Investors Buy Shares of CBS Corporation (CBS) on Weakness

Investors purchased shares of CBS Corporation (NYSE:CBS) on weakness during trading hours on Monday. $59.80 million flowed into the stock on the tick-up and $43.46 million flowed out of the stock on the tick-down, for a money net flow of $16.34 million into the stock. Of all stocks tracked, CBS Corporation had the 20th highest net in-flow for the day. CBS Corporation traded down ($1.42) for the day and closed at $58.00

A number of analysts have recently issued reports on CBS shares. ValuEngine downgraded shares of CBS Corporation from a “buy” rating to a “hold” rating in a report on Monday. BidaskClub raised shares of CBS Corporation from a “hold” rating to a “buy” rating in a report on Tuesday, July 25th. Citigroup Inc. reaffirmed a “buy” rating and set a $76.00 price target (up previously from $75.00) on shares of CBS Corporation in a report on Wednesday, August 23rd. Benchmark Co. raised their price objective on shares of CBS Corporation from $76.00 to $81.00 and gave the stock a “buy” rating in a report on Tuesday, August 8th. Finally, Guggenheim reissued a “buy” rating and issued a $78.00 price objective on shares of CBS Corporation in a report on Tuesday, June 13th. Seven 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. The stock presently has an average rating of “Buy” and a consensus target price of $73.44.

The company has a market cap of $23.63 billion, a PE ratio of 149.67 and a beta of 1.70. The stock’s 50 day moving average is $64.69 and its 200-day moving average is $64.82.

CBS Corporation (NYSE:CBS) last announced its earnings results on Monday, August 7th. The media conglomerate reported $1.04 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.97 by $0.07. The business had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.09 billion. CBS Corporation had a return on equity of 49.51% and a net margin of 1.27%. The business’s quarterly revenue was up 9.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.93 EPS. On average, equities analysts expect that CBS Corporation will post $4.46 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 8th will be paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.22%. The ex-dividend date of this dividend is Thursday, September 7th. CBS Corporation’s payout ratio is 211.76%.

In related news, EVP Gil D. Schwartz sold 5,270 shares of the stock in a transaction on Wednesday, July 5th. The stock was sold at an average price of $64.08, for a total value of $337,701.60. Following the completion of the transaction, the executive vice president now directly owns 60,322 shares of the company’s stock, valued at approximately $3,865,433.76. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Anthony G. Ambrosio sold 8,167 shares of the stock in a transaction on Tuesday, July 11th. The shares were sold at an average price of $63.78, for a total value of $520,891.26. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 376,874 shares of company stock valued at $24,201,946. Corporate insiders own 2.03% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares 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 stake 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 purchasing an additional 843,900 shares during the last quarter. FMR LLC raised its stake 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 purchasing an additional 618,593 shares during the last quarter. BlueCrest Capital Management Ltd raised its stake 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 purchasing 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. 75.09% of the stock is owned by hedge funds and other institutional investors.

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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.

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