CBS Corporation (NYSE:CBS) – Research analysts at KeyCorp dropped their Q3 2017 earnings estimates for shares of CBS Corporation in a research note issued to investors on Monday. KeyCorp analyst A. Hargreaves now forecasts that the media conglomerate will earn $1.06 per share for the quarter, down from their previous estimate of $1.09. KeyCorp also issued estimates for CBS Corporation’s FY2017 earnings at $4.27 EPS, Q1 2018 earnings at $1.12 EPS, Q2 2018 earnings at $1.15 EPS, Q3 2018 earnings at $1.23 EPS, Q4 2018 earnings at $1.33 EPS and FY2018 earnings at $4.83 EPS.
CBS Corporation (NYSE:CBS) last announced its 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. The company had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.09 billion. CBS Corporation had a net margin of 1.27% and a return on equity of 49.51%. The firm’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.93 earnings per share.
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Several other brokerages have also commented on CBS. Pivotal Research reaffirmed a “hold” rating and issued a $67.00 price objective on shares of CBS Corporation in a research report on Sunday, April 23rd. Rosenblatt Securities increased their price objective on shares of CBS Corporation to $40.00 and gave the company a “neutral” rating in a research report on Monday, April 17th. Guggenheim reaffirmed a “buy” rating and issued a $80.00 price objective on shares of CBS Corporation in a research report on Friday, April 14th. Needham & Company LLC increased their price objective on shares of CBS Corporation from $72.00 to $80.00 and gave the company a “buy” rating in a research report on Friday, April 28th. Finally, BidaskClub raised shares of CBS Corporation from a “hold” rating to a “buy” rating in a research report on Tuesday, July 25th. Six investment 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 stock. The company currently has a consensus rating of “Buy” and a consensus target price of $72.90.
Shares of CBS Corporation (NYSE:CBS) opened at 66.19 on Wednesday. The company’s 50-day moving average is $64.67 and its 200 day moving average is $64.93. The company has a market capitalization of $26.59 billion, a price-to-earnings ratio of 168.42 and a beta of 1.71. CBS Corporation has a 12 month low of $48.88 and a 12 month high of $70.10.
The firm also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Shareholders of record on Friday, September 8th will be paid a dividend of $0.18 per share. The ex-dividend date is Thursday, September 7th. This represents a $0.72 annualized dividend and a yield of 1.09%. CBS Corporation’s dividend payout ratio (DPR) is presently 211.76%.
In other CBS Corporation news, EVP Gil D. Schwartz sold 5,270 shares of CBS Corporation stock in a transaction 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 sale, the executive vice president now owns 60,322 shares of the company’s stock, valued at approximately $3,865,433.76. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Anthony G. Ambrosio sold 8,167 shares of CBS Corporation stock in a transaction on Tuesday, July 11th. The stock was sold at an average price of $63.78, for a total transaction of $520,891.26. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 218,707 shares of company stock worth $13,961,251. 1.67% of the stock is currently owned by corporate insiders.
Large investors have recently made changes to their positions in the company. Israel Discount Bank of New York acquired a new stake in shares of CBS Corporation during the first quarter valued at about $114,000. Sawtooth Solutions LLC acquired a new stake in shares of CBS Corporation during the first quarter valued at about $232,000. Bedrijfstakpensioenfonds Voor DE Media PNO boosted its stake in shares of CBS Corporation by 38.5% in the second quarter. Bedrijfstakpensioenfonds Voor DE Media PNO now owns 26,039 shares of the media conglomerate’s stock valued at $1,661,000 after buying an additional 7,239 shares during the period. Wexford Capital LP acquired a new stake in shares of CBS Corporation during the first quarter valued at about $1,047,000. Finally, Regent Investment Management LLC boosted its stake in shares of CBS Corporation by 5.0% in the second quarter. Regent Investment Management LLC now owns 6,352 shares of the media conglomerate’s stock valued at $405,000 after buying an additional 300 shares during the period. 75.42% of the stock is currently owned by institutional investors.
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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