Insider Selling: Leslie Moonves Unloads 93,750 Shares of CBS Stock (CBS)
CBS (NYSE:CBS) CEO Leslie Moonves sold 93,750 shares of the stock on the open market in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $59.12, for a total transaction of $5,542,500.00. Following the completion of the sale, the chief executive officer now directly owns 1,262,196 shares in the company, valued at approximately $74,621,028. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
Shares of CBS (NYSE:CBS) traded up 0.89% on Friday, hitting $59.99. 5,842,653 shares of the company’s stock traded hands. CBS has a 52-week low of $50.51 and a 52-week high of $68.10. The stock’s 50-day moving average is $60.0 and its 200-day moving average is $60.95. The company has a market cap of $31.604 billion and a P/E ratio of 19.18. CBS also was the target of a significant drop in short interest in July. As of July 31st, there was short interest totalling 21,719,474 shares, a drop of 80.4% from the July 15th total of 110,555,774 shares. Based on an average trading volume of 13,755,423 shares, the short-interest ratio is presently 1.6 days. Approximately 4.6% of the company’s shares are short sold.
CBS (NYSE:CBS) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.78 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.72 by $0.06. The company had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.24 billion. During the same quarter in the prior year, the company posted $0.76 earnings per share. The company’s quarterly revenue was down 5.4% on a year-over-year basis. Analysts expect that CBS will post $3.32 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Wednesday, October 1st. Investors of record on Wednesday, September 10th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.01%. The ex-dividend date of this dividend is Monday, September 8th. This is an increase from CBS’s previous quarterly dividend of $0.12.
Several analysts have recently commented on the stock. Analysts at Pivotal Research raised their price target on shares of CBS from $67.00 to $70.00 in a research note on Friday, August 8th. Separately, analysts at ISI Group cut their price target on shares of CBS from $73.00 to $65.00 in a research note on Friday, August 8th. Finally, analysts at Nomura reiterated a “buy” rating on shares of CBS in a research note on Friday, August 8th. They now have a $74.00 price target on the stock, down previously from $78.00. Three analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $68.44.
CBS Corporation is a mass media company. The Company has operations in segments, which include Entertainment, Cable Networks, Publishing, Local Broadcasting and Outdoor.
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