Whittier Trust Co. of Nevada Inc. Boosts Stake in CBS Corp. (CBS)
Whittier Trust Co. of Nevada Inc. raised its stake in CBS Corp. (NYSE:CBS) by 19.1% during the second quarter, Holdings Channel reports. The fund owned 3,115 shares of the media conglomerate’s stock after buying an additional 500 shares during the period. Whittier Trust Co. of Nevada Inc.’s holdings in CBS Corp. were worth $170,000 at the end of the most recent reporting period.
Other large investors have also made changes to their positions in the company. Gluskin Sheff & Assoc Inc. purchased a new position in CBS Corp. during the second quarter valued at approximately $24,255,000. Bank of Montreal Can bought a new position in shares of CBS Corp. during the second quarter worth about $13,118,000. British Columbia Investment Management Corp raised its position in shares of CBS Corp. by 9.6% in the second quarter. British Columbia Investment Management Corp now owns 196,111 shares of the media conglomerate’s stock worth $10,676,000 after buying an additional 17,103 shares during the last quarter. Redwood Investments LLC raised its position in shares of CBS Corp. by 6,964.5% in the second quarter. Redwood Investments LLC now owns 196,746 shares of the media conglomerate’s stock worth $10,711,000 after buying an additional 193,961 shares during the last quarter. Finally, Junto Capital Management LP bought a new position in shares of CBS Corp. during the first quarter worth about $25,427,000. 76.79% of the stock is owned by hedge funds and other institutional investors.
CBS Corp. (NYSE:CBS) traded down 0.76% during midday trading on Wednesday, reaching $55.03. 2,651,734 shares of the company traded hands. The company’s 50-day moving average price is $52.71 and its 200 day moving average price is $53.82. The firm has a market capitalization of $24.47 billion, a PE ratio of 16.28 and a beta of 1.81. CBS Corp. has a 12 month low of $41.36 and a 12 month high of $58.22.
CBS Corp. (NYSE:CBS) last posted its quarterly earnings data on Thursday, July 28th. The media conglomerate reported $0.93 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.86 by $0.07. The business 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 company’s revenue was up 2.1% compared to the same quarter last year. During the same period last year, the firm posted $0.74 earnings per share. On average, equities analysts anticipate that CBS Corp. will post $3.09 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Saturday, October 1st. Stockholders of record on Friday, September 9th were given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.30%. This is a boost from CBS Corp.’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Wednesday, September 7th. CBS Corp.’s dividend payout ratio is 21.30%.
A number of brokerages have issued reports on CBS. JPMorgan Chase & Co. restated a “buy” rating on shares of CBS Corp. in a research note on Thursday, June 30th. Brean Capital restated a “buy” rating and set a $65.00 price target on shares of CBS Corp. in a research note on Sunday, July 17th. Zacks Investment Research upgraded shares of CBS Corp. from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a research note on Thursday, August 4th. Wells Fargo & Co. lowered shares of CBS Corp. to a “buy” rating in a research note on Monday, July 11th. Finally, Jefferies Group restated a “buy” rating on shares of CBS Corp. in a research note on Friday, September 30th. Five analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company. The stock has an average 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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