Needham & Company LLC Reiterates Buy Rating for CBS Corporation (CBS)
CBS Corporation (NYSE:CBS)‘s stock had its “buy” rating reaffirmed by equities researchers at Needham & Company LLC in a report issued on Friday, Marketbeat Ratings reports. They currently have a $70.00 price target on the media conglomerate’s stock, down from their prior price target of $80.00. Needham & Company LLC’s price objective would indicate a potential upside of 26.47% from the stock’s previous close.
Other research analysts have also recently issued research reports about the stock. BidaskClub upgraded shares of CBS Corporation from a “hold” rating to a “buy” rating in a research report on Tuesday, July 25th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $71.00 price target on shares of CBS Corporation in a research note on Monday, July 10th. Benchmark Co. upped their price target on shares of CBS Corporation from $76.00 to $81.00 and gave the stock a “buy” rating in a research note on Tuesday, August 8th. Argus reaffirmed 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. Finally, BMO Capital Markets reaffirmed a “buy” rating and issued a $80.00 price target on shares of CBS Corporation in a research note on Tuesday, August 8th. Seven investment 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 company’s stock. CBS Corporation has an average rating of “Buy” and a consensus price target of $73.33.
Shares of CBS Corporation (CBS) traded down $0.84 during trading hours on Friday, hitting $55.35. 5,693,694 shares of the company were exchanged, compared to its average volume of 4,393,937. The firm has a market capitalization of $21.87 billion, a P/E ratio of 12.66 and a beta of 1.62.
CBS Corporation (NYSE:CBS) last posted its earnings results on Thursday, November 2nd. The media conglomerate reported $1.11 EPS for the quarter, topping the consensus estimate of $1.07 by $0.04. CBS Corporation had a net margin of 2.14% and a return on equity of 58.14%. The firm had revenue of $3.17 billion during the quarter, compared to analysts’ expectations of $3.26 billion. During the same quarter in the prior year, the firm earned $1.05 EPS. CBS Corporation’s quarterly revenue was up 2.8% on a year-over-year basis. analysts expect that CBS Corporation will post 4.42 EPS for the current fiscal year.
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In other CBS Corporation news, EVP Anthony G. Ambrosio sold 8,167 shares of the stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $65.96, for a total value of $538,695.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Leslie Moonves sold 150,000 shares of the stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $64.68, for a total transaction of $9,702,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,182,652 shares of the company’s stock, valued at $76,493,931.36. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 512,298 shares of company stock valued at $30,900,946. 1.67% of the stock is owned by insiders.
Institutional investors have recently modified their holdings of the business. Dupont Capital Management Corp bought a new stake in CBS Corporation in the 2nd quarter valued at $102,000. Parallel Advisors LLC boosted its holdings in CBS Corporation by 42.5% in the 2nd quarter. Parallel Advisors LLC now owns 1,785 shares of the media conglomerate’s stock valued at $118,000 after purchasing an additional 532 shares during the period. Independent Portfolio Consultants Inc. boosted its holdings in CBS Corporation by 31.4% in the 2nd quarter. Independent Portfolio Consultants Inc. now owns 2,936 shares of the media conglomerate’s stock valued at $187,000 after purchasing an additional 701 shares during the period. Tocqueville Asset Management L.P. bought a new stake in CBS Corporation in the 2nd quarter valued at $205,000. Finally, Bridgewater Wealth & Financial Management LLC boosted its holdings in CBS Corporation by 12.3% in the 2nd quarter. Bridgewater Wealth & Financial Management LLC now owns 3,421 shares of the media conglomerate’s stock valued at $218,000 after purchasing an additional 374 shares during the period. 74.92% of the stock is owned by hedge funds and other 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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