CBS (CBS) Issues Earnings Results, Beats Estimates By $0.02 EPS

CBS (NYSE:CBS) issued its earnings results on Thursday. The media conglomerate reported $1.24 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.22 by $0.02, Briefing.com reports. The company had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.25 billion. CBS had a return on equity of 81.10% and a net margin of 10.21%. The firm’s quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter last year, the business posted $1.11 EPS.

Shares of CBS stock traded down $2.32 during trading hours on Friday, reaching $56.17. 4,739,447 shares of the company were exchanged, compared to its average volume of 3,304,508. The company has a current ratio of 1.60, a quick ratio of 1.10 and a debt-to-equity ratio of 4.37. The firm has a market capitalization of $21.57 billion, a P/E ratio of 13.41, a P/E/G ratio of 0.72 and a beta of 1.18. CBS has a 1 year low of $47.54 and a 1 year high of $61.59.

In related news, EVP Anthony G. Ambrosio sold 2,234 shares of the business’s stock in a transaction on Thursday, November 1st. The shares were sold at an average price of $58.16, for a total transaction of $129,929.44. Following the completion of the transaction, the executive vice president now owns 74,703 shares in the company, valued at $4,344,726.48. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Anthony G. Ambrosio sold 2,100 shares of the business’s stock in a transaction on Thursday, September 6th. The stock was sold at an average price of $55.16, for a total transaction of $115,836.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 19,480 shares of company stock valued at $1,117,598. Insiders own 1.80% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. Victory Capital Management Inc. boosted its stake in CBS by 21.3% in the third quarter. Victory Capital Management Inc. now owns 3,234,338 shares of the media conglomerate’s stock valued at $185,813,000 after acquiring an additional 568,942 shares in the last quarter. Becker Capital Management Inc. acquired a new position in CBS in the second quarter valued at $24,385,000. Connor Clark & Lunn Investment Management Ltd. boosted its stake in CBS by 507.5% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 431,475 shares of the media conglomerate’s stock valued at $24,258,000 after acquiring an additional 360,450 shares in the last quarter. Ferguson Wellman Capital Management Inc. acquired a new position in CBS in the third quarter valued at $16,906,000. Finally, Deroy & Devereaux Private Investment Counsel Inc. acquired a new position in CBS in the second quarter valued at $12,798,000. Hedge funds and other institutional investors own 74.84% of the company’s stock.

A number of equities analysts recently issued reports on the company. Imperial Capital raised their target price on CBS to $76.00 and gave the stock an “outperform” rating in a research note on Friday. Royal Bank of Canada lifted their price objective on CBS to $70.00 and gave the company a “positive” rating in a research note on Friday. They noted that the move was a valuation call. Benchmark reiterated a “buy” rating and set a $90.00 price objective on shares of CBS in a research note on Friday. Zacks Investment Research upgraded CBS from a “sell” rating to a “hold” rating in a research note on Friday, October 26th. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $65.00 price objective on shares of CBS in a research note on Monday, October 15th. Eleven research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $66.65.

CBS Company Profile

CBS Corporation operates as a mass media company worldwide. The company operates through 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, acquires, and distributes theatrical motion pictures; and digital streaming services.

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Earnings History for CBS (NYSE:CBS)

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