CBS Co. (CBS) to Issue $0.18 Quarterly Dividend
CBS Co. (NYSE:CBS) announced a quarterly dividend on Monday, May 22nd. Investors of record on Friday, June 9th will be given a dividend of 0.18 per share by the media conglomerate on Saturday, July 1st. This represents a $0.72 annualized dividend and a yield of 1.16%. The ex-dividend date of this dividend is Wednesday, June 7th.
CBS has increased its dividend by an average of 9.5% per year over the last three years and has increased its dividend annually for the last 5 consecutive years. CBS has a payout ratio of 16.6% indicating that its dividend is sufficiently covered by earnings. Analysts expect CBS to earn $5.16 per share next year, which means the company should continue to be able to cover its $0.72 annual dividend with an expected future payout ratio of 14.0%.
CBS (NYSE:CBS) traded up 0.63% during midday trading on Monday, reaching $62.05. The company had a trading volume of 2,621,418 shares. CBS has a 52 week low of $48.88 and a 52 week high of $70.10. The firm has a 50-day moving average price of $65.75 and a 200-day moving average price of $64.23. The company has a market capitalization of $25.19 billion, a price-to-earnings ratio of 50.61 and a beta of 1.66.
CBS (NYSE:CBS) last issued its quarterly earnings results on Thursday, May 4th. The media conglomerate reported $1.04 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.95 by $0.09. CBS had a return on equity of 33.06% and a net margin of 11.32%. The business had revenue of $3.34 billion during the quarter, compared to analyst estimates of $3.29 billion. During the same quarter in the prior year, the business posted $1.02 EPS. CBS’s revenue for the quarter was down 6.9% compared to the same quarter last year. Analysts expect that CBS will post $4.46 EPS for the current fiscal year.
CBS has been the subject of a number of analyst reports. Wedbush reiterated an “outperform” rating and issued a $77.00 price target on shares of CBS in a research note on Monday, February 6th. Jefferies Group LLC reiterated a “buy” rating and issued a $71.00 price target (up previously from $65.00) on shares of CBS in a research note on Friday, February 3rd. Guggenheim increased their price target on CBS from $74.00 to $78.00 and gave the stock a “buy” rating in a research note on Monday, February 27th. Loop Capital restated a “buy” rating and set a $76.00 price objective on shares of CBS in a research report on Wednesday, March 1st. Finally, Instinet raised their price objective on CBS to $70.00 in a research report on Monday, February 13th. Seven investment analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $71.37.
In other news, EVP Lawrence Tu sold 28,641 shares of the firm’s stock in a transaction that occurred on Tuesday, February 21st. The shares were sold at an average price of $67.68, for a total transaction of $1,938,422.88. Following the transaction, the executive vice president now directly owns 5,732 shares of the company’s stock, valued at $387,941.76. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, COO Joseph R. Ianniello sold 68,869 shares of the firm’s stock in a transaction that occurred on Tuesday, February 21st. The stock was sold at an average price of $67.40, for a total transaction of $4,641,770.60. Following the transaction, the chief operating officer now directly owns 305,580 shares in the company, valued at $20,596,092. The disclosure for this sale can be found here. 1.67% of the stock is owned by company insiders.
CBS Corporation is a mass media company. The Company operates through four segment: Entertainment, Cable Networks, Publishing, Local Media. The Entertainment segment comprises the CBS TV Network; CBS TV Studios; CBS Studios International and CBS TV Distribution; CBS Interactive; CBS Films; and the Company’s digital streaming services, CBS All Access and CBSN.
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