CBS Corp. (CBS) Shares Bought by Pitcairn Co.
Pitcairn Co. boosted its position in shares of CBS Corp. (NYSE:CBS) by 3.2% during the second quarter, Holdings Channel reports. The fund owned 17,946 shares of the media conglomerate’s stock after buying an additional 559 shares during the period. Pitcairn Co.’s holdings in CBS Corp. were worth $977,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CBS. Old Mutual Global Investors UK Ltd. boosted 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 worth $102,515,000 after buying an additional 1,882,927 shares during the last quarter. Kovitz Investment Group Partners LLC purchased a new position in CBS Corp. during the first quarter worth approximately $51,458,000. Junto Capital Management LP purchased a new position in CBS Corp. during the first quarter worth approximately $25,427,000. First Quadrant L P CA boosted its position in CBS Corp. by 20,860.0% in the second quarter. First Quadrant L P CA now owns 458,186 shares of the media conglomerate’s stock worth $24,944,000 after buying an additional 456,000 shares during the last quarter. Finally, TIAA CREF Investment Management LLC boosted its position in shares of CBS Corp. by 9.7% in the first quarter. TIAA CREF Investment Management LLC now owns 4,737,980 shares of the media conglomerate’s stock worth $261,015,000 after buying an additional 420,237 shares during the last quarter. Institutional investors own 76.82% of the company’s stock.
Shares of CBS Corp. (NYSE:CBS) traded down 2.17% during midday trading on Tuesday, reaching $49.97. The company’s stock had a trading volume of 8,364,371 shares. CBS Corp. has a one year low of $38.51 and a one year high of $58.22. The stock’s 50 day moving average price is $51.96 and its 200 day moving average price is $53.76. The firm has a market cap of $22.22 billion, a price-to-earnings ratio of 14.78 and a beta of 1.89.
CBS Corp. (NYSE:CBS) last announced its quarterly earnings results on Thursday, July 28th. The media conglomerate reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.07. The company had revenue of $3.29 billion for the quarter, compared to the consensus estimate 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 for the quarter was up 2.1% compared to the same quarter last year. During the same period last year, the firm earned $0.74 EPS. 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 will be paid on Saturday, October 1st. Shareholders of record on Friday, September 9th will be given a dividend of $0.18 per share. 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 1.44%. The ex-dividend date is Wednesday, September 7th. CBS Corp.’s dividend payout ratio (DPR) is currently 21.30%.
A number of brokerages have issued reports on CBS. Wells Fargo & Co. cut CBS Corp. to a “buy” rating in a research note on Monday, July 11th. Brean Capital reiterated a “buy” rating and set a $65.00 price objective on shares of CBS Corp. in a research note on Sunday, July 17th. Pivotal Research reiterated a “buy” rating on shares of CBS Corp. in a research note on Sunday, July 24th. Zacks Investment Research upgraded 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, Needham & Company LLC reiterated a “buy” rating and set a $65.00 price objective on shares of CBS Corp. in a research note on Saturday, July 2nd. Four equities research analysts have rated the stock with a hold rating and twenty-eight have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $62.01.
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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