CBS Corporation (CBS) Rating Reiterated by Guggenheim
CBS Corporation (NYSE:CBS)‘s stock had its “buy” rating reaffirmed by research analysts at Guggenheim in a research report issued to clients and investors on Friday. They presently have a $78.00 price objective on the media conglomerate’s stock. Guggenheim’s price objective indicates a potential upside of 33.79% from the company’s previous close.
Several other analysts have also recently commented on CBS. Jefferies Group LLC restated a “buy” rating and issued a $71.00 price target on shares of CBS Corporation in a report on Wednesday, June 14th. BidaskClub upgraded CBS Corporation from a “strong sell” rating to a “sell” rating in a report on Wednesday, June 14th. Benchmark Co. restated a “buy” rating and issued a $76.00 price target on shares of CBS Corporation in a report on Friday, June 16th. Piper Jaffray Companies set a $75.00 price target on CBS Corporation and gave the company a “buy” rating in a report on Tuesday, June 27th. Finally, Needham & Company LLC restated a “buy” rating and issued a $80.00 price target on shares of CBS Corporation in a report on Wednesday, June 28th. Five 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 an average rating of “Buy” and a consensus target price of $74.94.
CBS Corporation (NYSE CBS) opened at 58.30 on Friday. The stock has a market cap of $23.42 billion, a price-to-earnings ratio of 148.35 and a beta of 1.68. CBS Corporation has a 52 week low of $54.37 and a 52 week high of $70.10. The firm’s 50-day moving average is $60.76 and its 200 day moving average is $63.67.
CBS Corporation (NYSE:CBS) last posted its quarterly earnings results on Monday, August 7th. The media conglomerate reported $1.04 EPS for the quarter, beating the consensus estimate of $0.97 by $0.07. The company had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.09 billion. CBS Corporation had a return on equity of 49.51% and a net margin of 1.27%. The firm’s revenue was up 9.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.93 EPS. On average, equities research analysts expect that CBS Corporation will post $4.46 EPS for the current year.
In other CBS Corporation news, EVP Gil D. Schwartz sold 54,131 shares of the company’s stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $58.40, for a total value of $3,161,250.40. Following the transaction, the executive vice president now directly owns 102,483 shares of the company’s stock, valued at approximately $5,985,007.20. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Leslie Moonves sold 200,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 12th. The shares were sold at an average price of $63.79, for a total value of $12,758,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,232,652 shares in the company, valued at $78,630,871.08. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 575,735 shares of company stock worth $35,881,495. 1.67% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently made changes to their positions in CBS. Focused Investors LLC acquired a new position in shares of CBS Corporation in the 2nd quarter valued at approximately $72,467,000. Scopus Asset Management L.P. raised its position in shares of CBS Corporation by 166.7% during the 1st quarter. Scopus Asset Management L.P. now owns 1,350,000 shares of the media conglomerate’s stock valued at $93,636,000 after acquiring an additional 843,900 shares in the last quarter. FMR LLC raised its position in shares of CBS Corporation by 21.2% during the 1st quarter. FMR LLC now owns 3,530,274 shares of the media conglomerate’s stock valued at $244,860,000 after acquiring an additional 618,593 shares in the last quarter. BlueCrest Capital Management Ltd raised its position in shares of CBS Corporation by 957.7% during the 1st quarter. BlueCrest Capital Management Ltd now owns 431,485 shares of the media conglomerate’s stock valued at $29,928,000 after acquiring an additional 390,689 shares in the last quarter. Finally, MARSHALL WACE ASIA Ltd acquired a new stake in shares of CBS Corporation during the 1st quarter valued at approximately $26,684,000. 75.08% of the stock is currently owned by institutional investors.
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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