CBS (NYSE:CBS) Shares Gap Down Following Analyst Downgrade

CBS Co. (NYSE:CBS)’s share price gapped down before the market opened on Thursday after ValuEngine downgraded the stock from a sell rating to a strong sell rating. The stock had previously closed at $41.76, but opened at $44.65. CBS shares last traded at $43.41, with a volume of 236,101 shares changing hands.

Several other equities analysts have also recently commented on CBS. Barrington Research lowered their price target on shares of CBS from $72.00 to $60.00 and set an “outperform” rating on the stock in a report on Monday, May 6th. Loop Capital boosted their price target on shares of CBS to $65.00 and gave the company a “buy” rating in a report on Monday, April 22nd. Citigroup lowered their price target on shares of CBS from $60.00 to $57.00 and set a “buy” rating on the stock in a report on Wednesday. UBS Group set a $54.00 price target on shares of CBS and gave the company a “hold” rating in a report on Friday, August 9th. Finally, BMO Capital Markets cut shares of CBS from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $60.00 to $51.00 in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and eleven have given a buy rating to the company. CBS currently has a consensus rating of “Hold” and an average target price of $61.21.

A number of large investors have recently modified their holdings of CBS. Nuveen Asset Management LLC boosted its holdings in CBS by 5,546.4% in the second quarter. Nuveen Asset Management LLC now owns 3,295,299 shares of the media conglomerate’s stock worth $164,435,000 after purchasing an additional 3,236,938 shares in the last quarter. Baupost Group LLC MA boosted its holdings in CBS by 17.1% in the second quarter. Baupost Group LLC MA now owns 10,000,000 shares of the media conglomerate’s stock worth $499,000,000 after purchasing an additional 1,457,984 shares in the last quarter. Holocene Advisors LP bought a new stake in CBS in the second quarter worth $62,339,000. Victory Capital Management Inc. boosted its holdings in CBS by 27.3% in the second quarter. Victory Capital Management Inc. now owns 4,267,052 shares of the media conglomerate’s stock worth $212,927,000 after purchasing an additional 916,183 shares in the last quarter. Finally, Sound Shore Management Inc. CT boosted its holdings in CBS by 26.9% in the first quarter. Sound Shore Management Inc. CT now owns 3,672,642 shares of the media conglomerate’s stock worth $174,561,000 after purchasing an additional 779,563 shares in the last quarter. Hedge funds and other institutional investors own 72.56% of the company’s stock.

The stock has a market capitalization of $18.01 billion, a P/E ratio of 8.35, a PEG ratio of 0.74 and a beta of 1.17. The stock’s fifty day moving average is $50.76 and its 200-day moving average is $49.70. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.50 and a quick ratio of 1.16.

CBS (NYSE:CBS) last issued 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 61.57%. CBS’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same period in the prior year, the company posted $1.12 earnings per share. On average, research analysts expect that CBS Co. will post 5.52 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Tuesday, September 10th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.66%. The ex-dividend date is Monday, September 9th. CBS’s dividend payout ratio is presently 13.87%.

About CBS (NYSE: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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