“Our Outperform rating is underpinned by leadership positions in the most stable areas of the linear pay TV ecosystem: a broadcast network benefiting from retransmission fee growth, a strong live sports franchise, and most importantly, a domestic cable network portfolio that includes newer networks with growing subscriber bases and/or per sub fees.,” the firm’s analyst wrote.
Several other research analysts have also recently commented on CBS. Pivotal Research cut CBS Corporation from a buy rating to a hold rating and cut their price target for the stock from $72.00 to $67.00 in a research note on Thursday, January 12th. Benchmark Co. restated a buy rating and set a $74.00 price objective (up previously from $67.00) on shares of CBS Corporation in a research note on Friday, January 13th. Zacks Investment Research cut CBS Corporation from a buy rating to a hold rating in a research note on Thursday, January 19th. Credit Suisse Group initiated coverage on CBS Corporation in a research report on Friday, January 20th. They set an outperform rating and a $75.00 price target on the stock. Finally, Needham & Company LLC reiterated a buy rating and set a $72.00 price target (up from $65.00) on shares of CBS Corporation in a research report on Tuesday, January 24th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty-two have issued a buy rating to the company’s stock. The company has a consensus rating of Buy and an average price target of $71.17.
CBS Corporation (NYSE:CBS) traded up 1.17% during mid-day trading on Friday, hitting $62.23. The company had a trading volume of 3,595,385 shares. The company has a 50-day moving average price of $62.22 and a 200 day moving average price of $64.63. The company has a market capitalization of $25.26 billion, a P/E ratio of 50.76 and a beta of 1.69. 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 Thursday, May 4th. The media conglomerate reported $1.04 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.95 by $0.09. CBS Corporation had a return on equity of 41.55% and a net margin of 3.96%. The company 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 business earned $1.02 earnings per share. The company’s revenue was down 6.9% compared to the same quarter last year. On average, analysts forecast that CBS Corporation will post $4.47 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Saturday, July 1st. Investors of record on Friday, June 9th will be given a $0.18 dividend. The ex-dividend date is Wednesday, June 7th. This represents a $0.72 annualized dividend and a yield of 1.16%. CBS Corporation’s dividend payout ratio is currently 63.72%.
A number of large investors have recently bought and sold shares of the stock. Glenview Capital Management LLC boosted 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 valued at $379,535,000 after buying an additional 343,424 shares in the last quarter. Alliancebernstein L.P. boosted its stake in shares of CBS Corporation by 7.1% in the first quarter. Alliancebernstein L.P. now owns 5,393,198 shares of the media conglomerate’s stock valued at $374,072,000 after buying an additional 358,785 shares during the period. Geode Capital Management LLC boosted its stake in shares of 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 valued at $254,889,000 after buying an additional 109,782 shares during the period. APG Asset Management N.V. boosted its stake in shares of CBS Corporation by 8.7% in the third quarter. APG Asset Management N.V. now owns 3,546,659 shares of the media conglomerate’s stock valued at $194,144,000 after buying an additional 283,200 shares during the period. Finally, FMR LLC boosted its stake in shares of CBS Corporation by 21.2% in the first quarter. FMR LLC now owns 3,530,274 shares of the media conglomerate’s stock valued at $244,860,000 after buying an additional 618,593 shares during the period. 76.47% of the stock is currently owned by institutional investors and hedge funds.
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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