Macquarie Lowers CBS (CBS) to Neutral

Macquarie downgraded shares of CBS (NYSE:CBS) from an outperform rating to a neutral rating in a research report released on Tuesday, Marketbeat Ratings reports. They currently have $60.00 target price on the media conglomerate’s stock.

CBS has been the subject of several other research reports. Royal Bank of Canada reduced their price target on shares of CBS from $77.00 to $66.00 and set an outperform rating for the company in a report on Friday, November 3rd. Cowen reissued a buy rating and set a $69.00 price target on shares of CBS in a report on Friday, October 27th. Zacks Investment Research raised shares of CBS from a sell rating to a hold rating in a report on Monday, October 30th. ValuEngine downgraded shares of CBS from a buy rating to a hold rating in a report on Monday, September 11th. Finally, Guggenheim reissued a buy rating and set a $78.00 price target on shares of CBS in a report on Friday, October 6th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of Buy and a consensus target price of $72.26.

CBS (CBS) traded down $0.25 during trading on Tuesday, reaching $57.75. 287,180 shares of the company’s stock were exchanged, compared to its average volume of 4,670,000. The firm has a market capitalization of $23,110.00, a P/E ratio of 16.79, a PEG ratio of 0.94 and a beta of 1.62. The company has a current ratio of 1.55, a quick ratio of 1.10 and a debt-to-equity ratio of 3.03. CBS has a 1 year low of $52.75 and a 1 year high of $70.10.

CBS (NYSE:CBS) last announced its quarterly earnings results on Thursday, November 2nd. The media conglomerate reported $1.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.07 by $0.04. CBS had a net margin of 2.14% and a return on equity of 58.49%. The company had revenue of $3.17 billion during the quarter, compared to the consensus estimate of $3.26 billion. During the same quarter in the previous year, the company posted $1.05 earnings per share. The company’s revenue for the quarter was up 2.8% compared to the same quarter last year. research analysts predict that CBS will post 4.4 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, January 1st. Investors of record on Monday, December 11th were issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.25%. The ex-dividend date was Friday, December 8th. CBS’s payout ratio is currently 20.93%.

In related news, CEO Leslie Moonves sold 150,000 shares of the company’s stock in a transaction dated Tuesday, October 10th. The shares were sold at an average price of $57.62, for a total value of $8,643,000.00. Following the completion of the sale, the chief executive officer now owns 1,182,652 shares of the company’s stock, valued at $68,144,408.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Charles K. Gifford sold 5,093 shares of the business’s stock in a transaction dated Wednesday, November 8th. The stock was sold at an average price of $57.33, for a total transaction of $291,981.69. Following the completion of the sale, the director now owns 70,273 shares in the company, valued at $4,028,751.09. The disclosure for this sale can be found here. Insiders sold 250,279 shares of company stock valued at $14,437,978 in the last ninety days. Corporate insiders own 1.67% of the company’s stock.

A number of institutional investors have recently modified their holdings of CBS. LSV Asset Management raised its position in CBS by 3.5% in the second quarter. LSV Asset Management now owns 356,700 shares of the media conglomerate’s stock worth $22,750,000 after acquiring an additional 12,000 shares in the last quarter. IFM Investors Pty Ltd bought a new stake in CBS in the second quarter worth about $654,000. Eaton Vance Management raised its position in CBS by 27.8% in the second quarter. Eaton Vance Management now owns 734,531 shares of the media conglomerate’s stock worth $46,848,000 after acquiring an additional 159,924 shares in the last quarter. Systematic Financial Management LP raised its position in CBS by 106.2% in the second quarter. Systematic Financial Management LP now owns 223,437 shares of the media conglomerate’s stock worth $14,251,000 after acquiring an additional 115,100 shares in the last quarter. Finally, Marathon Capital Management raised its position in CBS by 4.3% in the second quarter. Marathon Capital Management now owns 33,515 shares of the media conglomerate’s stock worth $2,138,000 after acquiring an additional 1,375 shares in the last quarter. Hedge funds and other institutional investors own 74.77% of the company’s stock.

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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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