Regent Investment Management LLC boosted its stake in shares of CBS Corporation (NYSE:CBS) by 5.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,352 shares of the media conglomerate’s stock after buying an additional 300 shares during the period. Regent Investment Management LLC’s holdings in CBS Corporation were worth $405,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in the stock. Israel Discount Bank of New York purchased a new stake in CBS Corporation during the first quarter valued at about $114,000. Ruggie Capital Group purchased a new stake in CBS Corporation during the first quarter valued at about $120,000. State of Alaska Department of Revenue purchased a new stake in CBS Corporation during the first quarter valued at about $157,000. Holderness Investments Co. purchased a new stake in CBS Corporation during the first quarter valued at about $203,000. Finally, Independent Portfolio Consultants Inc. increased its stake in CBS Corporation by 31.4% in the second quarter. Independent Portfolio Consultants Inc. now owns 2,936 shares of the media conglomerate’s stock valued at $187,000 after buying an additional 701 shares in the last quarter. 75.42% of the stock is currently owned by hedge funds and other institutional investors.
Shares of CBS Corporation (NYSE:CBS) opened at 63.62 on Monday. The firm has a market capitalization of $25.83 billion, a P/E ratio of 51.89 and a beta of 1.71. The stock has a 50 day moving average of $64.01 and a 200-day moving average of $64.87. CBS Corporation has a 52-week low of $48.88 and a 52-week high of $70.10.
CBS Corporation (NYSE:CBS) last released its earnings results on Thursday, May 4th. The media conglomerate reported $1.04 earnings per share for the quarter, beating the Zacks’ consensus estimate 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 the consensus estimate of $3.29 billion. During the same period in the prior year, the firm earned $1.02 EPS. The company’s revenue was down 6.9% compared to the same quarter last year. Equities analysts expect that CBS Corporation will post $4.44 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Investors of record on Friday, September 8th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.13%. The ex-dividend date is Thursday, September 7th. CBS Corporation’s dividend payout ratio (DPR) is presently 63.72%.
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Several analysts have issued reports on the company. BidaskClub raised CBS Corporation from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, August 2nd. Benchmark Co. lifted their price target on CBS Corporation from $74.00 to $76.00 and gave the company a “buy” rating in a research note on Friday, May 5th. Pivotal Research reissued a “hold” rating and issued a $67.00 price target on shares of CBS Corporation in a research note on Sunday, April 23rd. Cowen and Company reissued an “outperform” rating and issued a $70.00 price target on shares of CBS Corporation in a research note on Monday, May 15th. Finally, Guggenheim restated a “buy” rating and issued a $78.00 price objective on shares of CBS Corporation in a report on Tuesday, June 13th. Six analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $71.98.
In related news, EVP Anthony G. Ambrosio sold 8,167 shares of the firm’s stock in a transaction that occurred on Tuesday, July 11th. The shares were sold at an average price of $63.78, for a total value of $520,891.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Leslie Moonves sold 200,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 12th. The stock was sold at an average price of $63.79, for a total transaction of $12,758,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,232,652 shares of the company’s stock, valued at $78,630,871.08. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 218,707 shares of company stock valued at $13,961,251. 2.03% of the stock is owned by insiders.
About CBS Corporation
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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