Rainier Investment Management LLC lowered its position in CBS Corp. (NYSE:CBS) by 26.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 224,020 shares of the media conglomerate’s stock after selling 80,970 shares during the period. Rainier Investment Management LLC owned about 0.05% of CBS Corp. worth $12,198,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Zurich Insurance Group Ltd FI increased its stake in CBS Corp. by 68.8% in the first quarter. Zurich Insurance Group Ltd FI now owns 97,666 shares of the media conglomerate’s stock worth $5,380,000 after buying an additional 39,817 shares in the last quarter. Legal & General Group Plc increased its stake in CBS Corp. by 1.8% in the first quarter. Legal & General Group Plc now owns 1,941,497 shares of the media conglomerate’s stock worth $106,956,000 after buying an additional 34,593 shares in the last quarter. Envestnet Asset Management Inc. increased its stake in CBS Corp. by 35.1% in the first quarter. Envestnet Asset Management Inc. now owns 96,976 shares of the media conglomerate’s stock worth $5,342,000 after buying an additional 25,183 shares in the last quarter. Steinberg Global Asset Management increased its stake in CBS Corp. by 43.9% in the first quarter. Steinberg Global Asset Management now owns 10,261 shares of the media conglomerate’s stock worth $565,000 after buying an additional 3,131 shares in the last quarter. Finally, Sterling Ridge Capital Management LP bought a new stake in CBS Corp. during the first quarter worth approximately $470,000. 76.90% of the stock is currently owned by hedge funds and other institutional investors.

Institutional Ownership by Quarter for CBS Corp. (NYSE:CBS)

CBS Corp. (NYSE:CBS) traded up 1.03% on Friday, hitting $57.74. 7,196,552 shares of the stock were exchanged. The stock has a market cap of $24.81 billion, a PE ratio of 16.21 and a beta of 1.64. CBS Corp. has a 1-year low of $41.36 and a 1-year high of $59.72. The company’s 50 day moving average is $55.63 and its 200 day moving average is $54.11.

CBS Corp. (NYSE:CBS) last released its quarterly earnings results on Thursday, November 3rd. The media conglomerate reported $1.05 EPS for the quarter, beating the Zacks’ consensus estimate of $0.98 by $0.07. CBS Corp. had a net margin of 11.32% and a return on equity of 33.06%. The company had revenue of $3.40 million for the quarter, compared to analyst estimates of $3.26 million. During the same quarter last year, the firm posted $0.88 earnings per share. The company’s quarterly revenue was up 4.3% compared to the same quarter last year. On average, equities research analysts expect that CBS Corp. will post $4.11 earnings per share for the current year.

A number of analysts recently commented on CBS shares. Brean Capital reissued a “buy” rating and set a $65.00 price objective on shares of CBS Corp. in a report on Sunday, July 17th. Zacks Investment Research raised shares of CBS Corp. from a “hold” rating to a “buy” rating and set a $62.00 price objective on the stock in a report on Wednesday, July 20th. Pivotal Research reissued a “buy” rating on shares of CBS Corp. in a report on Sunday, July 24th. Deutsche Bank AG upped their price target on shares of CBS Corp. from $65.00 to $68.00 and gave the company a “buy” rating in a report on Friday, July 29th. Finally, Credit Suisse Group AG reaffirmed a “buy” rating and issued a $75.00 price target on shares of CBS Corp. in a report on Friday, July 29th. Five investment analysts have rated the stock with a hold rating and twenty-seven have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $63.90.

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.

5 Day Chart for NYSE:CBS

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