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CEO Leslie Moonves Sells 93, 750 Shares of CBS

CBS CEO Leslie Moonves

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%

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.

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