CBS Corporation (NYSE:CBS) Earns “Buy” Rating from Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of CBS Corporation (NYSE:CBS) in a research note published on Wednesday, June 28th. They currently have a $80.00 target price on the media conglomerate’s stock.

Several other research firms also recently commented on CBS. Rosenblatt Securities reiterated a buy rating and issued a $80.00 target price on shares of CBS Corporation in a research report on Friday, April 14th. Royal Bank Of Canada set a $75.00 price objective on CBS Corporation and gave the stock a buy rating in a research report on Tuesday, June 6th. BidaskClub raised CBS Corporation from a sell rating to a hold rating in a research note on Saturday, June 24th. Instinet raised their target price on CBS Corporation from $72.00 to $74.00 and gave the stock a buy rating in a research note on Thursday, March 30th. Finally, Guggenheim reaffirmed a buy rating and set a $80.00 target price on shares of CBS Corporation in a research note on Friday, April 14th. Seven investment analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. CBS Corporation has an average rating of Buy and an average price target of $71.34.

CBS Corporation (NYSE CBS) opened at 64.60 on Wednesday. The firm has a market cap of $26.22 billion, a price-to-earnings ratio of 52.69 and a beta of 1.70. CBS Corporation has a 52-week low of $48.88 and a 52-week high of $70.10. The stock has a 50 day moving average of $61.88 and a 200-day moving average of $64.73.

CBS Corporation (NYSE:CBS) last released its quarterly earnings data on Thursday, May 4th. The media conglomerate reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.09. The business had revenue of $3.34 billion for the quarter, compared to analyst estimates of $3.29 billion. CBS Corporation had a return on equity of 41.55% and a net margin of 3.96%. CBS Corporation’s revenue was down 6.9% compared to the same quarter last year. During the same period last year, the firm posted $1.02 earnings per share. On average, analysts expect that CBS Corporation will post $4.44 EPS for the current year.

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The company also recently declared a quarterly dividend, which was paid on Saturday, July 1st. Stockholders of record on Friday, June 9th were paid a $0.18 dividend. The ex-dividend date was Wednesday, June 7th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.11%. CBS Corporation’s dividend payout ratio (DPR) is currently 63.72%.

In related news, CEO Leslie Moonves sold 200,000 shares of the firm’s stock in a transaction on Wednesday, July 12th. The stock was sold at an average price of $63.79, for a total value of $12,758,000.00. Following the transaction, the chief executive officer now directly owns 1,232,652 shares of the company’s stock, valued at approximately $78,630,871.08. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Gil D. Schwartz sold 5,270 shares of the firm’s stock in a transaction dated Wednesday, July 5th. The shares were sold at an average price of $64.08, for a total value of $337,701.60. Following the sale, the executive vice president now directly owns 60,322 shares in the company, valued at $3,865,433.76. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 213,437 shares of company stock worth $13,616,593. Company insiders own 2.03% of the company’s stock.

A number of large investors have recently bought and sold shares of CBS. Israel Discount Bank of New York acquired a new stake in CBS Corporation during the first quarter worth approximately $114,000. Kentucky Retirement Systems purchased a new position in shares of CBS Corporation during the fourth quarter worth $1,810,000. Sawtooth Solutions LLC purchased a new position in shares of CBS Corporation during the first quarter worth $232,000. Wexford Capital LP purchased a new position in shares of CBS Corporation during the first quarter worth $1,047,000. Finally, Hennessy Advisors Inc. purchased a new position in shares of CBS Corporation during the first quarter worth $2,289,000. 75.10% of the stock is currently owned by institutional investors and hedge funds.

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.

Analyst Recommendations for CBS Corporation (NYSE:CBS)

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