18,458 shares of the media conglomerate’s stock valued at $1,177,000 after acquiring an additional 50 shares during the last quarter. Osborn Williams & Donohoe LLC increased its stake in CBS Corporation by 1.0% in the second quarter. Osborn Williams & Donohoe LLC now owns 10,312 shares of the media conglomerate’s stock valued at $658,000 after acquiring an additional 100 shares during the last quarter. First Financial Bank Trust Division increased its stake in CBS Corporation by 2.5% in the second quarter. First Financial Bank Trust Division now owns 4,995 shares of the media conglomerate’s stock valued at $319,000 after acquiring an additional 120 shares during the last quarter. Stanley Laman Group Ltd. increased its stake in CBS Corporation by 1.4% in the second quarter. Stanley Laman Group Ltd. now owns 9,201 shares of the media conglomerate’s stock valued at $587,000 after acquiring an additional 127 shares during the last quarter. Finally, King Luther Capital Management Corp increased its stake in CBS Corporation by 3.2% in the first quarter. King Luther Capital Management Corp now owns 4,670 shares of the media conglomerate’s stock valued at $324,000 after acquiring an additional 145 shares during the last quarter. 74.98% of the stock is currently owned by institutional investors and hedge funds.

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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