CBS Corporation (CBS) Announces Quarterly Earnings Results, Beats Expectations By $0.04 EPS
CBS Corporation (NYSE:CBS) posted its quarterly earnings data on Thursday. The media conglomerate reported $1.11 earnings per share for the quarter, topping the consensus estimate of $1.07 by $0.04, Briefing.com reports. The business had revenue of $3.17 billion during the quarter, compared to the consensus estimate of $3.26 billion. CBS Corporation had a net margin of 2.14% and a return on equity of 58.14%. The company’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.05 earnings per share.
Shares of CBS Corporation (NYSE CBS) traded down $0.84 on Friday, hitting $55.35. The stock had a trading volume of 5,693,694 shares, compared to its average volume of 4,393,937. The company has a market cap of $21.87 billion, a price-to-earnings ratio of 12.66 and a beta of 1.62.
In other news, CEO Leslie Moonves sold 150,000 shares of the company’s stock in a transaction dated Tuesday, October 10th. The stock was sold at an average price of $57.62, for a total value of $8,643,000.00. Following the transaction, the chief executive officer now owns 1,182,652 shares in the company, valued at approximately $68,144,408.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Gil D. Schwartz sold 54,131 shares of the company’s stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $58.40, for a total value of $3,161,250.40. Following the completion of the transaction, the executive vice president now owns 102,483 shares in the company, valued at approximately $5,985,007.20. The disclosure for this sale can be found here. Insiders sold a total of 512,298 shares of company stock worth $30,900,946 in the last quarter. 1.67% of the stock is owned by corporate insiders.
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Several research firms recently weighed in on CBS. Jefferies Group LLC reduced their price objective on shares of CBS Corporation from $73.00 to $66.00 and set a “buy” rating for the company in a report on Friday. Credit Suisse Group reduced their price objective on shares of CBS Corporation from $75.00 to $70.00 and set an “outperform” rating for the company in a report on Friday. Royal Bank Of Canada reduced their price objective on shares of CBS Corporation from $77.00 to $66.00 and set an “outperform” rating for the company in a report on Friday. Needham & Company LLC reduced their price objective on shares of CBS Corporation from $80.00 to $70.00 and set a “buy” rating for the company in a report on Friday. Finally, Zacks Investment Research raised shares of CBS Corporation from a “sell” rating to a “hold” rating in a report on Monday. Seven analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $73.33.
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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