CBS Price Target Raised to $350,000.00 at FIG Partners (CBS)
The analysts wrote, “CBS (CBS) has been a great stock, there’s no question. So has Time Warner (TWX) . Obviously CBS CEO Leslie Moonves is doing something right. Ditto that for Time Warner CEO Jeff Bewkes.
However, it’s important to stay ahead of the curve, and it’s important to fight for shareholders maximizing stock value is of utmost importance.
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That’s why I argue that Moonves and Bewkes should have considered shutting down “The Big Bang Theory”, a television program that runs on CBS television and is produced by Warner Bros. TV. Recently, there was a contract-negotiations problem holding up production. It was over money (of course). According to The Hollywood Reporter, the main stars wanted an increase from $350,000 per episode to $1 million per episode, a number that included backend participation. The situation was resolved, and the big stars of “Big Bang” as well as some of the lesser players, essentially got what they demanded.”
Shares of CBS (NYSE:CBS) traded up 1.16% on Tuesday, hitting $60.93. The stock had a trading volume of 1,049,881 shares. 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 $60.00 and its 200-day moving average is $61.00. The company has a market cap of $32.099 billion and a price-to-earnings ratio of 19.43. CBS also was the recipient of a significant decrease in short interest during the month of July. As of July 31st, there was short interest totalling 21,719,474 shares, a decrease of 80.4% from the July 15th total of 110,555,774 shares. Approximately 4.6% of the company’s shares are short sold. Based on an average daily volume of 13,755,423 shares, the short-interest ratio is presently 1.6 days.
CBS (NYSE:CBS) last announced its earnings results on Thursday, August 7th. The company reported $0.78 earnings per share for the quarter, beating the analysts’ 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 last year, the company posted $0.76 earnings per share. CBS’s revenue was down 5.4% compared to the same quarter last year. 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 1.00%. The ex-dividend date is Monday, September 8th. This is a boost from CBS’s previous quarterly dividend of $0.12.
A number of other analysts have also recently weighed in on CBS. Analysts at Evercore Partners reiterated a “conviction-buy” rating on shares of CBS in a research note on Monday. Separately, 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. Finally, 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. Three research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $17,564.99.
In other CBS news, CEO Leslie Moonves sold 93,750 shares of CBS stock on the open market in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $59.36, for a total value of $5,565,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.
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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