Sit Investment Associates Inc. cut its stake in CBS Corp. (NYSE:CBS) by 22.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 311,000 shares of the media conglomerate’s stock after selling 90,825 shares during the period. Sit Investment Associates Inc.’s holdings in CBS Corp. were worth $16,931,000 at the end of the most recent quarter.
Other large investors have also recently made changes to their positions in the company. Investec Asset Management LTD increased its position in shares of CBS Corp. by 0.7% in the first quarter. Investec Asset Management LTD now owns 3,265,437 shares of the media conglomerate’s stock valued at $179,893,000 after buying an additional 22,307 shares in the last quarter. Legal & General Group Plc increased its position in shares of CBS Corp. by 1.8% in the first quarter. Legal & General Group Plc now owns 1,941,497 shares of the media conglomerate’s stock valued at $106,956,000 after buying an additional 34,593 shares in the last quarter. Old Mutual Global Investors UK Ltd. increased its position in shares of CBS Corp. by 1,184,230.8% in the second quarter. Old Mutual Global Investors UK Ltd. now owns 1,883,086 shares of the media conglomerate’s stock valued at $102,515,000 after buying an additional 1,882,927 shares in the last quarter. 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 valued at $54,018,000 after buying an additional 170,093 shares in the last quarter. Finally, Kovitz Investment Group Partners LLC bought a new position in shares of CBS Corp. during the first quarter valued at approximately $51,458,000. 76.78% of the stock is owned by institutional investors.
CBS Corp. (NYSE:CBS) traded up 1.53% during mid-day trading on Wednesday, reaching $56.40. The company had a trading volume of 4,296,864 shares. The firm has a market capitalization of $25.08 billion, a PE ratio of 16.69 and a beta of 1.81. The stock’s 50-day moving average price is $52.15 and its 200 day moving average price is $53.75. CBS Corp. has a 52 week low of $41.36 and a 52 week high of $58.22.
CBS Corp. (NYSE:CBS) last released its quarterly earnings data on Thursday, July 28th. The media conglomerate reported $0.93 EPS for the quarter, topping the consensus estimate of $0.86 by $0.07. CBS Corp. had a return on equity of 31.53% and a net margin of 11.07%. The company had revenue of $3.29 billion for the quarter, compared to the consensus estimate of $3.21 billion. During the same period last year, the business posted $0.74 EPS. CBS Corp.’s quarterly revenue was up 2.1% on a year-over-year basis. On average, equities research analysts predict that CBS Corp. will post $3.09 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Saturday, October 1st. Stockholders of record on Friday, September 9th were issued a $0.18 dividend. The ex-dividend date was Wednesday, September 7th. This is an increase from CBS Corp.’s previous quarterly dividend of $0.15. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.30%. CBS Corp.’s dividend payout ratio (DPR) is currently 21.30%.
Several research analysts have commented on CBS shares. Drexel Hamilton initiated coverage on CBS Corp. in a research note on Tuesday, September 6th. They issued a “buy” rating and a $65.00 target price for the company. Jefferies Group reiterated a “buy” rating on shares of CBS Corp. in a research report on Monday, September 12th. BMO Capital Markets reiterated an “outperform” rating and set a $63.00 price target on shares of CBS Corp. in a research report on Sunday, July 31st. Zacks Investment Research upgraded CBS Corp. from a “hold” rating to a “buy” rating and set a $62.00 price target for the company in a research report on Wednesday, July 20th. Finally, Telsey Advisory Group downgraded CBS Corp. from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $67.00 to $57.00 in a research report on Thursday, September 22nd. Five equities research analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $62.64.
About CBS Corp.
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.
Want to see what other hedge funds are holding CBS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CBS Corp. (NYSE:CBS).
Receive News & Ratings for CBS Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CBS Corp. and related companies with MarketBeat.com's FREE daily email newsletter.