CBS Corp. (CBS) Sees Strong Trading Volume
Shares of CBS Corp. (NYSE:CBS) saw unusually-strong trading volume on Wednesday . Approximately 3,728,198 shares were traded during trading, a decline of 4% from the previous session’s volume of 3,871,441 shares.The stock last traded at $49.64 and had previously closed at $49.97.
A number of equities research analysts have issued reports on CBS shares. Credit Suisse Group AG reaffirmed a “buy” rating and set a $75.00 target price on shares of CBS Corp. in a research report on Friday, July 29th. Deutsche Bank AG upped their target price on CBS Corp. from $65.00 to $68.00 and gave the stock a “buy” rating in a research report on Friday, July 29th. Pivotal Research reaffirmed a “buy” rating on shares of CBS Corp. in a research report on Sunday, July 24th. Zacks Investment Research upgraded CBS Corp. from a “hold” rating to a “buy” rating and set a $62.00 price target for the company in a report on Wednesday, July 20th. Finally, Brean Capital reiterated a “buy” rating and set a $65.00 price target on shares of CBS Corp. in a report on Sunday, July 17th. Four investment analysts have rated the stock with a hold rating and twenty-eight have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $62.01.
The firm has a market cap of $22.27 billion, a P/E ratio of 14.82 and a beta of 1.89. The company has a 50 day moving average price of $51.91 and a 200-day moving average price of $53.73.
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CBS Corp. (NYSE:CBS) last issued its earnings results on Thursday, July 28th. The media conglomerate reported $0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.07. CBS Corp. had a return on equity of 31.53% and a net margin of 11.07%. The business earned $3.29 billion during the quarter, compared to analysts’ expectations of $3.21 billion. During the same quarter in the prior year, the firm earned $0.74 EPS. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year. On average, equities research analysts forecast that CBS Corp. will post $3.09 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Saturday, October 1st. Shareholders of record on Friday, September 9th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.44%. The ex-dividend date is Wednesday, September 7th. This is a boost from CBS Corp.’s previous quarterly dividend of $0.15. CBS Corp.’s dividend payout ratio is presently 21.30%.
A number of institutional investors have recently modified their holdings of the company. Nomura Asset Management Co. Ltd. boosted its position in shares of CBS Corp. by 0.3% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 51,843 shares of the media conglomerate’s stock worth $2,443,000 after buying an additional 180 shares during the last quarter. Capstone Asset Management Co. boosted its position in shares of CBS Corp. by 1.2% in the first quarter. Capstone Asset Management Co. now owns 31,107 shares of the media conglomerate’s stock worth $1,714,000 after buying an additional 380 shares during the last quarter. Independent Portfolio Consultants Inc. boosted its position in shares of CBS Corp. by 40.6% in the first quarter. Independent Portfolio Consultants Inc. now owns 5,490 shares of the media conglomerate’s stock worth $302,000 after buying an additional 1,585 shares during the last quarter. Private Trust Co. NA boosted its position in shares of CBS Corp. by 3.3% in the first quarter. Private Trust Co. NA now owns 7,697 shares of the media conglomerate’s stock worth $424,000 after buying an additional 244 shares during the last quarter. Finally, Raymond James Trust N.A. boosted its position in shares of CBS Corp. by 50.5% in the first quarter. Raymond James Trust N.A. now owns 8,209 shares of the media conglomerate’s stock worth $452,000 after buying an additional 2,753 shares during the last quarter. 76.78% of the stock is owned by institutional investors and hedge funds.
About CBS Corp.
CBS Corporation is a mass media company. The Company’s segments include Entertainment, Cable Networks, Publishing and Local Broadcasting. Its Entertainment segment is composed of the CBS Television Network; CBS Television Studios; CBS Global Distribution Group (composed of CBS Studios International and CBS Television Distribution); CBS Interactive, and CBS Films.
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