CBS (NYSE:CBS) had its price target reduced by equities researchers at Loop Capital from $79.00 to $60.00 in a research report issued to clients and investors on Friday, The Fly reports. The firm presently has a “buy” rating on the media conglomerate’s stock. Loop Capital’s price objective points to a potential upside of 16.26% from the stock’s previous close.
CBS has been the topic of several other reports. Citigroup cut their target price on CBS from $71.00 to $61.00 and set a “buy” rating on the stock in a report on Wednesday, March 28th. B. Riley dropped their price objective on CBS from $84.00 to $73.00 and set a “buy” rating on the stock in a research note on Friday, February 16th. TheStreet downgraded CBS from a “b” rating to a “c” rating in a research note on Thursday, February 15th. Wells Fargo downgraded CBS from an “outperform” rating to a “market perform” rating and set a $63.00 price objective on the stock. in a research note on Monday, January 29th. Finally, Barrington Research reissued a “buy” rating and issued a $73.00 price objective on shares of CBS in a research note on Monday, May 7th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. CBS presently has an average rating of “Buy” and a consensus price target of $68.47.
Shares of CBS opened at $51.61 on Friday, according to MarketBeat Ratings. The stock has a market cap of $20.40 billion, a price-to-earnings ratio of 12.32, a P/E/G ratio of 0.73 and a beta of 1.49. CBS has a 12 month low of $53.76 and a 12 month high of $54.58. The company has a debt-to-equity ratio of 4.78, a quick ratio of 1.13 and a current ratio of 1.52.
In related news, CEO Leslie Moonves sold 75,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 9th. The stock was sold at an average price of $51.53, for a total transaction of $3,864,750.00. Following the transaction, the chief executive officer now directly owns 670,531 shares of the company’s stock, valued at approximately $34,552,462.43. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Over the last ninety days, insiders have sold 330,000 shares of company stock worth $17,174,900. 1.80% of the stock is owned by company insiders.
Hedge funds have recently bought and sold shares of the stock. Xact Kapitalforvaltning AB raised its stake in CBS by 3.2% during the 4th quarter. Xact Kapitalforvaltning AB now owns 65,958 shares of the media conglomerate’s stock worth $3,892,000 after buying an additional 2,041 shares during the period. Toronto Dominion Bank increased its holdings in CBS by 12.5% during the 4th quarter. Toronto Dominion Bank now owns 155,517 shares of the media conglomerate’s stock worth $9,176,000 after purchasing an additional 17,240 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its holdings in CBS by 53.2% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 21,419 shares of the media conglomerate’s stock worth $1,264,000 after purchasing an additional 7,436 shares in the last quarter. Tower View Investment Management & Research LLC bought a new stake in CBS during the 4th quarter worth approximately $1,201,000. Finally, Financial Counselors Inc. increased its holdings in CBS by 51.9% during the 4th quarter. Financial Counselors Inc. now owns 139,468 shares of the media conglomerate’s stock worth $8,229,000 after purchasing an additional 47,637 shares in the last quarter. 77.91% of the stock is currently owned by institutional investors and hedge funds.
CBS Company Profile
CBS Corporation operates as a mass media company worldwide. The company operates through four segments: Entertainment, Cable Networks, Publishing, and Local Media. The Entertainment segment distributes a schedule of news and public affairs broadcasts, and sports and entertainment programming; produces, acquires, and/or distributes programming, including series, specials, news, and public affairs; operates online content networks for information and entertainment; produces, acquires, and distributes theatrical motion pictures; and digital streaming services.
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