Bank of Montreal Can bought a new stake in CBS Corp. (NYSE:CBS) during the second quarter, Holdings Channel reports. The institutional investor bought 240,991 shares of the media conglomerate’s stock, valued at approximately $13,118,000.
Several other hedge funds and other institutional investors have also made changes to their positions in CBS. NN Investment Partners Holdings N.V. acquired a new position in shares of CBS Corp. during the first quarter valued at approximately $141,000. Trust Department MB Financial Bank N A increased its position in shares of CBS Corp. by 457.3% in the second quarter. Trust Department MB Financial Bank N A now owns 2,809 shares of the media conglomerate’s stock valued at $156,000 after buying an additional 2,305 shares during the last quarter. QUANTRES ASSET MANAGEMENT Ltd acquired a new position in shares of CBS Corp. during the second quarter valued at approximately $267,000. Advisor Partners LLC increased its position in shares of CBS Corp. by 0.7% in the first quarter. Advisor Partners LLC now owns 5,218 shares of the media conglomerate’s stock valued at $287,000 after buying an additional 34 shares during the last quarter. Finally, Lebenthal Asset Management LLC acquired a new position in shares of CBS Corp. during the first quarter valued at approximately $293,000. 76.78% of the stock is currently owned by institutional investors and hedge funds.
Shares of CBS Corp. (NYSE:CBS) traded up 0.31% during midday trading on Friday, reaching $54.74. 8,244,036 shares of the company’s stock traded hands. The stock has a 50-day moving average price of $51.99 and a 200 day moving average price of $53.74. CBS Corp. has a 12 month low of $40.50 and a 12 month high of $58.22. The firm has a market cap of $24.34 billion, a PE ratio of 16.20 and a beta of 1.89.
CBS Corp. (NYSE:CBS) last posted its quarterly earnings results on Thursday, July 28th. The media conglomerate reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.07. CBS Corp. had a net margin of 11.07% and a return on equity of 31.53%. The firm earned $3.29 billion during the quarter, compared to the consensus estimate of $3.21 billion. During the same period in the previous year, the firm posted $0.74 earnings per share. The business’s revenue was up 2.1% compared to the same quarter last year. Equities research analysts predict that CBS Corp. will post $3.09 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Saturday, October 1st. Shareholders of record on Friday, September 9th were paid a $0.18 dividend. This is an increase from CBS Corp.’s previous quarterly dividend of $0.15. This represents a $0.72 annualized dividend and a yield of 1.32%. The ex-dividend date was Wednesday, September 7th. CBS Corp.’s payout ratio is 21.30%.
CBS has been the topic of several recent analyst reports. Credit Suisse Group AG reissued a “buy” rating and issued a $75.00 target price on shares of CBS Corp. in a report on Friday, July 29th. Deutsche Bank AG upped their price objective on CBS Corp. from $65.00 to $68.00 and gave the stock a “buy” rating in a report on Friday, July 29th. Pivotal Research reaffirmed a “buy” rating on shares of CBS Corp. in a report on Sunday, July 24th. Zacks Investment Research raised CBS Corp. from a “hold” rating to a “buy” rating and set a $62.00 price objective on the stock in a report on Wednesday, July 20th. Finally, Brean Capital reaffirmed a “buy” rating and set a $65.00 price objective on shares of CBS Corp. in a report on Sunday, July 17th. Five investment analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $61.91.
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.
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