Regent Investment Management LLC raised its stake in CBS Corporation (NYSE:CBS) by 5.0% during the second quarter, according to its most recent disclosure 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 reporting period.
Several other hedge funds have also added to or reduced their stakes in CBS. First Financial Bank Trust Division raised its position in shares of CBS Corporation by 2.5% in the second quarter. First Financial Bank Trust Division now owns 4,995 shares of the media conglomerate’s stock valued at $319,000 after buying an additional 120 shares in the last quarter. Berson & Corrado Investment Advisors LLC raised its position in shares of CBS Corporation by 5.0% in the second quarter. Berson & Corrado Investment Advisors LLC now owns 62,214 shares of the media conglomerate’s stock valued at $3,968,000 after buying an additional 2,957 shares in the last quarter. Bremer Trust National Association raised its position in shares of CBS Corporation by 1.9% in the second quarter. Bremer Trust National Association now owns 30,511 shares of the media conglomerate’s stock valued at $1,946,000 after buying an additional 568 shares in the last quarter. Centre Asset Management LLC raised its position in shares of CBS Corporation by 3.3% in the second quarter. Centre Asset Management LLC now owns 102,570 shares of the media conglomerate’s stock valued at $6,542,000 after buying an additional 3,310 shares in the last quarter. Finally, Independent Portfolio Consultants Inc. raised its position in shares of 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. Institutional investors and hedge funds own 74.03% of the company’s stock.
Shares of CBS Corporation (CBS) traded down 0.64% on Monday, hitting $66.28. The company’s stock had a trading volume of 2,256,311 shares. The company has a 50 day moving average of $64.87 and a 200 day moving average of $65.00. The firm has a market cap of $26.62 billion, a PE ratio of 168.65 and a beta of 1.71. CBS Corporation has a 1-year low of $48.88 and a 1-year high of $70.10. CBS Corporation also was the recipient of unusually large options trading on Friday. Stock traders acquired 16,257 call options on the company. This represents an increase of 533% compared to the typical volume of 2,569 call options.
CBS Corporation (NYSE:CBS) last announced its quarterly earnings data on Monday, August 7th. The media conglomerate reported $1.04 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.07. CBS Corporation had a return on equity of 49.51% and a net margin of 1.27%. The company had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.09 billion. During the same quarter in the prior year, the firm earned $0.93 EPS. The company’s quarterly revenue was up 9.4% compared to the same quarter last year. Equities analysts forecast that CBS Corporation will post $4.46 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 8th will be given a dividend of $0.18 per share. The ex-dividend date is Thursday, September 7th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.09%. CBS Corporation’s dividend payout ratio (DPR) is presently 211.76%.
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Several equities analysts have issued reports on CBS shares. Needham & Company LLC reiterated a “buy” rating and issued a $80.00 target price on shares of CBS Corporation in a research note on Wednesday, June 28th. Rosenblatt Securities boosted their price target on CBS Corporation to $40.00 and gave the stock a “neutral” rating in a research note on Monday, April 17th. BidaskClub upgraded CBS Corporation from a “sell” rating to a “hold” rating in a research note on Saturday, June 24th. Jefferies Group LLC restated a “buy” rating and set a $71.00 price target on shares of CBS Corporation in a research note on Wednesday, June 14th. Finally, Telsey Advisory Group boosted their price target on CBS Corporation from $66.00 to $69.00 and gave the stock a “market perform” rating in a research note on Friday, May 5th. Six investment analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the company. CBS Corporation has an average rating of “Buy” and a consensus price target of $72.94.
In other news, EVP Anthony G. Ambrosio sold 8,167 shares of the stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $65.96, for a total value of $538,695.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Leslie Moonves sold 200,000 shares of the stock in a transaction on 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 owns 1,232,652 shares of the company’s stock, valued at approximately $78,630,871.08. The disclosure for this sale can be found here. Insiders sold 226,874 shares of company stock valued at $14,499,946 in the last 90 days. Corporate insiders own 2.03% 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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