CBS Corp. (CBS) Earns Buy Rating from Analysts at Drexel Hamilton

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Equities research analysts at Drexel Hamilton initiated coverage on shares of CBS Corp. (NYSE:CBS) in a report released on Tuesday. The brokerage set a “buy” rating on the media conglomerate’s stock.
Several large investors recently made changes to their positions in CBS. Nordea Investment Management AB raised its stake in shares of CBS Corp. by 1.3% in the second quarter. Nordea Investment Management AB now owns 174,979 shares of the media conglomerate’s stock worth $9,526,000 after buying an additional 2,227 shares during the period. Chicago Equity Partners LLC bought a new stake in shares of CBS Corp. during the second quarter worth about $410,000. Concert Wealth Management Inc. raised its stake in shares of CBS Corp. by 3.8% in the second quarter. Concert Wealth Management Inc. now owns 14,876 shares of the media conglomerate’s stock worth $805,000 after buying an additional 547 shares during the period. First Citizens Bank & Trust Co. raised its stake in shares of CBS Corp. by 1,425.2% in the second quarter. First Citizens Bank & Trust Co. now owns 82,912 shares of the media conglomerate’s stock worth $4,514,000 after buying an additional 77,476 shares during the period. Finally, Tealwood Asset Management Inc. raised its stake in shares of CBS Corp. by 2.4% in the second quarter. Tealwood Asset Management Inc. now owns 29,973 shares of the media conglomerate’s stock worth $1,632,000 after buying an additional 711 shares during the period.
CBS Corp. (NYSE:CBS) opened at 51.78 on Tuesday. CBS Corp. has a one year low of $38.51 and a one year high of $58.22. The firm has a market capitalization of $23.02 billion and a P/E ratio of 15.32. The company has a 50-day moving average price of $52.63 and a 200-day moving average price of $53.49.

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CBS Corp. (NYSE:CBS) last released its quarterly earnings data on Thursday, July 28th. The media conglomerate reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.07. The firm earned $3.29 billion during the quarter, compared to analyst estimates of $3.21 billion. The business’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.74 earnings per share. On average, equities research analysts anticipate that CBS Corp. will post $3.09 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Saturday, October 1st. Stockholders of record on Friday, September 9th will be paid a $0.18 dividend. This is an increase from CBS Corp.’s previous quarterly dividend of $0.15. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.38%. The ex-dividend date of this dividend is Wednesday, September 7th.
Several other equities analysts have also weighed in on the company. Guggenheim reaffirmed a “buy” rating and issued a $63.00 price objective on shares of CBS Corp. in a research note on Saturday. Zacks Investment Research raised CBS Corp. from a “hold” rating to a “buy” rating and set a $58.00 price objective on the stock in a research note on Thursday, August 4th. Jefferies Group reaffirmed a “buy” rating on shares of CBS Corp. in a research note on Monday, August 1st. BMO Capital Markets reaffirmed an “outperform” rating and issued a $63.00 price objective on shares of CBS Corp. in a research note on Sunday, July 31st. Finally, Credit Suisse Group AG reaffirmed a “buy” rating and issued a $75.00 price objective on shares of CBS Corp. in a research note on Friday, July 29th. Four research analysts have rated the stock with a hold rating and twenty-eight have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $61.91.
CBS Corporation is a mass media company. The Company’s segments include Entertainment, Cable Networks, Publishing and Local Broadcasting. Its Entertainment segment is composed of the CBS Television Network; CBS Television Studios; CBS Global Distribution Group (composed of CBS Studios International and CBS Television Distribution); CBS Interactive, and CBS Films.

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