Needham & Company LLC Reaffirms Buy Rating for CBS Corporation (CBS)

Needham & Company LLC reissued their buy rating on shares of CBS Corporation (NYSE:CBS) in a research note issued to investors on Friday morning, Marketbeat.com reports. Needham & Company LLC currently has a $70.00 target price on the media conglomerate’s stock, down from their prior target price of $80.00.

Other research analysts also recently issued research reports about the stock. BidaskClub upgraded shares of CBS Corporation from a hold rating to a buy rating in a research report on Tuesday, July 25th. Barclays PLC set a $57.00 price target on shares of CBS Corporation and gave the company a hold rating in a research note on Friday, August 11th. Argus restated a buy rating and set a $79.00 price target (up previously from $71.00) on shares of CBS Corporation in a research note on Thursday, August 10th. BMO Capital Markets reiterated a buy rating and issued a $80.00 target price on shares of CBS Corporation in a research note on Tuesday, August 8th. Finally, Royal Bank Of Canada reiterated an outperform rating and issued a $77.00 target price (up previously from $75.00) on shares of CBS Corporation in a research note on Tuesday, August 8th. Six research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company’s stock. CBS Corporation currently has an average rating of Buy and an average price target of $73.33.

Shares of CBS Corporation (NYSE:CBS) traded up $1.53 during trading on Friday, hitting $56.93. 5,758,946 shares of the company traded hands, compared to its average volume of 5,033,839. The company has a market cap of $22,251.52, a price-to-earnings ratio of 12.88, a PEG ratio of 0.97 and a beta of 1.62. The company has a quick ratio of 1.10, a current ratio of 1.55 and a debt-to-equity ratio of 3.03. CBS Corporation has a 12 month low of $52.75 and a 12 month high of $70.10.

CBS Corporation (NYSE:CBS) last posted its earnings results on Thursday, November 2nd. The media conglomerate reported $1.11 EPS for the quarter, topping the consensus estimate of $1.07 by $0.04. CBS Corporation had a net margin of 2.14% and a return on equity of 58.49%. The business had revenue of $3.17 billion for the quarter, compared to the consensus estimate of $3.26 billion. During the same period last year, the company earned $1.05 EPS. The firm’s revenue was up 2.8% compared to the same quarter last year. equities research analysts predict that CBS Corporation will post 4.41 EPS for the current year.

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In other CBS Corporation news, EVP Gil D. Schwartz sold 54,131 shares of the business’s stock in a transaction dated Monday, September 11th. The stock was sold at an average price of $58.40, for a total transaction of $3,161,250.40. Following the completion of the sale, the executive vice president now directly owns 102,483 shares in the company, valued at approximately $5,985,007.20. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Leslie Moonves sold 150,000 shares of the business’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $64.68, for a total value of $9,702,000.00. Following the sale, the chief executive officer now owns 1,182,652 shares of the company’s stock, valued at $76,493,931.36. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 512,298 shares of company stock valued at $30,900,946. Corporate insiders own 2.03% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the business. Parallel Advisors LLC grew its stake in shares of CBS Corporation by 42.5% during the 2nd quarter. Parallel Advisors LLC now owns 1,785 shares of the media conglomerate’s stock valued at $118,000 after purchasing an additional 532 shares during the period. Regent Investment Management LLC grew its stake in shares of CBS Corporation by 5.0% during the 2nd quarter. Regent Investment Management LLC now owns 6,352 shares of the media conglomerate’s stock valued at $405,000 after purchasing an additional 300 shares during the period. Sit Investment Associates Inc. grew its stake in shares of CBS Corporation by 15.2% during the 2nd quarter. Sit Investment Associates Inc. now owns 369,485 shares of the media conglomerate’s stock valued at $23,566,000 after purchasing an additional 48,800 shares during the period. Bedrijfstakpensioenfonds Voor DE Media PNO lifted its position in shares of CBS Corporation by 38.5% during the 2nd 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 in the last quarter. Finally, Aperio Group LLC lifted its position in shares of CBS Corporation by 7.2% during the 2nd quarter. Aperio Group LLC now owns 211,050 shares of the media conglomerate’s stock valued at $13,461,000 after buying an additional 14,195 shares in the last quarter. Institutional investors and hedge funds own 74.98% of the company’s stock.

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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