CBS Corporation (NYSE:CBS) Stake Reduced by Private Capital Advisors Inc.
Private Capital Advisors Inc. cut its stake in CBS Corporation (NYSE:CBS) by 4.7% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 74,070 shares of the media conglomerate’s stock after selling 3,650 shares during the period. CBS Corporation makes up 1.5% of Private Capital Advisors Inc.’s portfolio, making the stock its 23rd largest position. Private Capital Advisors Inc.’s holdings in CBS Corporation were worth $4,724,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vident Investment Advisory LLC purchased a new position in shares of CBS Corporation during the fourth quarter valued at about $371,000. Israel Discount Bank of New York GFN purchased a new position in shares of CBS Corporation during the fourth quarter valued at about $251,000. USA Financial Portformulas Corp purchased a new position in shares of CBS Corporation during the fourth quarter valued at about $2,845,000. Teachers Advisors LLC boosted its position in shares of CBS Corporation by 69.7% in the fourth quarter. Teachers Advisors LLC now owns 1,446,698 shares of the media conglomerate’s stock valued at $92,039,000 after buying an additional 594,016 shares during the period. Finally, Kentucky Retirement Systems purchased a new position in shares of CBS Corporation during the fourth quarter valued at about $1,810,000. 75.33% of the stock is currently owned by institutional investors.
Shares of CBS Corporation (NYSE:CBS) traded down 1.87% during midday trading on Friday, reaching $63.62. The company’s stock had a trading volume of 2,440,945 shares. The stock has a market capitalization of $25.83 billion, a price-to-earnings ratio of 51.89 and a beta of 1.71. CBS Corporation has a 52 week low of $48.88 and a 52 week high of $70.10. The company has a 50 day moving average of $64.01 and a 200-day moving average of $64.87.
CBS Corporation (NYSE:CBS) last announced its quarterly earnings results on Thursday, May 4th. The media conglomerate reported $1.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.09. CBS Corporation had a net margin of 3.96% and a return on equity of 41.55%. The firm had revenue of $3.34 billion during the quarter, compared to analysts’ expectations of $3.29 billion. During the same period in the previous year, the company earned $1.02 earnings per share. CBS Corporation’s quarterly revenue was down 6.9% compared to the same quarter last year. Equities research analysts predict that CBS Corporation will post $4.44 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 8th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Thursday, September 7th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.13%. CBS Corporation’s payout ratio is 63.72%.
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CBS has been the topic of several research analyst reports. Guggenheim reissued a “buy” rating and issued a $80.00 price objective on shares of CBS Corporation in a research note on Friday, April 14th. Rosenblatt Securities restated a “buy” rating and set a $80.00 target price on shares of CBS Corporation in a report on Friday, April 14th. Pivotal Research restated a “hold” rating and set a $67.00 target price on shares of CBS Corporation in a report on Sunday, April 23rd. Needham & Company LLC upped their target price on CBS Corporation from $72.00 to $80.00 and gave the stock a “buy” rating in a report on Friday, April 28th. Finally, Telsey Advisory Group upped their target price on CBS Corporation from $66.00 to $69.00 and gave the stock a “market perform” rating in a report on Friday, May 5th. Six research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $71.98.
In other news, CEO Leslie Moonves sold 200,000 shares of the company’s stock in a transaction dated Wednesday, July 12th. The shares were sold at an average price of $63.79, for a total value of $12,758,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,232,652 shares of the company’s stock, valued at $78,630,871.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Gil D. Schwartz sold 5,270 shares of the company’s stock in a transaction dated Wednesday, July 5th. The shares were sold at an average price of $64.08, for a total transaction of $337,701.60. Following the completion of the sale, the executive vice president now directly owns 60,322 shares of the company’s stock, valued at $3,865,433.76. The disclosure for this sale can be found here. Insiders sold 218,707 shares of company stock valued at $13,961,251 over the last ninety days. Corporate insiders own 1.67% of the company’s stock.
CBS Corporation Company Profile
CBS Corporation is a mass media company. The Company operates through four segment: Entertainment, Cable Networks, Publishing, Local Media. The Entertainment segment comprises the CBS TV Network; CBS TV Studios; CBS Studios International and CBS TV Distribution; CBS Interactive; CBS Films; and the Company’s digital streaming services, CBS All Access and CBSN.
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