Traders Buy Shares of CBS Corporation (CBS) on Weakness

Traders bought shares of CBS Corporation (NYSE:CBS) on weakness during trading on Friday. $65.14 million flowed into the stock on the tick-up and $45.60 million flowed out of the stock on the tick-down, for a money net flow of $19.54 million into the stock. Of all stocks tracked, CBS Corporation had the 26th highest net in-flow for the day. CBS Corporation traded down ($1.08) for the day and closed at $59.42

A number of brokerages have recently commented on CBS. Royal Bank Of Canada set a $75.00 target price on CBS Corporation and gave the stock a “buy” rating in a research note on Tuesday, June 6th. Cowen and Company reiterated an “outperform” rating and set a $70.00 price target on shares of CBS Corporation in a research report on Monday, May 15th. BidaskClub upgraded CBS Corporation from a “strong sell” rating to a “sell” rating in a research report on Wednesday, June 14th. Jefferies Group LLC reiterated a “buy” rating and set a $71.00 price target on shares of CBS Corporation in a research report on Wednesday, June 14th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $80.00 price target on shares of CBS Corporation in a research report on Wednesday, June 28th. Six equities research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $73.44.

The company’s 50 day moving average is $64.92 and its 200-day moving average is $64.91. The company has a market capitalization of $23.87 billion, a PE ratio of 151.20 and a beta of 1.70.

CBS Corporation (NYSE:CBS) last posted its earnings results on Monday, August 7th. The media conglomerate reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.07. CBS Corporation had a return on equity of 49.51% and a net margin of 1.27%. The firm had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.09 billion. During the same quarter in the prior year, the company earned $0.93 EPS. CBS Corporation’s revenue was up 9.4% on a year-over-year basis. Equities analysts forecast that CBS Corporation will post $4.46 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Investors of record on Friday, September 8th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date of this dividend is Thursday, September 7th. CBS Corporation’s payout ratio is currently 211.76%.

In other CBS Corporation news, CEO Leslie Moonves sold 150,000 shares of the business’s stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $64.68, for a total value of $9,702,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,182,652 shares in the company, valued at approximately $76,493,931.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Anthony G. Ambrosio sold 8,167 shares of the business’s stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $65.96, for a total value of $538,695.32. The disclosure for this sale can be found here. In the last ninety days, insiders sold 376,874 shares of company stock worth $24,201,946. 1.67% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of CBS. Focused Investors LLC acquired a new position in CBS Corporation in the 2nd quarter valued at $72,467,000. Scopus Asset Management L.P. raised its holdings in CBS Corporation by 166.7% in the 1st quarter. Scopus Asset Management L.P. now owns 1,350,000 shares of the media conglomerate’s stock valued at $93,636,000 after acquiring an additional 843,900 shares during the last quarter. FMR LLC raised its holdings in CBS Corporation by 21.2% in the 1st quarter. FMR LLC now owns 3,530,274 shares of the media conglomerate’s stock valued at $244,860,000 after acquiring an additional 618,593 shares during the last quarter. BlueCrest Capital Management Ltd raised its holdings in CBS Corporation by 957.7% in the 1st quarter. BlueCrest Capital Management Ltd now owns 431,485 shares of the media conglomerate’s stock valued at $29,928,000 after acquiring an additional 390,689 shares during the last quarter. Finally, MARSHALL WACE ASIA Ltd acquired a new position in CBS Corporation in the 1st quarter valued at $26,684,000. Institutional investors own 75.09% of the company’s stock.

ILLEGAL ACTIVITY NOTICE: “Traders Buy Shares of CBS Corporation (CBS) on Weakness” was reported by Markets Daily and is the sole property of of Markets Daily. If you are accessing this story on another website, it was stolen and reposted in violation of U.S. & international copyright legislation. The legal version of this story can be viewed at https://www.themarketsdaily.com/2017/09/10/traders-buy-shares-of-cbs-corporation-cbs-on-weakness.html.

About CBS Corporation

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 Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CBS Corporation and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply