Leslie Moonves Unloads 93,750 Shares of CBS Stock (CBS)
CBS (NYSE:CBS) CEO Leslie Moonves sold 93,750 shares of CBS stock on the open market in a transaction dated Thursday, August 14th. The stock was sold at an average price of $59.36, for a total value of $5,565,000.00. Following the transaction, the chief executive officer now directly owns 1,262,196 shares of the company’s stock, valued at approximately $74,923,955. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
CBS (NYSE:CBS) traded up 0.89% on Friday, hitting $59.99. The stock had a trading volume of 5,842,653 shares. CBS has a 1-year low of $50.51 and a 1-year high of $68.10. The stock has a 50-day moving average of $60.0 and a 200-day moving average of $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 large decline in short interest in the month of July. As of July 31st, there was short interest totalling 21,719,474 shares, a decline of 80.4% from the July 15th total of 110,555,774 shares. Based on an average daily volume of 13,755,423 shares, the days-to-cover ratio is currently 1.6 days. Currently, 4.6% of the company’s shares are sold short.
CBS (NYSE:CBS) last announced its earnings results on Thursday, August 7th. The company reported $0.78 earnings per share (EPS) for the quarter, beating the 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 previous year, the company posted $0.76 earnings per share. The company’s revenue for the quarter 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 announced a quarterly dividend, which is scheduled for Wednesday, October 1st. Stockholders of record on Wednesday, September 10th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.01%. The ex-dividend date is Monday, September 8th. This is a boost from CBS’s previous quarterly dividend of $0.12.
CBS has been the subject of a number of recent research reports. 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 investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. CBS has an average 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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