BMO Capital Markets Reaffirms “Buy” Rating for CBS Corporation (CBS)
CBS Corporation (NYSE:CBS)‘s stock had its “buy” rating reaffirmed by research analysts at BMO Capital Markets in a report issued on Wednesday. They presently have a $75.00 target price on the media conglomerate’s stock. BMO Capital Markets’ price objective points to a potential upside of 32.37% from the stock’s current price.
Several other brokerages have also issued reports on CBS. BidaskClub upgraded shares of CBS Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, July 25th. Barclays PLC set a $57.00 price target on shares of CBS Corporation and gave the stock a “hold” rating in a research note on Friday, August 11th. Argus reiterated a “buy” rating and issued a $79.00 price target (up from $71.00) on shares of CBS Corporation in a research note on Thursday, August 10th. Needham & Company LLC reiterated a “buy” rating and issued a $80.00 price target on shares of CBS Corporation in a research note on Tuesday, August 8th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and issued a $77.00 price target (up from $75.00) on shares of CBS Corporation in a research note on Tuesday, August 8th. One research 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 stock. The company presently has an average rating of “Buy” and an average target price of $74.67.
CBS Corporation (NYSE CBS) opened at 56.66 on Wednesday. The stock’s 50 day moving average price is $59.55 and its 200-day moving average price is $63.26. The stock has a market capitalization of $22.76 billion, a PE ratio of 144.17 and a beta of 1.68. CBS Corporation has a 12-month low of $54.93 and a 12-month high of $70.10.
CBS Corporation (NYSE:CBS) last issued its quarterly earnings results on Monday, August 7th. The media conglomerate reported $1.04 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.97 by $0.07. The company 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 quarterly revenue was up 9.4% compared to the same quarter last year. During the same period last year, the business earned $0.93 EPS. Analysts expect that CBS Corporation will post $4.45 earnings per share for the current year.
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In related news, CEO Leslie Moonves sold 150,000 shares of the firm’s 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 owns 1,182,652 shares of the company’s stock, valued at $76,493,931.36. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Anthony G. Ambrosio sold 8,167 shares of the firm’s stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $65.96, for a total transaction of $538,695.32. The disclosure for this sale can be found here. In the last three months, insiders sold 517,568 shares of company stock worth $31,245,604. 2.03% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Dupont Capital Management Corp purchased a new position in shares of CBS Corporation in the second quarter worth approximately $102,000. Parallel Advisors LLC boosted its holdings in shares of CBS Corporation by 42.5% in the second quarter. Parallel Advisors LLC now owns 1,785 shares of the media conglomerate’s stock worth $118,000 after buying an additional 532 shares during the last quarter. Independent Portfolio Consultants Inc. boosted its holdings in shares of CBS Corporation by 31.4% in the second quarter. Independent Portfolio Consultants Inc. now owns 2,936 shares of the media conglomerate’s stock worth $187,000 after buying an additional 701 shares during the last quarter. Tocqueville Asset Management L.P. purchased a new position in shares of CBS Corporation in the second quarter worth approximately $205,000. Finally, Bridgewater Wealth & Financial Management LLC boosted its holdings in shares of CBS Corporation by 12.3% in the second quarter. Bridgewater Wealth & Financial Management LLC now owns 3,421 shares of the media conglomerate’s stock worth $218,000 after buying an additional 374 shares during the last quarter. 75.06% 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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