CBS Corporation (CBS) Sets New 52-Week Low on Disappointing Earnings

CBS Corporation (NYSE:CBS) hit a new 52-week low on Thursday following a dissappointing earnings announcement. The company traded as low as $54.46 and last traded at $0.00, with a volume of shares changing hands. The media conglomerate reported $1.11 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.15 by ($0.04). CBS Corporation had a return on equity of 49.51% and a net margin of 1.27%. The firm had revenue of $3.17 billion during the quarter, compared to analyst estimates of $3.26 billion. During the same quarter in the previous year, the firm posted $1.05 earnings per share. CBS Corporation’s quarterly revenue was up 2.8% compared to the same quarter last year.

A number of analysts have recently weighed in on the stock. Zacks Investment Research upgraded shares of CBS Corporation from a “sell” rating to a “hold” rating in a research note on Monday. Cowen and Company restated a “buy” rating and issued a $69.00 price objective on shares of CBS Corporation in a research note on Friday, October 27th. Piper Jaffray Companies set a $75.00 price objective on shares of CBS Corporation and gave the stock a “buy” rating in a research note on Monday, October 23rd. Benchmark Co. restated a “buy” rating and issued a $80.00 price objective on shares of CBS Corporation in a research note on Tuesday, October 24th. Finally, BMO Capital Markets restated a “buy” rating and issued a $75.00 price objective on shares of CBS Corporation in a research note on Wednesday, October 18th. Seven research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the stock. CBS Corporation currently has an average rating of “Buy” and an average target price of $74.60.

In other CBS Corporation news, EVP Anthony G. Ambrosio sold 8,167 shares of the stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $65.96, for a total transaction of $538,695.32. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Leslie Moonves sold 150,000 shares of the stock in a transaction dated Tuesday, October 10th. The stock was sold at an average price of $57.62, for a total transaction of $8,643,000.00. Following the sale, the chief executive officer now directly owns 1,182,652 shares in the company, valued at approximately $68,144,408.24. The disclosure for this sale can be found here. In the last ninety days, insiders sold 512,298 shares of company stock worth $30,900,946. 1.67% of the stock is owned by insiders.

A number of large investors have recently modified their holdings of the business. Fred Alger Management Inc. grew its holdings in CBS Corporation by 0.6% during the 2nd quarter. Fred Alger Management Inc. now owns 4,880,086 shares of the media conglomerate’s stock worth $311,252,000 after acquiring an additional 29,986 shares during the last quarter. Focused Investors LLC grew its holdings in CBS Corporation by 43.0% during the 3rd quarter. Focused Investors LLC now owns 1,624,900 shares of the media conglomerate’s stock worth $94,244,000 after acquiring an additional 488,700 shares during the last quarter. Teachers Retirement System of The State of Kentucky grew its holdings in CBS Corporation by 15.5% during the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 794,090 shares of the media conglomerate’s stock worth $55,078,000 after acquiring an additional 106,848 shares during the last quarter. Eaton Vance Management grew its holdings in CBS Corporation by 27.8% during the 2nd quarter. Eaton Vance Management now owns 734,531 shares of the media conglomerate’s stock worth $46,848,000 after acquiring an additional 159,924 shares during the last quarter. Finally, PGGM Investments grew its holdings in CBS Corporation by 136.1% during the 3rd quarter. PGGM Investments now owns 579,591 shares of the media conglomerate’s stock worth $33,616,000 after acquiring an additional 334,076 shares during the last quarter. 74.92% of the stock is currently owned by hedge funds and other institutional investors.

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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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