CBS Corporation (NYSE:CBS)‘s stock had its “buy” rating reiterated by equities research analysts at Argus in a report issued on Thursday. They presently have a $79.00 target price on the media conglomerate’s stock, up from their previous target price of $71.00. Argus’ target price would indicate a potential upside of 19.35% from the company’s current price.
Several other brokerages have also recently issued reports on CBS. Pivotal Research reissued a “hold” rating and set a $67.00 target price on shares of CBS Corporation in a report on Sunday, April 23rd. Rosenblatt Securities lifted their price objective on shares of CBS Corporation to $40.00 and gave the company a “neutral” rating in a report on Monday, April 17th. Guggenheim reaffirmed a “buy” rating and issued a $80.00 price objective on shares of CBS Corporation in a report on Friday, April 14th. Needham & Company LLC lifted their price objective on shares of CBS Corporation from $72.00 to $80.00 and gave the company a “buy” rating in a report on Friday, April 28th. Finally, BidaskClub raised shares of CBS Corporation from a “hold” rating to a “buy” rating in a report on Tuesday, July 25th. Six equities research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $72.90.
CBS Corporation (NYSE CBS) traded up 1.29% during midday trading on Thursday, hitting $66.19. The stock had a trading volume of 3,893,834 shares. The firm has a market capitalization of $26.59 billion, a P/E ratio of 168.42 and a beta of 1.71. The firm has a 50-day moving average of $64.67 and a 200 day moving average of $64.93. CBS Corporation has a 52-week low of $48.88 and a 52-week high of $70.10.
CBS Corporation (NYSE:CBS) last issued its 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 during the quarter, compared to analysts’ expectations of $3.09 billion. During the same quarter last year, the company posted $0.93 earnings per share. The firm’s revenue was up 9.4% compared to the same quarter last year. On average, equities analysts forecast that CBS Corporation will post $4.46 EPS for the current year.
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In other news, CEO Leslie Moonves sold 200,000 shares of the business’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 sale, the chief executive officer now directly owns 1,232,652 shares of the company’s stock, valued at approximately $78,630,871.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Gil D. Schwartz sold 5,270 shares of the business’s stock in a transaction that occurred on Wednesday, July 5th. The shares were sold at an average price of $64.08, for a total transaction of $337,701.60. Following the completion of the sale, the executive vice president now directly owns 60,322 shares in the company, valued at $3,865,433.76. The disclosure for this sale can be found here. Insiders sold a total of 218,707 shares of company stock worth $13,961,251 over the last three months. Insiders own 1.67% of the company’s stock.
Several large investors have recently added to or reduced their stakes in CBS. Glenview Capital Management LLC increased its stake in CBS Corporation by 6.7% in the first quarter. Glenview Capital Management LLC now owns 5,471,963 shares of the media conglomerate’s stock worth $379,535,000 after buying an additional 343,424 shares during the period. Alliancebernstein L.P. increased its stake in CBS Corporation by 7.1% in the first quarter. Alliancebernstein L.P. now owns 5,393,198 shares of the media conglomerate’s stock worth $374,072,000 after buying an additional 358,785 shares during the period. Geode Capital Management LLC increased its stake in CBS Corporation by 3.1% in the first quarter. Geode Capital Management LLC now owns 3,680,166 shares of the media conglomerate’s stock worth $254,889,000 after buying an additional 109,782 shares during the period. FMR LLC increased its stake in CBS Corporation by 21.2% in the first quarter. FMR LLC now owns 3,530,274 shares of the media conglomerate’s stock worth $244,860,000 after buying an additional 618,593 shares during the period. Finally, Boston Partners increased its stake in CBS Corporation by 3.0% in the first quarter. Boston Partners now owns 3,242,746 shares of the media conglomerate’s stock worth $224,917,000 after buying an additional 94,956 shares during the period. 75.42% of the stock is currently owned by institutional investors and hedge funds.
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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