CBS Corporation Forecasted to Post Q3 2017 Earnings of $1.08 Per Share (CBS)
CBS Corporation (NYSE:CBS) – Stock analysts at Jefferies Group reduced their Q3 2017 earnings per share (EPS) estimates for shares of CBS Corporation in a report issued on Tuesday. Jefferies Group analyst J. Janedis now forecasts that the media conglomerate will post earnings per share of $1.08 for the quarter, down from their prior forecast of $1.18. Jefferies Group has a “Buy” rating and a $73.00 price target on the stock. Jefferies Group also issued estimates for CBS Corporation’s FY2017 earnings at $4.46 EPS, FY2018 earnings at $5.15 EPS and FY2019 earnings at $5.85 EPS.
CBS Corporation (NYSE:CBS) last announced its quarterly earnings results on Monday, August 7th. The media conglomerate reported $1.04 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.97 by $0.07. CBS Corporation had a return on equity of 49.51% and a net margin of 1.27%. The business had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.09 billion. During the same quarter in the prior year, the company posted $0.93 earnings per share. CBS Corporation’s revenue was up 9.4% compared to the same quarter last year.
A number of other research analysts have also recently commented on CBS. Citigroup Inc. restated a “buy” rating and issued a $75.00 target price (down previously from $76.00) on shares of CBS Corporation in a research note on Wednesday. Royal Bank Of Canada restated an “outperform” rating and issued a $77.00 target price (up previously from $75.00) on shares of CBS Corporation in a research note on Tuesday, August 8th. BMO Capital Markets reaffirmed a “buy” rating and set a $80.00 price objective on shares of CBS Corporation in a research report on Tuesday, August 8th. Argus reaffirmed a “buy” rating and set a $79.00 price objective (up previously from $71.00) on shares of CBS Corporation in a research report on Thursday, August 10th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $80.00 price objective on shares of CBS Corporation in a research report on Tuesday, August 8th. Five research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the stock. CBS Corporation presently has a consensus rating of “Buy” and a consensus target price of $74.94.
Shares of CBS Corporation (NYSE CBS) opened at 59.97 on Thursday. The company has a market cap of $24.09 billion, a P/E ratio of 152.60 and a beta of 1.68. The company’s 50-day moving average price is $61.19 and its 200 day moving average price is $63.77. CBS Corporation has a one year low of $54.37 and a one year high of $70.10. CBS Corporation also saw some unusual options trading on Monday. Stock traders bought 7,736 call options on the company. This represents an increase of approximately 179% compared to the typical volume of 2,770 call options.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of Hawaii lifted its position in CBS Corporation by 0.3% during the second quarter. Bank of Hawaii now owns 18,458 shares of the media conglomerate’s stock valued at $1,177,000 after purchasing an additional 50 shares in the last quarter. Osborn Williams & Donohoe LLC lifted its position in CBS Corporation by 1.0% during the second quarter. Osborn Williams & Donohoe LLC now owns 10,312 shares of the media conglomerate’s stock valued at $658,000 after purchasing an additional 100 shares in the last quarter. First Financial Bank Trust Division lifted its position in CBS Corporation by 2.5% during the second quarter. First Financial Bank Trust Division now owns 4,995 shares of the media conglomerate’s stock valued at $319,000 after purchasing an additional 120 shares in the last quarter. Stanley Laman Group Ltd. lifted its position in CBS Corporation by 1.4% during the second quarter. Stanley Laman Group Ltd. now owns 9,201 shares of the media conglomerate’s stock valued at $587,000 after purchasing an additional 127 shares in the last quarter. Finally, King Luther Capital Management Corp lifted its position in CBS Corporation by 3.2% during the first quarter. King Luther Capital Management Corp now owns 4,670 shares of the media conglomerate’s stock valued at $324,000 after purchasing an additional 145 shares in the last quarter. Institutional investors own 75.08% of the company’s stock.
In related news, EVP Anthony G. Ambrosio sold 8,167 shares of CBS Corporation stock in a transaction on Tuesday, July 11th. The stock was sold at an average price of $63.78, for a total value of $520,891.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Gil D. Schwartz sold 5,270 shares of CBS Corporation stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $65.40, for a total value of $344,658.00. Following the completion of the sale, the executive vice president now directly owns 60,322 shares of the company’s stock, valued at approximately $3,945,058.80. The disclosure for this sale can be found here. Insiders sold 575,735 shares of company stock valued at $35,881,495 in the last ninety days. 1.67% of the stock is currently owned by corporate insiders.
The company also recently disclosed a quarterly dividend, which was paid on Sunday, October 1st. Investors of record on Friday, September 8th were issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.20%. The ex-dividend date of this dividend was Thursday, September 7th. CBS Corporation’s payout ratio is currently 211.76%.
CBS Corporation Company Profile
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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