Bank of America Corp. Upgrades Viacom Inc. (VIA) to “Buy”
Viacom Inc. (NASDAQ:VIA) was upgraded by research analysts at Bank of America Corp. from an “underperform” rating to a “buy” rating in a note issued to investors on Thursday. The brokerage currently has a $44.00 price objective on the stock, up from their prior price objective of $37.00. Bank of America Corp.’s target price points to a potential upside of 11.25% from the company’s previous close.
Other analysts also recently issued reports about the company. Brean Capital upgraded Viacom from a “hold” rating to a “buy” rating and set a $44.00 price objective for the company in a report on Tuesday, September 13th. Wunderlich reiterated a “buy” rating and set a $87.00 price target on shares of Viacom in a report on Friday, June 17th. BTIG Research upgraded Viacom from a “neutral” rating to a “buy” rating in a report on Thursday, June 16th. Drexel Hamilton reiterated a “hold” rating on shares of Viacom in a report on Friday, June 17th. Finally, Argus reiterated a “hold” rating on shares of Viacom in a report on Monday, August 15th. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and ten have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $48.67.
Shares of Viacom (NASDAQ:VIA) opened at 39.55 on Thursday. Viacom has a 12 month low of $33.88 and a 12 month high of $54.69. The firm has a 50 day moving average price of $42.51 and a 200-day moving average price of $45.27. The company has a market cap of $15.69 billion, a P/E ratio of 7.61 and a beta of 1.17.
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The company also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Monday, September 26th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, September 22nd. This represents a $0.80 annualized dividend and a dividend yield of 2.02%. Viacom’s dividend payout ratio is currently 15.41%.
Several institutional investors have recently bought and sold shares of VIA. Bank of Montreal Can purchased a new position in Viacom during the second quarter valued at approximately $340,000. Kessler Investment Group LLC purchased a new position in Viacom during the second quarter valued at approximately $1,220,000. LPL Financial LLC boosted its position in Viacom by 44.7% in the first quarter. LPL Financial LLC now owns 16,232 shares of the company’s stock valued at $686,000 after buying an additional 5,014 shares in the last quarter. S. Muoio & CO. LLC boosted its position in Viacom by 71.3% in the first quarter. S. Muoio & CO. LLC now owns 124,411 shares of the company’s stock valued at $5,636,000 after buying an additional 51,800 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in Viacom by 13.6% in the first quarter. Geode Capital Management LLC now owns 26,672 shares of the company’s stock valued at $1,208,000 after buying an additional 3,199 shares in the last quarter. 2.18% of the stock is currently owned by hedge funds and other institutional investors.
Viacom Company Profile
Viacom Inc (Viacom) is an entertainment content company that connects with audiences in over 160 countries and territories and creates compelling television programs, motion pictures, short-form video, applications, games, consumer products, social media and other entertainment content. The Company operates through two segments: Media Networks and Filmed Entertainment.
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