Benchmark Co. Increases CBS Co. (CBS) Price Target to $76.00

CBS Co. (NYSE:CBS) had its price target hoisted by Benchmark Co. from $74.00 to $76.00 in a research report report published on Friday, May 5th. Benchmark Co. currently has a buy rating on the media conglomerate’s stock.

Other analysts also recently issued research reports about the company. Instinet lifted their price target on CBS to $70.00 in a research note on Monday, February 13th. BMO Capital Markets reissued a buy rating and set a $73.00 price target on shares of CBS in a research report on Thursday, February 16th. Royal Bank of Canada restated a buy rating and set a $70.00 price objective on shares of CBS in a report on Thursday, February 16th. Jefferies Group LLC restated a buy rating and set a $71.00 price objective (up previously from $65.00) on shares of CBS in a report on Friday, February 3rd. Finally, Needham & Company LLC reiterated a buy rating and issued a $72.00 price target (up from $65.00) on shares of CBS in a research note on Tuesday, January 24th. Seven investment analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company. CBS presently has an average rating of Buy and a consensus price target of $71.37.

CBS (NYSE:CBS) traded up 1.84% during midday trading on Friday, reaching $61.49. The company’s stock had a trading volume of 1,842,805 shares. The company has a market capitalization of $24.96 billion, a price-to-earnings ratio of 50.15 and a beta of 1.66. The company’s 50-day moving average price is $65.97 and its 200-day moving average price is $64.19. CBS has a 1-year low of $48.88 and a 1-year high of $70.10.

CBS (NYSE:CBS) last posted its earnings results on Thursday, May 4th. The media conglomerate reported $1.04 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.95 by $0.09. The firm had revenue of $3.34 billion for the quarter, compared to analyst estimates of $3.29 billion. CBS had a return on equity of 33.06% and a net margin of 11.32%. The company’s revenue for the quarter was down 6.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.02 earnings per share. On average, analysts predict that CBS will post $4.46 earnings per share for the current fiscal year.

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In other news, COO Joseph R. Ianniello sold 68,869 shares of the stock in a transaction on Tuesday, February 21st. The shares were sold at an average price of $67.40, for a total value of $4,641,770.60. Following the completion of the sale, the chief operating officer now directly owns 305,580 shares of the company’s stock, valued at $20,596,092. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Lawrence Tu sold 28,641 shares of the stock in a transaction on Tuesday, February 21st. The stock was sold at an average price of $67.68, for a total transaction of $1,938,422.88. Following the completion of the sale, the executive vice president now directly owns 5,732 shares of the company’s stock, valued at $387,941.76. The disclosure for this sale can be found here. 1.67% of the stock is currently owned by corporate insiders.

Several institutional investors have recently modified their holdings of the company. Glenview Capital Management LLC raised its position in shares of CBS by 6.7% in the first quarter. Glenview Capital Management LLC now owns 5,471,963 shares of the media conglomerate’s stock worth $379,535,000 after buying an additional 343,424 shares in the last quarter. Alliancebernstein L.P. raised its position in shares of CBS by 7.1% in the first quarter. Alliancebernstein L.P. now owns 5,393,198 shares of the media conglomerate’s stock worth $374,072,000 after buying an additional 358,785 shares in the last quarter. Geode Capital Management LLC raised its position in shares of CBS by 3.1% in the first quarter. Geode Capital Management LLC now owns 3,680,166 shares of the media conglomerate’s stock worth $254,889,000 after buying an additional 109,782 shares in the last quarter. APG Asset Management N.V. raised its position in shares of CBS by 8.7% in the third quarter. APG Asset Management N.V. now owns 3,546,659 shares of the media conglomerate’s stock worth $194,144,000 after buying an additional 283,200 shares in the last quarter. Finally, FMR LLC raised its position in shares of CBS by 21.2% in the first quarter. FMR LLC now owns 3,530,274 shares of the media conglomerate’s stock worth $244,860,000 after buying an additional 618,593 shares in the last quarter. Hedge funds and other institutional investors own 78.18% of the company’s stock.

About CBS

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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