Cablevision Systems Receives “B+” Credit Rating (CVC)
Cablevision Systems (NYSE:CVC) has received a “B+” credit rating from analysts at Morningstar. The agency’s “B+” rating suggests that the company is a high default risk. They also issued a positive credit outlook for the company and gave their stock a three star rating.
A number of other firms have also recently commented on CVC. Analysts at Evercore Partners raised their price target on shares of Cablevision Systems from $7.00 to $9.00 in a research note on Friday, August 8th. Separately, analysts at Citigroup Inc. upgraded shares of Cablevision Systems from a “sell” rating to a “neutral” rating in a research note on Wednesday, August 6th. They now have a $18.00 price target on the stock, up previously from $17.00. Finally, analysts at Telsey Advisory Group reiterated a “” rating on shares of Cablevision Systems in a research note on Tuesday, August 5th. They now have a $25.00 price target on the stock. Seven research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Cablevision Systems currently has an average rating of “Hold” and a consensus price target of $19.00.
Shares of Cablevision Systems (NYSE:CVC) opened at 18.66 on Thursday. Cablevision Systems has a 52-week low of $14.65 and a 52-week high of $20.42. The stock’s 50-day moving average is $18.56 and its 200-day moving average is $17.5. The company has a market cap of $5.059 billion and a price-to-earnings ratio of 9.37.
Cablevision Systems (NYSE:CVC) last released its earnings data on Tuesday, August 5th. The company reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.17. The company had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.60 billion. During the same quarter in the previous year, the company posted $0.11 earnings per share. The company’s revenue for the quarter was up 3.7% on a year-over-year basis. Analysts expect that Cablevision Systems will post $1.05 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, September 5th. Stockholders of record on Friday, August 15th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 3.22%. The ex-dividend date of this dividend is Wednesday, August 13th.
In other Cablevision Systems news, EVP David Ellen sold 60,695 shares of Cablevision Systems stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $18.23, for a total transaction of $1,106,469.85. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
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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