CBS (NYSE:CBS) Shares Down 7.7% on Analyst Downgrade

CBS Co. (NYSE:CBS) was down 7.7% on Wednesday after Citigroup lowered their price target on the stock from $60.00 to $57.00. Citigroup currently has a buy rating on the stock. CBS traded as low as $44.59 and last traded at $44.94, approximately 7,168,111 shares traded hands during trading. An increase of 162% from the average daily volume of 2,732,596 shares. The stock had previously closed at $48.70.

Several other equities analysts have also weighed in on CBS. Barrington Research dropped their price objective on shares of CBS from $72.00 to $60.00 and set an “outperform” rating on the stock in a report on Monday, May 6th. Loop Capital boosted their target price on shares of CBS to $65.00 and gave the stock a “buy” rating in a research report on Monday, April 22nd. UBS Group set a $54.00 target price on shares of CBS and gave the stock a “hold” rating in a research report on Friday, August 9th. Imperial Capital decreased their target price on shares of CBS from $72.00 to $62.00 and set an “outperform” rating for the company in a research report on Tuesday. Finally, Stephens set a $64.00 target price on shares of CBS and gave the stock a “buy” rating in a research report on Friday, August 9th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $61.43.

Several large investors have recently bought and sold shares of the company. Baupost Group LLC MA grew its position in CBS by 17.1% in the 2nd quarter. Baupost Group LLC MA now owns 10,000,000 shares of the media conglomerate’s stock worth $499,000,000 after purchasing an additional 1,457,984 shares in the last quarter. Invesco Ltd. grew its position in CBS by 2.6% in the 2nd quarter. Invesco Ltd. now owns 7,574,879 shares of the media conglomerate’s stock worth $377,986,000 after purchasing an additional 191,415 shares in the last quarter. JPMorgan Chase & Co. grew its position in CBS by 0.7% in the 1st quarter. JPMorgan Chase & Co. now owns 5,278,156 shares of the media conglomerate’s stock worth $250,871,000 after purchasing an additional 37,453 shares in the last quarter. Investec Asset Management LTD grew its position in CBS by 1.4% in the 1st quarter. Investec Asset Management LTD now owns 3,776,288 shares of the media conglomerate’s stock worth $179,487,000 after purchasing an additional 52,050 shares in the last quarter. Finally, Sound Shore Management Inc. CT grew its position in CBS by 26.9% in the 1st quarter. Sound Shore Management Inc. CT now owns 3,672,642 shares of the media conglomerate’s stock worth $174,561,000 after purchasing an additional 779,563 shares in the last quarter. 72.56% of the stock is owned by institutional investors.

The company has a quick ratio of 1.16, a current ratio of 1.50 and a debt-to-equity ratio of 2.35. The business has a 50-day moving average price of $50.95. The stock has a market capitalization of $18.33 billion, a price-to-earnings ratio of 8.66, a P/E/G ratio of 0.75 and a beta of 1.17.

CBS (NYSE:CBS) last issued its quarterly earnings data on Thursday, August 8th. The media conglomerate reported $1.16 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.13 by $0.03. CBS had a net margin of 20.13% and a return on equity of 61.57%. The business had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.71 billion. During the same period in the prior year, the firm posted $1.12 EPS. The firm’s quarterly revenue was up 9.7% compared to the same quarter last year. As a group, sell-side analysts forecast that CBS Co. will post 5.51 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Tuesday, September 10th will be given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.60%. The ex-dividend date of this dividend is Monday, September 9th. CBS’s payout ratio is 13.87%.

CBS Company Profile (NYSE:CBS)

CBS Corporation operates as a mass media company worldwide. The company operates in 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 theatrical films; and digital streaming services.

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