The CBS chief executive on Thursday reported a solid first-quarter performance for his entertainment company - fueled by CBS All Access and Showtime's streaming app.
Excluding one-time items, CBS reported a profit of $1.34 per share, beating analysts' average estimate of $1.19, according to Thomson Reuters I/B/E/S.
CBS said affiliate and subscription revenue rose 16% during the quarter, due to higher retransmission revenue and growth in the company's digital initiatives like CBS All Access, which was launched in 2014.
CBS registered $63.60 million net activity with 0 insider buys and 13 insider sales since December 12, 2017.
After announcing their purchase of Network 10 last year, CBS Corporation, has announced to investors overnight that Australians will get access to CBS's Streaming Video On Demand (SVOD) service All Access by years end.
CBS stock traded down $0.38 on Monday, hitting $48.61. The company's stock had a trading volume of 6,247,586 shares, compared to its average volume of 4,068,094. CBS has a 52-week low of $47.54 and a 52-week high of $68.75. The company has a current ratio of 1.58, a quick ratio of 1.12 and a debt-to-equity ratio of 4.78.
Analysts mean target price for CBS Corporation (NYSE:CBS) is $69.54 while analysts mean recommendation is 2.10. Citigroup reduced their price target on CBS from $71.00 to $61.00 and set a "buy" rating on the stock in a report on Wednesday, March 28th. The stock has "Buy" rating by Benchmark on Tuesday, May 3. Finally, TheStreet downgraded shares of CBS from a "b" rating to a "c" rating in a research note on Thursday, February 15th. Also, there are 1 buy, 0 sell and 0 strong sell ratings, collectively assigning a 1.65 average brokerage recommendation. The stock now has a consensus rating of "Buy" and an average target price of $69.76. CBS Corporation disclosed in a document filed with the US Securities and Exchange Commission (SEC) that Chairman, President & CEO Moonves Leslie has sold 85,000 shares of CBS Corporation (CBS) in trading session dated April 12, 2018. The shares were sold at an average price of $60.13, for a total value of $144,312.00. Similar statistics are true for the second largest owner, Vanguard Group Inc, which owns 24,105,448 shares of the stock are valued at $1.18 billion. Avestar Capital LLC acquired a new position in CBS during the 4th quarter valued at about $119,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. We Are One Seven LLC bought a new position in shares of CBS during the fourth quarter worth approximately $137,000. Hedge funds and other institutional investors own 77.82% of the company's stock. Financial Gravity Companies Inc. acquired a new stake in shares of CBS in the 4th quarter valued at approximately $143,000.
On 1/27/2017 NYSE:CBS - CBS announced a quarterly dividend of $0.18 1.11% with an ex dividend date of 3/8/2017 which will be payable on 4/1/2017. By buying 343,658 shares Chieftain Capital Management Inc made the stock sank with 13.00%. CBS's dividend payout ratio is now 17.18%.
At the end of 12/31/2017 reporting period, 277 institutional holders increased their position in CBS Corporation (NYSE:CBS) by some 32,583,479 shares, 428 decreased positions by 38,286,004 and 91 held positions by 227,662,274. The firm operates through four divisions: Entertainment, Cable Networks, Publishing, and Local Media.
The New York-based company's results come at a key juncture as CBS and Viacom, which are both controlled by Sumner Redstone and his daughter Shari, announced in February that they were exploring a potential deal and in recent weeks have begun negotiations.