CBS Corporation (CBS) Rating Reiterated by Rosenblatt Securities
Rosenblatt Securities reissued their buy rating on shares of CBS Corporation (NYSE:CBS) in a research note issued to investors on Wednesday. Rosenblatt Securities currently has a $80.00 price objective on the media conglomerate’s stock.
Several other equities analysts also recently commented on the stock. ValuEngine downgraded shares of CBS Corporation from a buy rating to a hold rating in a report on Monday, September 11th. BidaskClub upgraded shares of CBS Corporation from a hold rating to a buy rating in a report on Tuesday, July 25th. Citigroup Inc. reiterated a buy rating and issued a $76.00 price objective (up from $75.00) on shares of CBS Corporation in a report on Wednesday, August 23rd. Benchmark Co. upped their price objective on shares of CBS Corporation from $76.00 to $81.00 and gave the company a buy rating in a report on Tuesday, August 8th. Finally, Guggenheim reiterated a buy rating and issued a $78.00 price objective on shares of CBS Corporation in a report on Tuesday, June 13th. 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. CBS Corporation presently has a consensus rating of Buy and a consensus price target of $74.98.
Shares of CBS Corporation (NYSE CBS) opened at 59.23 on Wednesday. The firm has a market capitalization of $23.79 billion, a price-to-earnings ratio of 150.71 and a beta of 1.70. CBS Corporation has a 52-week low of $48.88 and a 52-week high of $70.10. The firm has a 50-day moving average of $63.34 and a 200 day moving average of $64.46.
CBS Corporation (NYSE:CBS) last posted 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. CBS Corporation had a net margin of 1.27% and a return on equity of 49.51%. The firm had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.09 billion. During the same period in the prior year, the firm posted $0.93 earnings per share. The company’s quarterly revenue was up 9.4% compared to the same quarter last year. Analysts predict that CBS Corporation will post $4.46 EPS for the current year.
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The business also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 8th will be issued a $0.18 dividend. The ex-dividend date is Thursday, September 7th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.22%. CBS Corporation’s dividend payout ratio (DPR) is currently 211.76%.
In other news, EVP Anthony G. Ambrosio sold 8,167 shares of the stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $65.96, for a total value of $538,695.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Leslie Moonves sold 150,000 shares of the stock in a transaction dated Wednesday, September 20th. The stock was sold at an average price of $59.04, for a total transaction of $8,856,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,182,652 shares of the company’s stock, valued at approximately $69,823,774.08. The disclosure for this sale can be found here. Insiders sold 581,005 shares of company stock valued at $36,219,197 in the last three months. Company insiders own 1.67% of the company’s stock.
Several hedge funds have recently bought and sold shares of the company. Griffin Asset Management Inc. bought a new position in shares of CBS Corporation in the second quarter worth about $340,000. Sentry Investment Management LLC lifted its holdings in shares of CBS Corporation by 1.5% in the second quarter. Sentry Investment Management LLC now owns 88,682 shares of the media conglomerate’s stock worth $5,656,000 after acquiring an additional 1,279 shares during the last quarter. Toronto Dominion Bank lifted its holdings in shares of CBS Corporation by 24.1% in the second quarter. Toronto Dominion Bank now owns 124,828 shares of the media conglomerate’s stock worth $7,959,000 after acquiring an additional 24,241 shares during the last quarter. Colony Group LLC lifted its holdings in shares of CBS Corporation by 8.5% in the second quarter. Colony Group LLC now owns 132,430 shares of the media conglomerate’s stock worth $8,446,000 after acquiring an additional 10,394 shares during the last quarter. Finally, Westwood Holdings Group Inc. bought a new position in shares of CBS Corporation in the second quarter worth about $3,011,000. 75.08% of the stock is owned by hedge funds and other 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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