CBS (NYSE:CBS) Upgraded at Bank of America

Bank of America upgraded shares of CBS (NYSE:CBS) from a neutral rating to a buy rating in a research report released on Wednesday morning, BenzingaRatingsTable reports. The brokerage currently has $63.00 target price on the media conglomerate’s stock, up from their prior target price of $58.00.

A number of other brokerages have also recently issued reports on CBS. UBS Group set a $54.00 price objective on shares of CBS and gave the stock a hold rating in a research note on Friday, August 9th. TheStreet raised shares of CBS from a c+ rating to a b- rating in a research note on Tuesday, April 30th. Citigroup reduced their price objective on shares of CBS from $60.00 to $57.00 and set a buy rating for the company in a research note on Wednesday. Imperial Capital reduced their price objective on shares of CBS from $72.00 to $62.00 and set an outperform rating for the company in a research note on Tuesday, August 13th. Finally, Barrington Research cut their target price on shares of CBS from $72.00 to $60.00 and set an outperform rating for the company in a research note on Monday, May 6th. Two analysts have rated the stock with a sell rating, six have given a hold rating and eleven have assigned a buy rating to the company. The stock presently has a consensus rating of Hold and an average price target of $61.21.

Shares of NYSE CBS opened at $43.80 on Wednesday. The firm has a fifty day moving average price of $50.66 and a 200-day moving average price of $49.67. The company has a debt-to-equity ratio of 2.15, a current ratio of 1.65 and a quick ratio of 1.16. The stock has a market cap of $16.24 billion, a PE ratio of 8.23, a price-to-earnings-growth ratio of 0.67 and a beta of 1.17. CBS has a 1 year low of $41.38 and a 1 year high of $59.56.

CBS (NYSE:CBS) last announced its quarterly earnings data on Thursday, August 8th. The media conglomerate reported $1.16 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.13 by $0.03. The firm had revenue of $3.80 billion during the quarter, compared to analysts’ expectations of $3.71 billion. CBS had a net margin of 20.13% and a return on equity of 55.03%. The company’s revenue for the quarter was up 9.7% compared to the same quarter last year. During the same period in the prior year, the company posted $1.12 earnings per share. On average, research analysts expect that CBS will post 5.52 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Tuesday, September 10th will be paid a dividend of $0.18 per share. The ex-dividend date of this dividend is Monday, September 9th. This represents a $0.72 annualized dividend and a yield of 1.64%. CBS’s payout ratio is 13.87%.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Horan Capital Advisors LLC. purchased a new position in shares of CBS in the 1st quarter worth $26,000. Whitener Capital Management Inc. grew its stake in shares of CBS by 57.1% in the 2nd quarter. Whitener Capital Management Inc. now owns 550 shares of the media conglomerate’s stock worth $27,000 after buying an additional 200 shares in the last quarter. Carroll Financial Associates Inc. grew its stake in shares of CBS by 96.5% in the 2nd quarter. Carroll Financial Associates Inc. now owns 560 shares of the media conglomerate’s stock worth $27,000 after buying an additional 275 shares in the last quarter. Personal Wealth Partners purchased a new position in shares of CBS in the 2nd quarter worth $29,000. Finally, NEXT Financial Group Inc grew its stake in shares of CBS by 70.2% in the 2nd quarter. NEXT Financial Group Inc now owns 594 shares of the media conglomerate’s stock worth $30,000 after buying an additional 245 shares in the last quarter. 72.56% of the stock is owned by institutional investors.

About CBS

CBS Corporation operates as a mass media company worldwide. The company operates in 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 theatrical films; and digital streaming services.

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