Brokerages Anticipate CBS Co. (CBS) Will Announce Quarterly Sales of $3.64 Billion

Brokerages expect that CBS Co. (NYSE:CBS) will announce sales of $3.64 billion for the current quarter, Zacks reports. Twenty Eight analysts have issued estimates for CBS’s earnings, with estimates ranging from $3.54 billion to $3.73 billion. CBS posted sales of $3.34 billion during the same quarter last year, which would indicate a positive year over year growth rate of 9%. The company is scheduled to report its next earnings report after the market closes on Thursday, May 3rd.

On average, analysts expect that CBS will report full year sales of $3.64 billion for the current financial year, with estimates ranging from $13.97 billion to $14.87 billion. For the next fiscal year, analysts expect that the business will report sales of $15.59 billion per share, with estimates ranging from $14.92 billion to $16.09 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that follow CBS.

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CBS (NYSE:CBS) last posted its earnings results on Thursday, February 15th. The media conglomerate reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $1.14 by $0.06. The firm had revenue of $3.92 billion during the quarter, compared to analysts’ expectations of $3.71 billion. CBS had a net margin of 2.61% and a return on equity of 67.23%. The business’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.11 earnings per share.

A number of research analysts recently issued reports on CBS shares. Loop Capital started coverage on shares of CBS in a report on Thursday, March 15th. They issued a “buy” rating and a $75.00 price objective for the company. Citigroup dropped their price objective on shares of CBS from $71.00 to $61.00 and set a “buy” rating for the company in a report on Wednesday. TheStreet lowered shares of CBS from a “b” rating to a “c” rating in a report on Thursday, February 15th. Zacks Investment Research upgraded shares of CBS from a “sell” rating to a “hold” rating in a report on Monday, January 8th. Finally, Wells Fargo restated an “outperform” rating and set a $70.00 price target (down previously from $75.00) on shares of CBS in a report on Thursday, January 4th. Nine analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $69.95.

NYSE CBS traded down $0.49 during trading hours on Tuesday, reaching $51.39. The company’s stock had a trading volume of 4,046,088 shares, compared to its average volume of 3,937,335. The firm has a market cap of $19,667.93, a PE ratio of 12.26, a price-to-earnings-growth ratio of 0.75 and a beta of 1.51. CBS has a 52 week low of $49.24 and a 52 week high of $70.10. The company has a debt-to-equity ratio of 4.78, a current ratio of 1.58 and a quick ratio of 1.12.

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, April 1st. Stockholders of record on Friday, March 9th will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.40%. The ex-dividend date of this dividend is Thursday, March 8th. CBS’s dividend payout ratio (DPR) is 17.18%.

In related news, COO Joseph R. Ianniello sold 2,400 shares of CBS stock in a transaction on Wednesday, January 17th. The shares were sold at an average price of $60.13, for a total value of $144,312.00. Following the completion of the sale, the chief operating officer now owns 320,723 shares of the company’s stock, valued at approximately $19,285,073.99. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO Joseph R. Ianniello sold 2,263 shares of CBS stock in a transaction on Friday, January 19th. The shares were sold at an average price of $60.00, for a total transaction of $135,780.00. Following the completion of the sale, the chief operating officer now directly owns 551,494 shares of the company’s stock, valued at approximately $33,089,640. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 306,284 shares of company stock valued at $17,069,668. Insiders own 1.67% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Focused Investors LLC boosted its holdings in CBS by 57.9% during the 4th quarter. Focused Investors LLC now owns 2,565,400 shares of the media conglomerate’s stock worth $151,359,000 after acquiring an additional 940,500 shares during the last quarter. Victory Capital Management Inc. raised its stake in shares of CBS by 26.3% during the 4th quarter. Victory Capital Management Inc. now owns 3,577,959 shares of the media conglomerate’s stock worth $211,100,000 after purchasing an additional 744,366 shares during the period. TIAA CREF Investment Management LLC raised its stake in shares of CBS by 10.9% during the 4th quarter. TIAA CREF Investment Management LLC now owns 4,529,331 shares of the media conglomerate’s stock worth $267,231,000 after purchasing an additional 443,907 shares during the period. Klingenstein Fields & Co. LLC bought a new stake in shares of CBS during the 4th quarter worth $26,182,000. Finally, Arrowstreet Capital Limited Partnership raised its stake in shares of CBS by 242.5% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 625,411 shares of the media conglomerate’s stock worth $36,899,000 after purchasing an additional 442,811 shares during the period. 77.95% of the stock is owned by institutional investors and hedge funds.

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About CBS

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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