CBS (NYSE:CBS) was downgraded by analysts at Stephens from an “overweight” rating to an “equal weight” rating in a research report issued on Monday, MarketBeat.com reports. They currently have a $64.00 price objective on the media conglomerate’s stock, down from their previous price objective of $72.00. Stephens’ price target suggests a potential upside of 10.82% from the stock’s previous close.
CBS has been the subject of a number of other reports. Piper Jaffray Companies set a $70.00 target price on CBS and gave the company a “buy” rating in a research report on Wednesday, January 3rd. Zacks Investment Research raised CBS from a “sell” rating to a “hold” rating in a research report on Monday, October 23rd. ValuEngine lowered CBS from a “buy” rating to a “hold” rating in a research report on Sunday, December 31st. Credit Suisse Group decreased their target price on CBS from $75.00 to $70.00 and set an “outperform” rating for the company in a research report on Friday, November 3rd. Finally, Jefferies Group reaffirmed a “buy” rating and set a $73.00 target price on shares of CBS in a research report on Monday, October 16th. Eight equities research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $71.73.
CBS (NYSE:CBS) traded down $2.25 on Monday, reaching $57.75. The company had a trading volume of 6,221,100 shares, compared to its average volume of 4,900,562. CBS has a one year low of $52.75 and a one year high of $70.10. The company has a current ratio of 1.55, a quick ratio of 1.10 and a debt-to-equity ratio of 3.03. The stock has a market cap of $23,010.00, a PE ratio of 16.79, a P/E/G ratio of 0.91 and a beta of 1.62.
In related news, Director Bruce S. Gordon sold 5,093 shares of the business’s stock in a transaction on Monday, November 6th. The stock was sold at an average price of $55.50, for a total transaction of $282,661.50. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Joseph R. Ianniello sold 2,400 shares of the business’s stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $60.13, for a total value of $144,312.00. Following the transaction, the chief operating officer now owns 320,723 shares in the company, valued at $19,285,073.99. The disclosure for this sale can be found here. Over the last three months, insiders sold 187,679 shares of company stock valued at $10,960,240. Corporate insiders own 2.03% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. Ingalls & Snyder LLC purchased a new position in CBS during the 4th quarter worth $604,000. Hollencrest Capital Management purchased a new position in CBS during the 4th quarter worth $515,000. State of Alaska Department of Revenue grew its stake in CBS by 209.9% during the 4th quarter. State of Alaska Department of Revenue now owns 43,365 shares of the media conglomerate’s stock worth $2,556,000 after buying an additional 29,371 shares during the last quarter. DORCHESTER WEALTH MANAGEMENT Co grew its stake in CBS by 10.2% during the 4th quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 70,395 shares of the media conglomerate’s stock worth $4,153,000 after buying an additional 6,520 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. grew its stake in CBS by 2.9% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 1,411,688 shares of the media conglomerate’s stock worth $83,290,000 after buying an additional 39,897 shares during the last quarter. Hedge funds and other institutional investors own 74.89% of the company’s stock.
TRADEMARK VIOLATION NOTICE: This story was first reported by American Banking News and is the property of of American Banking News. If you are viewing this story on another domain, it was illegally copied and reposted in violation of US and international trademark and copyright legislation. The correct version of this story can be accessed at https://www.americanbankingnews.com/2018/01/22/cbs-cbs-lowered-to-equal-weight-at-stephens.html.
CBS 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.
Receive News & Ratings for CBS Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CBS and related companies with MarketBeat.com's FREE daily email newsletter.