First National Trust Co. lowered its stake in shares of CBS Corp. (NYSE:CBS) by 14.2% during the second quarter, Holdings Channel reports. The firm owned 5,236 shares of the media conglomerate’s stock after selling 865 shares during the period. First National Trust Co.’s holdings in CBS Corp. were worth $285,000 at the end of the most recent quarter.
A number of other institutional investors also recently bought and sold shares of the stock. Investec Asset Management LTD raised its position in 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 during the period. Legal & General Group Plc raised its position in 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 during the period. Old Mutual Global Investors UK Ltd. raised its position in 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 during the period. Kovitz Investment Group Partners LLC bought a new position in CBS Corp. during the first quarter valued at $51,458,000. Finally, New York State Teachers Retirement System raised its position in CBS Corp. by 1.9% in the second quarter. New York State Teachers Retirement System now owns 751,498 shares of the media conglomerate’s stock valued at $40,912,000 after buying an additional 14,088 shares during the period. Institutional investors own 76.78% of the company’s stock.
Shares of CBS Corp. (NYSE:CBS) traded down 1.76% during trading on Friday, reaching $55.22. 4,099,205 shares of the company were exchanged. The stock’s 50-day moving average is $52.42 and its 200-day moving average is $53.79. The firm has a market cap of $24.55 billion, a price-to-earnings ratio of 16.34 and a beta of 1.81. CBS Corp. has a 52-week low of $41.36 and a 52-week high of $58.22.
CBS Corp. (NYSE:CBS) last issued its quarterly earnings results on Thursday, July 28th. The media conglomerate reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.07. The company had revenue of $3.29 billion for the quarter, compared to analyst estimates of $3.21 billion. CBS Corp. had a net margin of 11.07% and a return on equity of 31.53%. CBS Corp.’s revenue was up 2.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.74 earnings per share. Equities research analysts predict that CBS Corp. will post $3.09 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Saturday, October 1st. Stockholders of record on Friday, September 9th were issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.30%. The ex-dividend date of this dividend was Wednesday, September 7th. This is a positive change from CBS Corp.’s previous quarterly dividend of $0.15. CBS Corp.’s payout ratio is 21.30%.
CBS has been the topic of a number of recent analyst reports. Wells Fargo & Co. reiterated an “outperform” rating on shares of CBS Corp. in a research note on Saturday, June 25th. Brean Capital reiterated a “buy” rating and issued a $65.00 price objective on shares of CBS Corp. in a research note on Sunday, July 17th. Jefferies Group reiterated a “buy” rating on shares of CBS Corp. in a research note on Monday, August 1st. Sanford C. Bernstein reiterated a “market perform” rating on shares of CBS Corp. in a research note on Friday, June 17th. Finally, Zacks Investment Research lowered CBS Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, August 3rd. Five research analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target 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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