Hedeker Wealth LLC reduced its position in shares of CBS Corp. (NYSE:CBS) by 63.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,870 shares of the media conglomerate’s stock after selling 29,096 shares during the period. Hedeker Wealth LLC’s holdings in CBS Corp. were worth $918,000 at the end of the most recent quarter.
Other institutional investors also recently made changes to their positions in the company. NN Investment Partners Holdings N.V. acquired a new position in CBS Corp. during the first quarter valued at $141,000. Trust Department MB Financial Bank N A raised its stake in 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 worth $156,000 after buying an additional 2,305 shares in the last quarter. Whittier Trust Co. of Nevada Inc. raised its stake in CBS Corp. by 19.1% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 3,115 shares of the media conglomerate’s stock worth $170,000 after buying an additional 500 shares in the last quarter. QUANTRES ASSET MANAGEMENT Ltd purchased a new stake in CBS Corp. during the second quarter worth approximately $267,000. Finally, Lebenthal Asset Management LLC purchased a new stake in CBS Corp. during the first quarter worth approximately $293,000. Hedge funds and other institutional investors own 76.79% of the company’s stock.
CBS Corp. (NYSE:CBS) traded down 0.24% on Friday, hitting $55.11. The company had a trading volume of 2,916,572 shares. The firm has a 50-day moving average price of $52.86 and a 200-day moving average price of $53.84. 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 $24.50 billion, a PE ratio of 16.30 and a beta of 1.81.
CBS Corp. (NYSE:CBS) last posted its earnings results on Thursday, July 28th. The media conglomerate reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.86 by $0.07. The business had revenue of $3.29 billion for the quarter, compared to analyst estimates of $3.21 billion. CBS Corp. had a return on equity of 31.53% and a net margin of 11.07%. The firm’s revenue was up 2.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.74 EPS. On average, equities research analysts anticipate that CBS Corp. will post $3.09 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Saturday, October 1st. Shareholders of record on Friday, September 9th were issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.31%. This is a positive change from CBS Corp.’s previous quarterly dividend of $0.15. The ex-dividend date was Wednesday, September 7th. CBS Corp.’s dividend payout ratio is currently 21.30%.
A number of analysts have commented on CBS shares. Drexel Hamilton started coverage on shares of CBS Corp. in a research note on Tuesday, September 6th. They set a “buy” rating and a $65.00 price objective for the company. Jefferies Group reaffirmed a “buy” rating on shares of CBS Corp. in a research note on Monday, September 12th. BMO Capital Markets reaffirmed an “outperform” rating and set a $63.00 price objective on shares of CBS Corp. in a research note on Sunday, July 31st. Zacks Investment Research raised shares of CBS Corp. from a “hold” rating to a “buy” rating and set a $62.00 price objective for the company in a research note on Wednesday, July 20th. Finally, Telsey Advisory Group lowered shares of CBS Corp. from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $67.00 to $57.00 in a research note on Thursday, September 22nd. Five research analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company. The company presently has an average 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.
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