CBS Corp. (CBS) Downgraded by Telsey Advisory Group
CBS Corp. (NYSE:CBS) was downgraded by investment analysts at Telsey Advisory Group from an “outperform” rating to a “market perform” rating in a research note issued on Thursday, StockTargetPrices.com reports. 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 would indicate a potential upside of 13.82% from the company’s current price.
A number of other equities analysts also recently issued reports on the company. Credit Suisse Group AG restated a “buy” rating and issued a $75.00 price target on shares of CBS Corp. in a research note on Friday, July 29th. Deutsche Bank AG raised their price target on CBS Corp. from $65.00 to $68.00 and gave the stock a “buy” rating in a research note on Friday, July 29th. Pivotal Research restated a “buy” rating on shares of CBS Corp. in a research note 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 on the stock in a research note on Wednesday, July 20th. Finally, Brean Capital restated a “buy” rating and issued a $65.00 price target on shares of CBS Corp. in a research note on Sunday, July 17th. Five analysts have rated the stock with a hold rating and twenty-seven have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $61.67.
CBS Corp. (NYSE:CBS) opened at 50.08 on Thursday. The company has a market capitalization of $22.27 billion, a P/E ratio of 14.82 and a beta of 1.89. CBS Corp. has a 52-week low of $38.51 and a 52-week high of $58.22. The firm 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 EPS for the quarter, beating the consensus estimate 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 had revenue of $3.29 billion for the quarter, compared to the consensus estimate of $3.21 billion. During the same period last year, the business posted $0.74 EPS. The company’s revenue was up 2.1% compared to the same quarter last year. On average, analysts predict that CBS Corp. will post $3.09 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Saturday, October 1st. Shareholders of record on Friday, September 9th will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.44%. 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. CBS Corp.’s dividend payout ratio (DPR) is currently 21.30%.
Institutional investors have recently modified their holdings of the stock. Societe Generale purchased a new stake in shares of CBS Corp. during the second quarter worth $109,000. M&R Capital Management Inc. purchased a new stake in shares of CBS Corp. during the second quarter worth $123,000. NN Investment Partners Holdings N.V. purchased a new stake in shares of CBS Corp. during the first quarter worth $141,000. Trust Department MB Financial Bank N A raised its stake in shares of CBS Corp. by 457.3% in the second quarter. Trust Department MB Financial Bank N A now owns 2,809 shares of the media conglomerate’s stock worth $156,000 after buying an additional 2,305 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of CBS Corp. during the second quarter worth $159,000. 76.78% of the stock is owned by institutional investors.
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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