Company Update (NASDAQ:VIAB): Viacom’s BET Networks Acquires Soul Train

[Business Wire] – BET Networks, a division of Viacom , today announced it has acquired Soul Train from InterMedia Partners and The Yucaipa Companies. The acquisition, which brings together two quintessential African American brands, represents an investment in an iconic franchise that uniquely lends itself to providing fans with a wide range of experiences across multiple platforms, beyond the television programs that … Read more on this. Viacom, Inc. (VIAB) , valued at $15.70B, started the session at $40.95. Looking at the equity, the company’s one day range is $39.57 to $41.94 with its 52-week range being $30.11 to $73.52. Priced at 7.95x this year’s forecasted earnings, VIAB shares are relatively inexpensive compared to the industry’s 21.12x forward p/e ratio. The company pays shareholders $1.60 per share annually in dividends, yielding 3.89%. In a review of the consensus earnings estimate this quarter, 34 sell-side analysts are looking at $0.91 per share, which would be $0.25 worse than the year-ago quarter and a $0.32 sequential decrease. Investors should also note that the full-year EPS estimate of $5.18 is a $0.26 setback when compared to the previous year’s annual results. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $3.03 Billion. If realized, that would be a 1.62% decrease over the year-ago quarter. More recently, Citigroup downgraded VIAB from Buy to Neutral (Apr 1, 2016). Previously, Citigroup upgraded VIAB from Neutral to Buy. With the above information in mind, readers should note that the average price target is $47.45, which is 15.87% above where the stock opened this morning. See more in (NASDAQ:VIAB) Similar Articles: Company Update: Viacom Inc (NASDAQ:VIAB) – comScore and Viacom Ink Transformational Multi-Year Deal for Cross-Platform Measurement Market Update: Viacom Inc (NASDAQ:VIAB) – CBS, Viacom exec chair Redstone’s compensation cut in 2015-CNBC Company Update: Viacom Inc (NASDAQ:VIAB) – AT&T and Viacom agree to new satellite, Internet TV distribution deal