CBS CEO Leslie Moonves sold 93, 750 shares of his company on Thursday, August 14th at an average of $59.36, at a total price of $5, 565, 000. Moonves now owns 1, 262, 196 shares at a value of $74, 923, 955. CBS closed up 0.89% on Friday, which is the mid-range of its 52-week low of $50.51 and the high of $68.10. There was a major decline of short interest in the stock between July and August, with an 80% fall in stocks sold short. The current short interest is at 4.6% of the shares.
CBS beat its recent earnings estimates in early August by 6 cents, with revenues coming short at $3.19 billion compared to Wall Street estimates of $3.24 billion. Management announced a dividend increase of $0.15 per share. The stock now yields 1.01%
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A few analysts downgraded the stock, with Nomura reiterating its buy rating on CBS, but cutting its price target from $78 to $74. Viewership for CBS fell 6% year over year, and advertising volume dropped 6.1% so far in 2014.
