CBS Corporation’s (CBS) Buy Rating Reaffirmed at Benchmark Co.
CBS Corporation (NYSE:CBS)‘s stock had its “buy” rating reissued by equities researchers at Benchmark Co. in a research report issued to clients and investors on Tuesday. They presently have a $80.00 price target on the media conglomerate’s stock. Benchmark Co.’s target price would suggest a potential upside of 38.05% from the stock’s current price.
The analysts wrote, “We continue to rate CBS our favorite content play in the media space, and at just 8x 2018E EV/EBITDA, we believe shares look attractively priced even if a softer overall advertising environment continues.””
Other research analysts have also issued reports about the stock. BidaskClub raised shares of CBS Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, July 25th. Jefferies Group LLC reissued a “buy” rating and issued a $71.00 target price on shares of CBS Corporation in a research note on Monday, July 10th. Needham & Company LLC reissued a “buy” rating and issued a $80.00 target price on shares of CBS Corporation in a research note on Wednesday, June 28th. Piper Jaffray Companies set a $75.00 target price on shares of CBS Corporation and gave the stock a “buy” rating in a research note on Tuesday, June 27th. Finally, Argus restated 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. Seven equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $74.63.
Shares of CBS Corporation (NYSE:CBS) opened at 57.95 on Tuesday. The stock has a market capitalization of $23.28 billion, a P/E ratio of 147.46 and a beta of 1.69. CBS Corporation has a 52-week low of $55.03 and a 52-week high of $70.10. The company has a 50 day moving average price of $58.57 and a 200-day moving average price of $62.76.
CBS Corporation (NYSE:CBS) last issued its quarterly earnings results on Monday, August 7th. The media conglomerate reported $1.04 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.97 by $0.07. The firm had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.09 billion. CBS Corporation had a net margin of 1.27% and a return on equity of 49.51%. CBS Corporation’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same period last year, the company posted $0.93 EPS. On average, analysts predict that CBS Corporation will post $4.44 earnings per share for the current fiscal year.
In other CBS Corporation 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Leslie Moonves sold 150,000 shares of the firm’s stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $64.68, for a total transaction of $9,702,000.00. Following the transaction, the chief executive officer now directly owns 1,182,652 shares of the company’s stock, valued at $76,493,931.36. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 517,568 shares of company stock valued at $31,245,604. Company insiders own 2.03% of the company’s stock.
A number of hedge funds have recently made changes to their positions in CBS. Dupont Capital Management Corp acquired a new position in CBS Corporation during the 2nd quarter worth $102,000. Parallel Advisors LLC lifted its position in shares of CBS Corporation by 42.5% in the 2nd quarter. Parallel Advisors LLC now owns 1,785 shares of the media conglomerate’s stock worth $118,000 after buying an additional 532 shares during the last quarter. Independent Portfolio Consultants Inc. lifted its position in shares of CBS Corporation by 31.4% in the 2nd quarter. Independent Portfolio Consultants Inc. now owns 2,936 shares of the media conglomerate’s stock worth $187,000 after buying an additional 701 shares during the last quarter. Tocqueville Asset Management L.P. bought a new position in shares of CBS Corporation in the 2nd quarter worth about $205,000. Finally, Bridgewater Wealth & Financial Management LLC lifted its position in shares of CBS Corporation by 12.3% in the 2nd quarter. Bridgewater Wealth & Financial Management LLC now owns 3,421 shares of the media conglomerate’s stock worth $218,000 after buying an additional 374 shares during the last quarter. 75.12% of the stock is owned by institutional investors.
About CBS Corporation
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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