Cablevision Systems Downgraded by Citigroup Inc. to Sell (CVC)
Cablevision Systems (NYSE:CVC) was downgraded by research analysts at Citigroup Inc. from a “neutral” rating to a “sell” rating in a report released on Wednesday, TheFlyOnTheWall.com reports. They currently have a $600.00 price objective on the stock, up from their previous price objective of $123.00.
A number of other firms have also recently commented on CVC. Analysts at Jefferies Group raised their price target on shares of Cablevision Systems from $20.00 to $23.00 in a research note on Monday. They now have a “buy” rating on the stock. Separately, analysts at Morgan Stanley raised their price target on shares of Cablevision Systems from $12.00 to $14.00 in a research note on Tuesday, July 15th. They now have a “buy” rating on the stock. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Cablevision Systems in a research note on Wednesday, June 18th. They now have a $18.00 price target on the stock. Four analysts have rated the stock with a sell rating, twelve have given a hold rating and five have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $50.78.
Shares of Cablevision Systems (NYSE:CVC) traded down 0.74% during mid-day trading on Wednesday, hitting $19.395. 599,593 shares of the company’s stock traded hands. Cablevision Systems has a 1-year low of $14.65 and a 1-year high of $20.42. The stock’s 50-day moving average is $18.01 and its 200-day moving average is $17.15. The company has a market cap of $5.248 billion and a P/E ratio of 9.13.
Cablevision Systems (NYSE:CVC) last announced its earnings results on Thursday, May 8th. The company reported $0.33 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.03 by $0.30. The company had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.56 billion. During the same quarter in the prior year, the company posted ($0.06) earnings per share. The company’s quarterly revenue was up 3.4% on a year-over-year basis. On average, analysts predict that Cablevision Systems will post $0.88 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, September 5th. Investors of record on Friday, August 15th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 3.07%.
Cablevision Systems Corporation (NYSE:CVC), through its wholly owned subsidiary CSC Holdings, LLC (CSC Holdings, and collectively with Cablevision) and their subsidiaries operates in the United States based on the number of video customers.
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