Retirement Systems of Alabama reduced its stake in shares of CBS Corp. (NYSE:CBS) by 2.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 289,515 shares of the media conglomerate’s stock after selling 8,630 shares during the period. Retirement Systems of Alabama’s holdings in CBS Corp. were worth $15,761,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. Capstone Asset Management Co. increased its position in CBS Corp. by 1.2% in the first quarter. Capstone Asset Management Co. now owns 31,107 shares of the media conglomerate’s stock valued at $1,714,000 after buying an additional 380 shares in the last quarter. Virginia Retirement System bought a new position in shares of CBS Corp. during the first quarter worth approximately $387,000. IFP Advisors Inc increased its position in shares of CBS Corp. by 104.3% in the first quarter. IFP Advisors Inc now owns 5,933 shares of the media conglomerate’s stock worth $327,000 after buying an additional 3,029 shares in the last quarter. Ngam Advisors L.P. increased its position in shares of CBS Corp. by 61.0% in the first quarter. Ngam Advisors L.P. now owns 140,003 shares of the media conglomerate’s stock worth $7,713,000 after buying an additional 53,024 shares in the last quarter. Finally, Teachers Advisors Inc. increased its position in shares of CBS Corp. by 21.0% in the first quarter. Teachers Advisors Inc. now owns 980,546 shares of the media conglomerate’s stock worth $54,018,000 after buying an additional 170,093 shares in the last quarter. 76.78% of the stock is owned by institutional investors.
CBS Corp. (NYSE:CBS) traded up 0.31% on Friday, hitting $54.74. The stock had a trading volume of 8,244,036 shares. CBS Corp. has a 12-month low of $40.50 and a 12-month high of $58.22. The company has a market cap of $24.34 billion, a price-to-earnings ratio of 16.20 and a beta of 1.89. The company’s 50 day moving average price is $51.99 and its 200-day moving average price is $53.74.
CBS Corp. (NYSE:CBS) last posted its earnings results on Thursday, July 28th. The media conglomerate reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.07. CBS Corp. had a return on equity of 31.53% and a net margin of 11.07%. The business earned $3.29 billion during the quarter, compared to analyst estimates of $3.21 billion. During the same quarter last year, the firm earned $0.74 earnings per share. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. Equities research analysts anticipate that CBS Corp. will post $3.09 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Saturday, October 1st. Stockholders of record on Friday, September 9th will be paid a $0.18 dividend. The ex-dividend date of this dividend is Wednesday, September 7th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.32%. This is a positive change from CBS Corp.’s previous quarterly dividend of $0.15. CBS Corp.’s dividend payout ratio (DPR) is 21.30%.
A number of equities analysts have recently commented on the company. Jefferies Group reissued a “buy” rating on shares of CBS Corp. in a research report on Friday. JPMorgan Chase & Co. reissued a “buy” rating on shares of CBS Corp. in a research report on Thursday, June 30th. Brean Capital reissued a “buy” rating and set a $65.00 price objective on shares of CBS Corp. in a research report on Sunday, July 17th. Zacks Investment Research raised CBS Corp. from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a research report on Thursday, August 4th. Finally, Wells Fargo & Co. downgraded CBS Corp. to a “buy” rating in a research report on Monday, July 11th. Five analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $61.91.
CBS Corp. Company Profile
CBS Corporation is a mass media company. The Company’s segments include Entertainment, Cable Networks, Publishing and Local Broadcasting. Its Entertainment segment is composed of the CBS Television Network; CBS Television Studios; CBS Global Distribution Group (composed of CBS Studios International and CBS Television Distribution); CBS Interactive, and CBS Films.
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