Gluskin Sheff & Assoc Inc. purchased a new stake in CBS Corp. (NYSE:CBS) during the second quarter, Holdings Channel reports. The institutional investor purchased 445,540 shares of the media conglomerate’s stock, valued at approximately $24,255,000. CBS Corp. accounts for about 2.1% of Gluskin Sheff & Assoc Inc.’s holdings, making the stock its 18th largest position.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Virginia Retirement System bought a new position in shares of CBS Corp. during the first quarter valued at about $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 valued at $327,000 after buying an additional 3,029 shares during the period. 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 valued at $7,713,000 after buying an additional 53,024 shares during the period. 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 during the period. Finally, Columbia Partners L L C Investment Management bought a new position in shares of CBS Corp. during the first quarter valued at about $1,071,000. Institutional investors own 76.78% of the company’s stock.
CBS Corp. (NYSE:CBS) traded up 1.55% on Wednesday, reaching $56.41. 5,376,347 shares of the company were exchanged. CBS Corp. has a 12-month low of $41.36 and a 12-month high of $58.22. The firm has a market capitalization of $25.08 billion, a P/E ratio of 16.69 and a beta of 1.81. The firm has a 50-day moving average of $52.15 and a 200 day moving average of $53.75.
CBS Corp. (NYSE:CBS) last issued its earnings results on Thursday, July 28th. The media conglomerate reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.07. The firm had revenue of $3.29 billion for the quarter, compared to the consensus estimate of $3.21 billion. CBS Corp. had a net margin of 11.07% and a return on equity of 31.53%. The business’s revenue was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.74 earnings per share. On average, equities analysts predict that CBS Corp. will post $3.09 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Saturday, October 1st. Stockholders of record on Friday, September 9th were paid a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.30%. The ex-dividend date of this dividend was Wednesday, September 7th. This is an increase from CBS Corp.’s previous quarterly dividend of $0.15. CBS Corp.’s dividend payout ratio is currently 21.30%.
A number of analysts recently weighed in on CBS shares. Wells Fargo & Co. restated an “outperform” rating on shares of CBS Corp. in a report on Saturday, June 25th. Brean Capital restated a “buy” rating and issued a $65.00 price objective on shares of CBS Corp. in a report on Sunday, July 17th. Jefferies Group restated a “buy” rating on shares of CBS Corp. in a report on Monday, August 1st. Sanford C. Bernstein restated a “market perform” rating on shares of CBS Corp. in a report on Friday, June 17th. Finally, Zacks Investment Research downgraded CBS Corp. from a “buy” rating to a “hold” rating in a report on Wednesday, August 3rd. Five investment analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the stock. CBS Corp. presently has a consensus rating of “Buy” and a consensus target price of $62.64.
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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