CBS Corp. (CBS) Downgraded by Telsey Advisory Group to “Market Perform”
CBS Corp. (NYSE:CBS) was downgraded by analysts at Telsey Advisory Group from an “outperform” rating to a “market perform” rating in a report released on Thursday. They presently have a $57.00 price objective on the media conglomerate’s stock, down from their prior price objective of $67.00. Telsey Advisory Group’s price objective suggests a potential upside of 13.82% from the company’s current price.
Several other research firms also recently commented on CBS. Wells Fargo & Co. downgraded shares of CBS Corp. to a “buy” rating in a report on Monday, July 11th. Brean Capital reissued a “buy” rating and issued a $65.00 price target on shares of CBS Corp. in a report on Sunday, July 17th. Pivotal Research reissued a “buy” rating on shares of CBS Corp. in a report on Sunday, July 24th. Zacks Investment Research raised shares of 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, Needham & Company LLC reissued a “buy” rating and issued a $65.00 price target on shares of CBS Corp. in a report on Saturday, July 2nd. Five research analysts have rated the stock with a hold rating and twenty-seven have issued a buy rating to the company’s stock. CBS Corp. presently has an average rating of “Buy” and a consensus target price of $61.67.
Shares of CBS Corp. (NYSE:CBS) opened at 50.08 on Thursday. CBS Corp. has a 52 week low of $38.51 and a 52 week high of $58.22. The company has a market cap of $22.27 billion, a PE ratio of 14.82 and a beta of 1.89. The company has a 50 day moving average of $51.91 and a 200 day moving average of $53.73.
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CBS Corp. (NYSE:CBS) last released its quarterly earnings data on Thursday, July 28th. The media conglomerate reported $0.93 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.86 by $0.07. The company earned $3.29 billion during the quarter, compared to the consensus estimate of $3.21 billion. CBS Corp. had a net margin of 11.07% and a return on equity of 31.53%. CBS Corp.’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same period last year, the firm earned $0.74 EPS. On average, analysts expect 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. The ex-dividend date of this dividend is Wednesday, September 7th. This is a boost from CBS Corp.’s previous quarterly dividend of $0.15. This represents a $0.72 annualized dividend and a yield of 1.44%. CBS Corp.’s payout ratio is 21.30%.
Hedge funds and other institutional investors have recently modified their holdings of the company. Tocqueville Asset Management L.P. boosted its position in shares of CBS Corp. by 0.3% in the second quarter. Tocqueville Asset Management L.P. now owns 7,918 shares of the media conglomerate’s stock valued at $431,000 after buying an additional 21 shares during the period. Advisor Partners LLC boosted its position in shares of CBS Corp. by 0.7% in the first quarter. Advisor Partners LLC now owns 5,218 shares of the media conglomerate’s stock valued at $287,000 after buying an additional 34 shares during the period. Hollencrest Securities LLC boosted its position in shares of CBS Corp. by 0.5% in the second quarter. Hollencrest Securities LLC now owns 7,334 shares of the media conglomerate’s stock valued at $399,000 after buying an additional 34 shares during the period. Abner Herrman & Brock LLC boosted its position in shares of CBS Corp. by 0.7% in the second quarter. Abner Herrman & Brock LLC now owns 7,572 shares of the media conglomerate’s stock valued at $436,000 after buying an additional 50 shares during the period. Finally, TIAA CREF Trust Co. FSB MO boosted its position in shares of CBS Corp. by 0.5% in the second quarter. TIAA CREF Trust Co. FSB MO now owns 10,184 shares of the media conglomerate’s stock valued at $554,000 after buying an additional 54 shares during the period. 76.78% of the stock is owned by institutional investors and hedge funds.
CBS Corp. Company Profile
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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