CBS Corporation (CBS) Stock Rating Upgraded by Zacks Investment Research
CBS Corporation (NYSE:CBS) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Monday.
According to Zacks, “Shares of CBS have underperformed the industry in the past three months. During the second half of 2017, the company may face tough advertising revenue comparison as the prior year benefited from strong political advertising. Moreover, currency fluctuations and higher expenditure for original programming might prove to be a drag. Nevertheless, CBS is likely to gain from increasing demand for content, rise in retransmission rates, expansion of direct-to-consumer business, sturdy digital presence and upfront fees from traditional distribution partners. These helped the company to post better-than-expected second-quarter 2017 results. We believe with the launch of Showtime's streaming service; online news channel, CBSN; and over-the-top service, CBS All Access, the company is generating incremental revenue. Moreover, the company aims to attain $2.5 billion of revenues from retransmission and reverse compensation by 2020.”
A number of other brokerages have also recently weighed in on CBS. BidaskClub upgraded shares of CBS Corporation from a “hold” rating to a “buy” rating in a report on Tuesday, July 25th. Barclays PLC set a $57.00 price target on shares of CBS Corporation and gave the company a “hold” rating in a report on Friday, August 11th. Argus reiterated a “buy” rating and set a $79.00 price target (up previously from $71.00) on shares of CBS Corporation in a report on Thursday, August 10th. BMO Capital Markets reiterated a “buy” rating and set a $80.00 price target on shares of CBS Corporation in a report on Tuesday, August 8th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $77.00 price target (up previously from $75.00) on shares of CBS Corporation in a report on Tuesday, August 8th. Seven research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. CBS Corporation presently has a consensus rating of “Buy” and a consensus target price of $74.67.
CBS Corporation (CBS) traded down 1.37% during trading on Monday, reaching $58.11. The company’s stock had a trading volume of 2,515,028 shares. The company has a 50-day moving average of $58.75 and a 200 day moving average of $62.93. The firm has a market cap of $23.34 billion, a PE ratio of 147.86 and a beta of 1.68. CBS Corporation has a one year low of $55.03 and a one year high of $70.10.
CBS Corporation (NYSE:CBS) last announced its quarterly earnings data on Monday, August 7th. The media conglomerate reported $1.04 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.97 by $0.07. The business had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.09 billion. CBS Corporation had a net margin of 1.27% and a return on equity of 49.51%. The business’s revenue was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.93 earnings per share. Analysts expect that CBS Corporation will post $4.44 EPS for the current fiscal year.
In other news, EVP Anthony G. Ambrosio sold 8,167 shares of the firm’s stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $65.96, for a total transaction of $538,695.32. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Gil D. Schwartz sold 5,270 shares of the firm’s stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $65.40, for a total transaction of $344,658.00. Following the sale, the executive vice president now owns 60,322 shares in the company, valued at $3,945,058.80. The disclosure for this sale can be found here. Insiders have sold a total of 517,568 shares of company stock worth $31,245,604 over the last 90 days. Insiders own 1.67% of the company’s stock.
Several hedge funds have recently made changes to their positions in CBS. Teachers Advisors LLC raised its position in shares of CBS Corporation by 9.8% during the 1st quarter. Teachers Advisors LLC now owns 1,588,835 shares of the media conglomerate’s stock valued at $110,202,000 after purchasing an additional 142,137 shares during the period. King Luther Capital Management Corp raised its position in shares of CBS Corporation by 3.2% during the 1st 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 during the period. Oppenheimer Asset Management Inc. bought a new stake in shares of CBS Corporation during the 1st quarter valued at $717,000. Highbridge Capital Management LLC raised its position in shares of CBS Corporation by 23.7% during the 1st quarter. Highbridge Capital Management LLC now owns 128,111 shares of the media conglomerate’s stock valued at $8,887,000 after purchasing an additional 24,519 shares during the period. Finally, Soros Fund Management LLC bought a new stake in shares of CBS Corporation during the 1st quarter valued at $465,000. Hedge funds and other institutional investors own 75.06% of the company’s stock.
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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