Wedbush reiterated their outperform rating on shares of CBS Corp. (NYSE:CBS) in a report issued on Monday. They currently have a $65.00 target price on the media conglomerate’s stock, down from their prior target price of $73.00.
Other equities analysts also recently issued research reports about the stock. Credit Suisse Group AG reissued a buy rating and issued a $75.00 target price on shares of CBS Corp. in a research note on Friday, July 29th. Deutsche Bank AG raised their target price on shares of CBS Corp. from $65.00 to $68.00 and gave the company a buy rating in a research note on Friday, July 29th. Pivotal Research reaffirmed a buy rating on shares of CBS Corp. in a report on Sunday, July 24th. Zacks Investment Research raised shares of CBS Corp. from a hold rating to a buy rating and set a $62.00 price target for the company in a report on Wednesday, July 20th. Finally, Brean Capital reaffirmed a buy rating and set a $65.00 price target on shares of CBS Corp. in a report on Sunday, July 17th. Five analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company’s stock. The company has an average rating of Buy and a consensus target price of $62.64.
Shares of CBS Corp. (NYSE:CBS) traded up 0.54% during midday trading on Monday, reaching $55.69. 545,623 shares of the company were exchanged. The company has a market capitalization of $24.76 billion, a PE ratio of 16.48 and a beta of 1.81. CBS Corp. has a 52-week low of $41.36 and a 52-week high of $58.22. The stock’s 50-day moving average price is $53.07 and its 200-day moving average price is $53.83.
CBS Corp. (NYSE:CBS) last issued its earnings results on Thursday, July 28th. The media conglomerate reported $0.93 EPS for the quarter, beating the Zacks’ consensus estimate of $0.86 by $0.07. CBS Corp. had a net margin of 11.07% and a return on equity of 31.53%. The business had revenue of $3.29 billion for the quarter, compared to the consensus estimate of $3.21 billion. During the same quarter last year, the firm posted $0.74 EPS. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year. Analysts anticipate that CBS Corp. will post $3.09 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Saturday, October 1st. Stockholders of record on Friday, September 9th were given a $0.18 dividend. This is an increase from CBS Corp.’s previous quarterly dividend of $0.15. This represents a $0.72 annualized dividend and a dividend yield of 1.30%. The ex-dividend date was Wednesday, September 7th. CBS Corp.’s dividend payout ratio (DPR) is 21.30%.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Gluskin Sheff & Assoc Inc. purchased a new position in CBS Corp. during the second quarter valued at $24,255,000. Bank of Montreal Can purchased a new position in CBS Corp. during the second quarter valued at $13,118,000. British Columbia Investment Management Corp increased its position in CBS Corp. by 9.6% in the second quarter. British Columbia Investment Management Corp now owns 196,111 shares of the media conglomerate’s stock valued at $10,676,000 after buying an additional 17,103 shares during the period. Redwood Investments LLC increased its position in CBS Corp. by 6,964.5% in the second quarter. Redwood Investments LLC now owns 196,746 shares of the media conglomerate’s stock valued at $10,711,000 after buying an additional 193,961 shares during the period. Finally, Junto Capital Management LP purchased a new position in CBS Corp. during the first quarter valued at $25,427,000. 76.80% of the stock is currently owned by institutional investors and hedge funds.
About CBS Corp.
CBS Corporation is a mass media company. The Company’s segments include Entertainment, Cable Networks, Publishing and Local Broadcasting. Its Entertainment segment is composed of the CBS Television Network; CBS Television Studios; CBS Global Distribution Group (composed of CBS Studios International and CBS Television Distribution); CBS Interactive, and CBS Films.
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