Imperial Capital Reaffirms Buy Rating for CBS (CBS)

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Imperial Capital reissued their buy rating on shares of CBS (NYSE:CBS) in a research report released on Monday.

“We remain comfortable with the Coach brand’s global +LSD% comp sales growth trajectory. At retail, we note 3 supportive factors: 1) the recent Selena Gomez capsule that spanned across categories (handbags, ready-to-wear; September), 2) global excitement around the new higher-end Dreamer bag ($495; August), and 3) last fiscal year’s Signature re-launch (don’t lap this until 3Q). In outlets, the new Edit bag sits in the ‘best’ classification within the outlet product pyramid and reflects an increasing focus on improving outlet AUR with innovation at the high-end. In terms of KPIs, conversion remains the largest opportunity overall, aided by the filling in of product gaps, particularly in the $300-$500 handbag bucket.”,” the firm’s analyst commented.

Other equities research analysts have also issued research reports about the company. Royal Bank of Canada boosted their price target on CBS to $70.00 and gave the stock a positive rating in a research note on Friday, November 2nd. They noted that the move was a valuation call. Benchmark reissued a buy rating and set a $90.00 price target on shares of CBS in a research note on Friday, November 2nd. Zacks Investment Research raised CBS from a sell rating to a hold rating in a research note on Friday, October 26th. Morgan Stanley reissued an equal weight rating and set a $65.00 price target on shares of CBS in a research note on Monday, October 15th. Finally, ValuEngine raised CBS from a sell rating to a hold rating in a research note on Tuesday, October 9th. Eleven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The stock has a consensus rating of Buy and an average target price of $66.51.

Shares of CBS opened at $57.92 on Monday. CBS has a twelve month low of $47.54 and a twelve month high of $61.59. The company has a market capitalization of $21.73 billion, a price-to-earnings ratio of 13.82, a price-to-earnings-growth ratio of 0.74 and a beta of 1.19. The company has a debt-to-equity ratio of 3.76, a quick ratio of 1.05 and a current ratio of 1.51.

CBS (NYSE:CBS) last announced its quarterly earnings data on Thursday, November 1st. The media conglomerate reported $1.24 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.22 by $0.02. CBS had a return on equity of 86.51% and a net margin of 9.42%. The company had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.25 billion. During the same quarter in the previous year, the company earned $1.11 EPS. The firm’s revenue for the quarter was up 2.9% compared to the same quarter last year. Analysts expect that CBS will post 5.25 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 1st. Investors of record on Tuesday, December 11th will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Monday, December 10th. This represents a $0.72 annualized dividend and a dividend yield of 1.24%. CBS’s dividend payout ratio is currently 17.18%.

In related news, EVP Anthony G. Ambrosio sold 2,234 shares of CBS stock in a transaction that occurred on Thursday, November 1st. The stock was 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 directly owns 74,703 shares in the company, valued at approximately $4,344,726.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Anthony G. Ambrosio sold 11,697 shares of CBS stock in a transaction that occurred on Friday, September 28th. The stock was sold at an average price of $57.53, for a total value of $672,928.41. Following the transaction, the executive vice president now owns 80,950 shares of the company’s stock, valued at $4,657,053.50. The disclosure for this sale can be found here. Insiders have sold a total of 19,480 shares of company stock valued at $1,117,598 over the last 90 days. Insiders own 1.80% of the company’s stock.

Several institutional investors have recently modified their holdings of the stock. Sound Shore Management Inc. CT raised its position in shares of CBS by 1.8% during the 2nd quarter. Sound Shore Management Inc. CT now owns 3,572,553 shares of the media conglomerate’s stock worth $200,849,000 after purchasing an additional 62,318 shares during the last quarter. Victory Capital Management Inc. raised its position in shares of CBS by 21.3% during the 3rd quarter. Victory Capital Management Inc. now owns 3,234,338 shares of the media conglomerate’s stock worth $185,813,000 after purchasing an additional 568,942 shares during the last quarter. Focused Investors LLC raised its position in shares of CBS by 0.4% during the 2nd quarter. Focused Investors LLC now owns 2,498,300 shares of the media conglomerate’s stock worth $140,454,000 after purchasing an additional 9,200 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of CBS by 3.2% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,083,439 shares of the media conglomerate’s stock worth $60,911,000 after purchasing an additional 33,347 shares during the last quarter. Finally, Alliancebernstein L.P. raised its position in shares of CBS by 28.9% during the 3rd quarter. Alliancebernstein L.P. now owns 713,129 shares of the media conglomerate’s stock worth $40,969,000 after purchasing an additional 159,728 shares during the last quarter. Hedge funds and other institutional investors own 74.82% of the company’s stock.

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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Analyst Recommendations for CBS (NYSE:CBS)

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