CBS (NYSE:CBS) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Monday.
According to Zacks, “Shares of CBS have underperformed the industry in the past six months. CBS, which remains highly vulnerable to the advertising market, is likely to report weaker political advertising revenues in the fourth quarter of 2017. In the prior-year quarter, the company benefited from strong political advertising. Moreover, currency fluctuations and higher expenditure for original programming might prove to be a drag. However, increasing demand for content, rise in retransmission rates, expansion of direct-to-consumer business and sturdy digital presence bode well. We believe with the launch of Showtime's streaming service; online news channel, CBSN; and over-the-top service, CBS All Access, the company is generating incremental revenues. Moreover, the company aims to attain $2.5 billion of revenues from retransmission and reverse compensation by 2020.”
Other research analysts have also issued research reports about the company. Guggenheim reissued a “buy” rating and set a $78.00 price objective on shares of CBS in a report on Friday, October 6th. Citigroup reissued a “buy” rating and set a $75.00 price objective (down previously from $76.00) on shares of CBS in a report on Wednesday, October 4th. Jefferies Group reissued a “buy” rating and set a $73.00 price objective on shares of CBS in a report on Tuesday, October 3rd. Benchmark reissued a “buy” rating and set a $81.00 price objective on shares of CBS in a report on Wednesday, September 27th. Finally, Cowen reissued a “buy” rating on shares of CBS in a report on Thursday, September 21st. Seven equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $72.04.
Shares of CBS (NYSE:CBS) traded down $0.77 during mid-day trading on Monday, reaching $55.99. The company’s stock had a trading volume of 5,276,500 shares, compared to its average volume of 4,145,000. The company has a debt-to-equity ratio of 3.03, a quick ratio of 1.10 and a current ratio of 1.55. CBS has a 12 month low of $52.75 and a 12 month high of $70.10. The firm has a market cap of $22,750.00, a price-to-earnings ratio of 16.28, a P/E/G ratio of 0.91 and a beta of 1.62.
CBS (NYSE:CBS) last issued its earnings results on Thursday, November 2nd. The media conglomerate reported $1.11 earnings per share for the quarter, topping the consensus estimate of $1.07 by $0.04. CBS had a return on equity of 58.49% and a net margin of 2.14%. The company had revenue of $3.17 billion for the quarter, compared to analyst estimates of $3.26 billion. During the same period in the prior year, the firm posted $1.05 EPS. The business’s revenue was up 2.8% compared to the same quarter last year. sell-side analysts forecast that CBS will post 4.4 earnings per share for the current fiscal year.
In other CBS news, Director Charles K. Gifford sold 5,093 shares of the firm’s stock in a transaction that occurred on Wednesday, November 8th. The stock was sold at an average price of $57.33, for a total value of $291,981.69. Following the completion of the sale, the director now owns 70,273 shares in the company, valued at approximately $4,028,751.09. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Leslie Moonves sold 85,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 12th. The stock was sold at an average price of $57.85, for a total value of $4,917,250.00. Following the completion of the sale, the chief executive officer now owns 884,513 shares of the company’s stock, valued at approximately $51,169,077.05. The disclosure for this sale can be found here. Insiders sold a total of 100,279 shares of company stock valued at $5,794,978 in the last quarter. Corporate insiders own 2.03% of the company’s stock.
Several hedge funds have recently made changes to their positions in CBS. Sound Shore Management Inc. CT lifted its position in shares of CBS by 32.8% during the 3rd quarter. Sound Shore Management Inc. CT now owns 2,440,353 shares of the media conglomerate’s stock worth $141,540,000 after buying an additional 603,157 shares during the period. Focused Investors LLC lifted its position in shares of CBS by 43.0% during the 3rd quarter. Focused Investors LLC now owns 1,624,900 shares of the media conglomerate’s stock worth $94,244,000 after buying an additional 488,700 shares during the period. PGGM Investments lifted its position in shares of CBS by 136.1% during the 3rd quarter. PGGM Investments now owns 579,591 shares of the media conglomerate’s stock worth $33,616,000 after buying an additional 334,076 shares during the period. Twin Capital Management Inc. bought a new position in shares of CBS during the 3rd quarter worth approximately $5,786,000. Finally, Canada Pension Plan Investment Board lifted its position in shares of CBS by 16.2% during the 3rd quarter. Canada Pension Plan Investment Board now owns 578,900 shares of the media conglomerate’s stock worth $33,576,000 after buying an additional 80,600 shares during the period. Institutional investors own 74.77% of the company’s stock.
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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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