Zacks Investment Research upgraded shares of CBS (NYSE:CBS) from a sell rating to a hold rating in a research note published on Friday morning.
According to Zacks, “CBS is benefiting from strong demand for content, rise in retransmission rates and expansion of direct-to-consumer business. Additionally, several strategic deals with Sinclair, AT&T, Nexstar and others have positioned CBS favorably, enabling it to meet retransmission targets much ahead of schedule. Moreover, the company has an average four-quarter positive earnings surprise of 4.53%. For the third quarter, CBS expects Local Media revenues to increase at a double-digit rate as mid-term elections are coming closer. However, currency fluctuations and higher expenditure for original programming might prove to be a drag. Shares have underperformed the industry on a year-to-date basis.”
Several other research analysts have also recently issued reports on the company. Royal Bank of Canada set a $63.00 target price on CBS and gave the company a buy rating in a research report on Friday, August 3rd. UBS Group cut CBS from a buy rating to a neutral rating and cut their target price for the company from $72.00 to $60.00 in a research report on Monday, September 10th. Argus cut CBS from a buy rating to a hold rating in a research report on Tuesday, August 7th. ValuEngine cut CBS from a sell rating to a strong sell rating in a research report on Monday, July 30th. Finally, Barrington Research reaffirmed a buy rating and set a $73.00 target price on shares of CBS in a research report on Monday, September 10th. Eleven research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. CBS currently has a consensus rating of Buy and an average target price of $66.08.
CBS (NYSE:CBS) last released its quarterly earnings data on Thursday, August 2nd. The media conglomerate reported $1.12 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.11 by $0.01. The firm had revenue of $3.47 billion during the quarter, compared to the consensus estimate of $3.46 billion. CBS had a return on equity of 81.10% and a net margin of 10.21%. The company’s quarterly revenue was up 6.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.04 earnings per share. On average, equities analysts anticipate that CBS will post 5.25 earnings per share for the current fiscal year.
In other CBS news, EVP Anthony G. Ambrosio sold 11,697 shares of the business’s stock in a transaction on Friday, September 28th. The stock was sold at an average price of $57.53, for a total value of $672,928.41. Following the transaction, the executive vice president now owns 80,950 shares of the company’s stock, valued at $4,657,053.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Anthony G. Ambrosio sold 3,449 shares of the business’s stock in a transaction on Tuesday, October 9th. The stock was sold at an average price of $57.67, for a total value of $198,903.83. Following the completion of the transaction, the executive vice president now directly owns 72,702 shares in the company, valued at approximately $4,192,724.34. The disclosure for this sale can be found here. In the last three months, insiders sold 17,246 shares of company stock worth $987,668. Insiders own 1.80% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the business. Squar Milner Financial Services LLC purchased a new position in shares of CBS during the 2nd quarter valued at $122,000. Capital Advisors Ltd. LLC lifted its position in shares of CBS by 3,620.8% during the 3rd quarter. Capital Advisors Ltd. LLC now owns 2,679 shares of the media conglomerate’s stock valued at $154,000 after buying an additional 2,607 shares during the last quarter. Atria Investments LLC purchased a new position in shares of CBS during the 3rd quarter valued at $202,000. Greenleaf Trust purchased a new position in shares of CBS during the 2nd quarter valued at $240,000. Finally, Lourd Capital LLC purchased a new position in shares of CBS during the 3rd quarter valued at $245,000. 74.84% of the stock is currently owned by institutional investors and hedge funds.
CBS Company Profile
CBS Corporation operates as a mass media company worldwide. The company operates through four segments: Entertainment, Cable Networks, Publishing, and Local Media. The Entertainment segment distributes a schedule of news and public affairs broadcasts, and sports and entertainment programming; produces, acquires, and/or distributes programming, including series, specials, news, and public affairs; operates online content networks for information and entertainment; produces, acquires, and distributes theatrical motion pictures; and digital streaming services.
Featured Article: What is a Leveraged Buyout (LBO)?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
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.