CBS Corporation (CBS) Shares Sold by Argent Capital Management LLC
Argent Capital Management LLC reduced its holdings in shares of CBS Corporation (NYSE:CBS) by 42.5% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 589,478 shares of the media conglomerate’s stock after selling 436,153 shares during the quarter. CBS Corporation accounts for 1.5% of Argent Capital Management LLC’s portfolio, making the stock its 28th biggest holding. Argent Capital Management LLC owned about 0.15% of CBS Corporation worth $37,597,000 as of its most recent SEC filing.
Several other large investors have also made changes to their positions in the company. Glenview Capital Management LLC lifted its holdings in shares of CBS Corporation by 6.7% during the first quarter. Glenview Capital Management LLC now owns 5,471,963 shares of the media conglomerate’s stock valued at $379,535,000 after purchasing an additional 343,424 shares in the last quarter. Fred Alger Management Inc. lifted its holdings in shares of CBS Corporation by 0.6% during the second quarter. Fred Alger Management Inc. now owns 4,880,086 shares of the media conglomerate’s stock valued at $311,252,000 after purchasing an additional 29,986 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of CBS Corporation by 3.1% during the first quarter. Geode Capital Management LLC now owns 3,680,166 shares of the media conglomerate’s stock valued at $254,889,000 after purchasing an additional 109,782 shares in the last quarter. FMR LLC lifted its holdings in shares of CBS Corporation by 21.2% during the first quarter. FMR LLC now owns 3,530,274 shares of the media conglomerate’s stock valued at $244,860,000 after purchasing an additional 618,593 shares in the last quarter. Finally, Legal & General Group Plc lifted its holdings in shares of CBS Corporation by 3.9% during the first quarter. Legal & General Group Plc now owns 1,946,884 shares of the media conglomerate’s stock valued at $135,036,000 after purchasing an additional 72,701 shares in the last quarter. 75.08% of the stock is currently owned by hedge funds and other institutional investors.
CBS Corporation (NYSE CBS) traded down 1.02% during mid-day trading on Friday, hitting $58.30. The company had a trading volume of 2,352,066 shares. The company has a 50-day moving average price of $60.76 and a 200 day moving average price of $63.67. The firm has a market capitalization of $23.42 billion, a P/E ratio of 148.35 and a beta of 1.68. CBS Corporation has a 12 month low of $54.37 and a 12 month high of $70.10.
CBS Corporation (NYSE:CBS) last released its quarterly earnings results on Monday, August 7th. The media conglomerate reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.97 by $0.07. The company had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.09 billion. CBS Corporation had a return on equity of 49.51% and a net margin of 1.27%. CBS Corporation’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.93 EPS. Equities analysts forecast that CBS Corporation will post $4.46 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Sunday, October 1st. Shareholders of record on Friday, September 8th were issued a dividend of $0.18 per share. The ex-dividend date was Thursday, September 7th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.23%. CBS Corporation’s payout ratio is currently 211.76%.
CBS has been the topic of a number of research analyst reports. Cowen and Company reaffirmed a “buy” rating on shares of CBS Corporation in a report on Thursday, September 21st. Needham & Company LLC reissued a “buy” rating and issued a $80.00 target price on shares of CBS Corporation in a report on Wednesday, June 28th. BidaskClub raised CBS Corporation from a “sell” rating to a “hold” rating in a report on Saturday, June 24th. Rosenblatt Securities reissued a “buy” rating and issued a $80.00 target price on shares of CBS Corporation in a report on Wednesday, September 20th. Finally, Benchmark Co. increased their target price on CBS Corporation from $76.00 to $81.00 and gave the company a “buy” rating in a report on Tuesday, August 8th. Five investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $74.94.
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In other CBS Corporation news, EVP Gil D. Schwartz sold 54,131 shares of the stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $58.40, for a total transaction of $3,161,250.40. Following the completion of the transaction, the executive vice president now owns 102,483 shares of the company’s stock, valued at $5,985,007.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Leslie Moonves sold 150,000 shares of the stock in a transaction that occurred on Wednesday, September 20th. The shares were sold at an average price of $59.04, for a total value of $8,856,000.00. Following the transaction, the chief executive officer now directly owns 1,182,652 shares of the company’s stock, valued at approximately $69,823,774.08. The disclosure for this sale can be found here. Insiders have sold 575,735 shares of company stock valued at $35,881,495 in the last three months. 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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