Zacks Investment Research Lowers CBS Co. (CBS) to Sell
CBS Co. (NYSE:CBS) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.
According to Zacks, “Shares of CBS have underperformed the industry in the past three months. During the second half of 2017, the company may face tough advertising revenue comparison as the prior year benefited from strong political advertising. Moreover, currency fluctuations and higher expenditure for original programming might prove to be a drag. Nevertheless, CBS is likely to gain from increasing demand for content, rise in retransmission rates, expansion of direct-to-consumer business, sturdy digital presence and upfront fees from traditional distribution partners. These helped the company to post better-than-expected second-quarter 2017 results. We believe with the launch of Showtime's streaming service; online news channel, CBSN; and over-the-top service, CBS All Access, the company is generating incremental revenue. Moreover, the company aims to attain $2.5 billion of revenues from retransmission and reverse compensation by 2020.”
Other equities research analysts have also issued reports about the stock. KeyCorp reiterated a “hold” rating on shares of CBS in a research note on Tuesday. BidaskClub upgraded shares of CBS from a “sell” rating to a “hold” rating in a research note on Saturday, June 24th. Needham & Company LLC reiterated a “buy” rating and issued a $80.00 price target on shares of CBS in a research note on Wednesday, June 28th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $77.00 price target (up from $75.00) on shares of CBS in a research note on Tuesday, August 8th. Finally, Argus reiterated a “buy” rating and issued a $79.00 price target (up from $71.00) on shares of CBS in a research note on Thursday, August 10th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $74.87.
Shares of CBS (NYSE CBS) traded down 0.16% during midday trading on Tuesday, reaching $56.81. 943,113 shares of the company were exchanged. CBS has a 52-week low of $54.93 and a 52-week high of $70.10. The company has a market capitalization of $22.82 billion, a P/E ratio of 144.55 and a beta of 1.69. The stock has a 50-day moving average price of $59.55 and a 200 day moving average price of $63.26.
CBS (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, beating the consensus estimate of $0.97 by $0.07. CBS had a net margin of 12.56% and a return on equity of 57.78%. 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 previous year, the business earned $0.93 EPS. The company’s revenue was up 9.4% compared to the same quarter last year. Equities research analysts expect that CBS will post $4.45 EPS for the current fiscal year.
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In other CBS news, EVP Gil D. Schwartz sold 54,131 shares of the business’s stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $58.40, for a total value of $3,161,250.40. Following the completion of the sale, the executive vice president now owns 102,483 shares of the company’s stock, valued at approximately $5,985,007.20. 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 business’s stock in a transaction dated 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 approximately $76,493,931.36. The disclosure for this sale can be found here. Insiders sold a total of 517,568 shares of company stock valued at $31,245,604 in the last three months. Insiders own 2.03% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Glenview Capital Management LLC boosted its holdings in CBS by 6.7% in the 1st quarter. Glenview Capital Management LLC now owns 5,471,963 shares of the media conglomerate’s stock valued at $379,535,000 after purchasing an additional 343,424 shares during the period. Fred Alger Management Inc. boosted its holdings in CBS by 0.6% in the 2nd quarter. Fred Alger Management Inc. now owns 4,880,086 shares of the media conglomerate’s stock valued at $311,252,000 after purchasing an additional 29,986 shares during the period. Geode Capital Management LLC boosted its holdings in CBS by 3.1% in the 1st quarter. Geode Capital Management LLC now owns 3,680,166 shares of the media conglomerate’s stock valued at $254,889,000 after purchasing an additional 109,782 shares during the period. Teachers Advisors LLC boosted its holdings in CBS by 9.8% in the 1st quarter. Teachers Advisors LLC now owns 1,588,835 shares of the media conglomerate’s stock valued at $110,202,000 after purchasing an additional 142,137 shares during the period. Finally, Scopus Asset Management L.P. boosted its holdings in CBS by 166.7% in 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 purchasing an additional 843,900 shares during the period. 75.06% of the stock is owned by hedge funds and other institutional investors.
CBS 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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