Sit Investment Associates Inc. Sells 90,825 Shares of CBS Corp. (CBS)
Sit Investment Associates Inc. reduced its stake in shares of CBS Corp. (NYSE:CBS) by 22.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 311,000 shares of the media conglomerate’s stock after selling 90,825 shares during the period. Sit Investment Associates Inc. owned 0.07% of CBS Corp. worth $16,931,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also modified their holdings of the stock. NN Investment Partners Holdings N.V. acquired a new position in shares of CBS Corp. during the first quarter valued at about $141,000. Trust Department MB Financial Bank N A raised its position in shares of CBS Corp. by 457.3% in the second quarter. Trust Department MB Financial Bank N A now owns 2,809 shares of the media conglomerate’s stock valued at $156,000 after buying an additional 2,305 shares during the period. Whittier Trust Co. of Nevada Inc. raised its position in shares of CBS Corp. by 19.1% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 3,115 shares of the media conglomerate’s stock valued at $170,000 after buying an additional 500 shares during the period. QUANTRES ASSET MANAGEMENT Ltd acquired a new position in shares of CBS Corp. during the second quarter valued at about $267,000. Finally, Advisor Partners LLC raised its position in shares of CBS Corp. by 0.7% in the first quarter. Advisor Partners LLC now owns 5,218 shares of the media conglomerate’s stock valued at $287,000 after buying an additional 34 shares during the period. 76.78% of the stock is currently owned by institutional investors.
Shares of CBS Corp. (NYSE:CBS) traded up 1.53% on Wednesday, reaching $56.40. The company’s stock had a trading volume of 4,296,864 shares. CBS Corp. has a 12 month low of $41.36 and a 12 month high of $58.22. The stock has a market cap of $25.08 billion, a P/E ratio of 16.69 and a beta of 1.81. The firm’s 50-day moving average price is $52.15 and its 200-day moving average price is $53.75.
CBS Corp. (NYSE:CBS) last announced its earnings results on Thursday, July 28th. The media conglomerate reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.07. CBS Corp. had a return on equity of 31.53% and a net margin of 11.07%. The firm earned $3.29 billion during the quarter, compared to analyst estimates of $3.21 billion. During the same period last year, the firm posted $0.74 EPS. The business’s revenue was up 2.1% compared to the same quarter last year. On average, analysts forecast that CBS Corp. will post $3.09 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Saturday, October 1st. Investors of record on Friday, September 9th were issued a $0.18 dividend. The ex-dividend date was Wednesday, September 7th. This represents a $0.72 annualized dividend and a yield of 1.30%. This is a positive change from CBS Corp.’s previous quarterly dividend of $0.15. CBS Corp.’s dividend payout ratio (DPR) is 21.30%.
Several research analysts have recently issued reports on the stock. Zacks Investment Research lowered shares of CBS Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, August 3rd. Morgan Stanley reissued an “overweight” rating on shares of CBS Corp. in a research note on Wednesday, June 29th. Wells Fargo & Co. lowered shares of CBS Corp. to a “buy” rating in a research note on Monday, July 11th. Jefferies Group reissued a “buy” rating on shares of CBS Corp. in a research note on Monday, August 1st. Finally, Brean Capital reissued a “buy” rating and set a $65.00 price objective on shares of CBS Corp. in a research note on Sunday, July 17th. Five research analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the stock. CBS Corp. currently has a consensus rating of “Buy” and an average target price of $62.64.
About CBS Corp.
CBS Corporation is a mass media company. The Company’s segments include Entertainment, Cable Networks, Publishing and Local Broadcasting. Its Entertainment segment is composed of the CBS Television Network; CBS Television Studios; CBS Global Distribution Group (composed of CBS Studios International and CBS Television Distribution); CBS Interactive, and CBS Films.
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