Leslie Moonves Sells 200,000 Shares of CBS Corporation (CBS) Stock
CBS Corporation (NYSE:CBS) CEO Leslie Moonves sold 200,000 shares of the stock in a transaction that occurred on Wednesday, July 12th. The stock was sold at an average price of $63.79, for a total value of $12,758,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,232,652 shares of the company’s stock, valued at $78,630,871.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Shares of CBS Corporation (CBS) opened at 64.60 on Tuesday. The stock has a market cap of $26.22 billion, a P/E ratio of 52.69 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’s 50-day moving average price is $61.88 and its 200-day moving average price is $64.73.
CBS Corporation (NYSE:CBS) last released its quarterly earnings data on Thursday, May 4th. The media conglomerate reported $1.04 EPS for the quarter, beating the consensus estimate of $0.95 by $0.09. CBS Corporation had a net margin of 3.96% and a return on equity of 41.55%. The business had revenue of $3.34 billion during the quarter, compared to the consensus estimate of $3.29 billion. During the same quarter in the prior year, the firm earned $1.02 EPS. The business’s revenue was down 6.9% on a year-over-year basis. Equities analysts predict that CBS Corporation will post $4.44 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Saturday, July 1st. Shareholders of record on Friday, June 9th were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.11%. The ex-dividend date was Wednesday, June 7th. CBS Corporation’s dividend payout ratio (DPR) is presently 63.72%.
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Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vident Investment Advisory LLC acquired a new position in shares of CBS Corporation during the fourth quarter worth approximately $371,000. Israel Discount Bank of New York GFN acquired a new position in shares of CBS Corporation during the fourth quarter worth approximately $251,000. USA Financial Portformulas Corp acquired a new position in shares of CBS Corporation during the fourth quarter worth approximately $2,845,000. Teachers Advisors LLC increased its position in shares of CBS Corporation by 69.7% in the fourth quarter. Teachers Advisors LLC now owns 1,446,698 shares of the media conglomerate’s stock worth $92,039,000 after buying an additional 594,016 shares during the last quarter. Finally, Kentucky Retirement Systems acquired a new position in shares of CBS Corporation during the fourth quarter worth approximately $1,810,000. 75.10% of the stock is owned by institutional investors and hedge funds.
Several analysts have recently commented on CBS shares. Nomura increased their price objective on CBS Corporation from $72.00 to $74.00 and gave the stock a “buy” rating in a research note on Thursday, March 30th. Instinet increased their price objective on CBS Corporation from $72.00 to $74.00 and gave the stock a “buy” rating in a research note on Thursday, March 30th. Rosenblatt Securities started coverage on CBS Corporation in a research note on Tuesday, April 4th. They issued a “buy” rating and a $80.00 price objective for the company. Wells Fargo & Company reissued an “outperform” rating and issued a $77.50 price objective (up from $74.00) on shares of CBS Corporation in a research note on Friday, April 7th. Finally, FBR & Co reissued a “buy” rating and issued a $86.00 price objective on shares of CBS Corporation in a research note on Friday, April 7th. Seven analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $71.34.
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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