Bbva Compass Bancshares Inc. Reduces Stake in CBS Corporation (CBS)
Bbva Compass Bancshares Inc. decreased its position in CBS Corporation (NYSE:CBS) by 9.8% during the second quarter, Holdings Channel reports. The firm owned 9,247 shares of the media conglomerate’s stock after selling 1,003 shares during the period. Bbva Compass Bancshares Inc.’s holdings in CBS Corporation were worth $590,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CBS. Israel Discount Bank of New York purchased a new position in CBS Corporation during the first quarter worth approximately $114,000. Ruggie Capital Group bought a new stake in CBS Corporation during the first quarter worth $120,000. State of Alaska Department of Revenue bought a new stake in CBS Corporation during the first quarter worth $157,000. Holderness Investments Co. bought a new stake in CBS Corporation during the first quarter worth $203,000. Finally, Independent Portfolio Consultants Inc. raised its stake in CBS Corporation by 31.4% in the second quarter. Independent Portfolio Consultants Inc. now owns 2,936 shares of the media conglomerate’s stock worth $187,000 after buying an additional 701 shares in the last quarter. Institutional investors own 75.42% of the company’s stock.
CBS Corporation (NYSE:CBS) last announced its quarterly earnings data on Thursday, May 4th. The media conglomerate reported $1.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.09. CBS Corporation had a net margin of 3.96% and a return on equity of 41.55%. The business had revenue of $3.34 billion during the quarter, compared to the consensus estimate of $3.29 billion. During the same quarter in the prior year, the firm earned $1.02 EPS. The company’s revenue for the quarter was down 6.9% compared to the same quarter last year.
The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Investors of record on Friday, September 8th will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.13%. The ex-dividend date of this dividend is Thursday, September 7th. CBS Corporation’s dividend payout ratio is presently 63.72%.
A number of analysts have recently weighed in on the company. BidaskClub raised CBS Corporation from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, August 2nd. Benchmark Co. upped their price objective on CBS Corporation from $74.00 to $76.00 and gave the stock a “buy” rating in a research report on Friday, May 5th. Pivotal Research reaffirmed a “hold” rating and set a $67.00 price objective on shares of CBS Corporation in a research report on Sunday, April 23rd. Cowen and Company reaffirmed an “outperform” rating and set a $70.00 price objective on shares of CBS Corporation in a research report on Monday, May 15th. Finally, Guggenheim reaffirmed a “buy” rating and set a $78.00 price objective on shares of CBS Corporation in a research report on Tuesday, June 13th. Six research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the company’s stock. CBS Corporation presently has a consensus rating of “Buy” and an average target price of $71.98.
In related news, CEO Leslie Moonves sold 200,000 shares of the business’s stock in a transaction dated Wednesday, July 12th. The shares were sold at an average price of $63.79, for a total transaction of $12,758,000.00. Following the completion of the sale, the chief executive officer now owns 1,232,652 shares of the company’s stock, valued at approximately $78,630,871.08. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Gil D. Schwartz sold 5,270 shares of the business’s stock in a transaction dated Wednesday, July 5th. The shares were sold at an average price of $64.08, for a total transaction of $337,701.60. Following the sale, the executive vice president now directly owns 60,322 shares of the company’s stock, valued at approximately $3,865,433.76. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 218,707 shares of company stock valued at $13,961,251. Insiders own 2.03% of the company’s stock.
CBS Corporation Company Profile
CBS Corporation is a mass media company. The Company operates through four segment: Entertainment, Cable Networks, Publishing, Local Media. The Entertainment segment comprises the CBS TV Network; CBS TV Studios; CBS Studios International and CBS TV Distribution; CBS Interactive; CBS Films; and the Company’s digital streaming services, CBS All Access and CBSN.
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