Shapiro Capital Management LLC reduced its stake in CBS Corporation (NYSE:CBS) by 2.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,859,753 shares of the media conglomerate’s stock after selling 42,575 shares during the period. CBS Corporation accounts for 2.9% of Shapiro Capital Management LLC’s holdings, making the stock its 14th biggest holding. Shapiro Capital Management LLC owned 0.46% of CBS Corporation worth $118,615,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently bought and sold shares of CBS. Focused Investors LLC bought a new stake in CBS Corporation in the second quarter valued at $72,467,000. Scopus Asset Management L.P. increased its stake in CBS Corporation by 166.7% in the first quarter. Scopus Asset Management L.P. now owns 1,350,000 shares of the media conglomerate’s stock valued at $93,636,000 after purchasing an additional 843,900 shares in the last quarter. FMR LLC increased its stake in CBS Corporation by 21.2% in 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. BlueCrest Capital Management Ltd increased its stake in CBS Corporation by 957.7% in the first quarter. BlueCrest Capital Management Ltd now owns 431,485 shares of the media conglomerate’s stock valued at $29,928,000 after purchasing an additional 390,689 shares in the last quarter. Finally, MARSHALL WACE ASIA Ltd bought a new stake in CBS Corporation in the first quarter valued at $26,684,000. 75.08% of the stock is owned by hedge funds and other institutional investors.
CBS Corporation (NYSE CBS) traded up 1.25% during midday trading on Tuesday, hitting $58.44. 1,474,495 shares of the stock traded hands. CBS Corporation has a 52-week low of $48.88 and a 52-week high of $70.10. The firm’s 50-day moving average is $63.54 and its 200-day moving average is $64.52. The company has a market cap of $23.47 billion, a price-to-earnings ratio of 148.70 and a beta of 1.70.
CBS Corporation (NYSE:CBS) last posted its quarterly earnings results on Monday, August 7th. The media conglomerate reported $1.04 EPS for the quarter, topping the Zacks’ consensus estimate of $0.97 by $0.07. The firm had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.09 billion. CBS Corporation had a net margin of 1.27% and a return on equity of 49.51%. The business’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.93 earnings per share. Analysts predict that CBS Corporation will post $4.46 EPS for the current year.
The business also recently declared 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. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.25%. The ex-dividend date is Thursday, September 7th. CBS Corporation’s payout ratio is presently 211.76%.
In other news, EVP Gil D. Schwartz sold 54,131 shares of the company’s stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $58.40, for a total value of $3,161,250.40. Following the transaction, the executive vice president now directly owns 102,483 shares in the company, valued at $5,985,007.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Leslie Moonves sold 150,000 shares of the company’s stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $64.68, for a total transaction of $9,702,000.00. Following the completion of the transaction, the chief executive officer now owns 1,182,652 shares in the company, valued at $76,493,931.36. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 431,005 shares of company stock worth $27,363,197. Company insiders own 2.03% of the company’s stock.
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CBS has been the subject of several research analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $80.00 price target on shares of CBS Corporation in a research note on Wednesday, June 28th. Royal Bank Of Canada set a $75.00 target price on shares of CBS Corporation and gave the stock a “buy” rating in a research report on Tuesday, June 6th. BidaskClub raised shares of CBS Corporation from a “sell” rating to a “hold” rating in a research report on Saturday, June 24th. Benchmark Co. boosted their target price on shares of CBS Corporation from $76.00 to $81.00 and gave the stock a “buy” rating in a research report on Tuesday, August 8th. Finally, Jefferies Group LLC reissued a “buy” rating and set a $71.00 target price on shares of CBS Corporation in a research report on Wednesday, June 14th. Seven research 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 currently has a consensus rating of “Buy” and an average target price of $73.44.
CBS Corporation 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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