CBS Corporation (CBS) Rating Reiterated by Citigroup Inc.
CBS Corporation (NYSE:CBS)‘s stock had its “buy” rating reaffirmed by research analysts at Citigroup Inc. in a report issued on Wednesday. They currently have a $75.00 price target on the media conglomerate’s stock, down from their previous price target of $76.00. Citigroup Inc.’s price objective would indicate a potential upside of 25.06% from the stock’s previous close.
CBS has been the subject of several other reports. ValuEngine cut shares of CBS Corporation from a “buy” rating to a “hold” rating in a research report on Monday, September 11th. BidaskClub upgraded shares of CBS Corporation from a “hold” rating to a “buy” rating in a research report on Tuesday, July 25th. Rosenblatt Securities restated a “buy” rating and issued a $80.00 price target on shares of CBS Corporation in a report on Wednesday, September 20th. Benchmark Co. raised their price target on shares of CBS Corporation from $76.00 to $81.00 and gave the stock a “buy” rating in a report on Tuesday, August 8th. Finally, Guggenheim restated a “buy” rating and issued a $78.00 price target on shares of CBS Corporation in a report on Tuesday, June 13th. Five analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $74.94.
CBS Corporation (NYSE:CBS) traded up 1.83% during midday trading on Wednesday, reaching $59.97. 4,217,996 shares of the company traded hands. CBS Corporation has a 12-month low of $54.37 and a 12-month high of $70.10. The company has a 50 day moving average of $61.38 and a 200-day moving average of $63.79. The stock has a market capitalization of $24.09 billion, a P/E ratio of 152.60 and a beta of 1.68. CBS Corporation also saw unusually large options trading activity on Monday. Traders acquired 7,736 call options on the stock. This represents an increase of 179% compared to the average daily volume of 2,770 call options.
CBS Corporation (NYSE:CBS) last posted its quarterly earnings data on Monday, August 7th. The media conglomerate reported $1.04 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.97 by $0.07. CBS Corporation had a net margin of 1.27% and a return on equity of 49.51%. The company had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.09 billion. During the same period in the prior year, the company posted $0.93 earnings per share. CBS Corporation’s revenue for the quarter was up 9.4% compared to the same quarter last year. Equities analysts anticipate that CBS Corporation will post $4.47 EPS for the current fiscal year.
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In related news, CEO Leslie Moonves sold 150,000 shares of the firm’s stock in a transaction dated Wednesday, September 20th. The shares were sold at an average price of $59.04, for a total transaction of $8,856,000.00. Following the transaction, the chief executive officer now directly owns 1,182,652 shares of the company’s stock, valued at $69,823,774.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Gil D. Schwartz sold 54,131 shares of the firm’s stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $58.40, for a total transaction of $3,161,250.40. Following the transaction, the executive vice president now directly owns 102,483 shares in the company, valued at $5,985,007.20. The disclosure for this sale can be found here. Insiders have sold 575,735 shares of company stock worth $35,881,495 over the last three months. 2.03% of the stock is owned by insiders.
Hedge funds have recently made changes to their positions in the business. Parallel Advisors LLC raised its position in CBS Corporation by 42.5% in the second quarter. Parallel Advisors LLC now owns 1,785 shares of the media conglomerate’s stock worth $118,000 after acquiring an additional 532 shares during the period. Regent Investment Management LLC grew its holdings in shares of CBS Corporation by 5.0% during the second 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 last quarter. Israel Discount Bank of New York bought a new position in shares of CBS Corporation during the first quarter valued at approximately $114,000. Sit Investment Associates Inc. grew its holdings in shares of CBS Corporation by 15.2% during the second 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 last quarter. Finally, Bedrijfstakpensioenfonds Voor DE Media PNO grew its holdings in shares of CBS Corporation by 38.5% during 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 purchasing an additional 7,239 shares during the last quarter. 75.08% 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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