Investors Buy Shares of CBS Corporation (CBS) on Weakness
Investors purchased shares of CBS Corporation (NYSE:CBS) on weakness during trading hours on Monday. $59.80 million flowed into the stock on the tick-up and $43.46 million flowed out of the stock on the tick-down, for a money net flow of $16.34 million into the stock. Of all equities tracked, CBS Corporation had the 20th highest net in-flow for the day. CBS Corporation traded down ($1.42) for the day and closed at $58.00
CBS has been the subject of several recent analyst reports. BidaskClub upgraded shares of CBS Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, July 25th. Citigroup Inc. restated a “buy” rating and issued a $76.00 target price (up from $75.00) on shares of CBS Corporation in a research note on Wednesday, August 23rd. Benchmark Co. raised their target price on shares of CBS Corporation from $76.00 to $81.00 and gave the company a “buy” rating in a research note on Tuesday, August 8th. Guggenheim restated a “buy” rating and issued a $78.00 target price on shares of CBS Corporation in a research note on Tuesday, June 13th. Finally, Jefferies Group LLC restated a “buy” rating and issued a $71.00 target price on shares of CBS Corporation in a research note on Monday, July 10th. Six investment analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $73.44.
The stock has a market capitalization of $23.30 billion, a P/E ratio of 147.58 and a beta of 1.70. The firm’s 50-day moving average price is $64.89 and its 200-day moving average price is $64.88.
CBS Corporation (NYSE:CBS) last released its earnings results on Monday, August 7th. The media conglomerate reported $1.04 EPS 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 quarter last year, the business earned $0.93 EPS. The business’s revenue was up 9.4% on a year-over-year basis. Equities analysts expect that CBS Corporation will post $4.46 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 8th will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.24%. The ex-dividend date of this dividend is Thursday, September 7th. CBS Corporation’s dividend payout ratio (DPR) is presently 211.76%.
In other news, EVP Gil D. Schwartz sold 5,270 shares of the firm’s stock in a transaction on Wednesday, July 5th. The shares were sold at an average price of $64.08, for a total value of $337,701.60. Following the completion of the sale, the executive vice president now owns 60,322 shares in the company, valued at approximately $3,865,433.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Leslie Moonves sold 150,000 shares of the firm’s stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $64.68, for a total transaction of $9,702,000.00. Following the completion of the sale, the chief executive officer now owns 1,182,652 shares of the company’s stock, valued at approximately $76,493,931.36. The disclosure for this sale can be found here. Insiders sold a total of 376,874 shares of company stock valued at $24,201,946 in the last 90 days. Company insiders own 2.03% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. Dupont Capital Management Corp acquired a new stake in shares of CBS Corporation in the 2nd quarter worth $102,000. Israel Discount Bank of New York acquired a new stake in shares of CBS Corporation in the 1st quarter worth $114,000. Parallel Advisors LLC lifted its stake in shares of CBS Corporation by 42.5% in the 2nd 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. Ruggie Capital Group acquired a new stake in shares of CBS Corporation in the 1st quarter worth $120,000. Finally, Independent Portfolio Consultants Inc. lifted its stake in shares of CBS Corporation by 31.4% in the 2nd quarter. Independent Portfolio Consultants Inc. now owns 2,936 shares of the media conglomerate’s stock worth $187,000 after acquiring an additional 701 shares during the period. Institutional investors own 75.09% of the company’s stock.
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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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