Canada Pension Plan Investment Board Increases Position in CBS Corporation (CBS)
Canada Pension Plan Investment Board raised its stake in shares of CBS Corporation (NYSE:CBS) by 59.8% during the second quarter, Holdings Channel reports. The fund owned 498,300 shares of the media conglomerate’s stock after buying an additional 186,527 shares during the period. Canada Pension Plan Investment Board’s holdings in CBS Corporation were worth $31,782,000 as of its most recent filing with the SEC.
A number of other hedge funds have also made changes to their positions in the stock. Israel Discount Bank of New York acquired a new stake in shares of CBS Corporation during the first quarter valued at approximately $114,000. Ruggie Capital Group acquired a new stake in shares of CBS Corporation during the first quarter valued at approximately $120,000. State of Alaska Department of Revenue acquired a new stake in shares of CBS Corporation during the first quarter valued at approximately $157,000. Independent Portfolio Consultants Inc. boosted its stake in shares of CBS Corporation by 31.4% in the second quarter. Independent Portfolio Consultants Inc. now owns 2,936 shares of the media conglomerate’s stock valued at $187,000 after buying an additional 701 shares during the last quarter. Finally, Holderness Investments Co. acquired a new stake in shares of CBS Corporation during the first quarter valued at approximately $203,000. Institutional investors and hedge funds own 75.42% of the company’s stock.
Shares of CBS Corporation (NYSE:CBS) opened at 66.71 on Friday. CBS Corporation has a 52 week low of $48.88 and a 52 week high of $70.10. The firm’s 50-day moving average is $64.79 and its 200 day moving average is $64.96. The firm has a market cap of $26.79 billion, a PE ratio of 169.75 and a beta of 1.71.
CBS Corporation (NYSE:CBS) last issued its quarterly earnings results on Monday, August 7th. The media conglomerate reported $1.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.97 by $0.07. CBS Corporation had a return on equity of 49.51% and a net margin of 1.27%. The firm had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.09 billion. During the same period last year, the company earned $0.93 EPS. The firm’s quarterly revenue was up 9.4% on a year-over-year basis. Equities research analysts forecast that CBS Corporation will post $4.46 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Sunday, October 1st. Shareholders of record on Friday, September 8th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.08%. The ex-dividend date is Thursday, September 7th. CBS Corporation’s payout ratio is 211.76%.
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Several analysts have commented on the stock. BMO Capital Markets restated a “buy” rating and set a $80.00 price objective on shares of CBS Corporation in a research note on Tuesday, August 8th. BidaskClub upgraded shares of CBS Corporation from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, August 2nd. Jefferies Group LLC restated a “buy” rating and set a $73.00 price objective (up from $71.00) on shares of CBS Corporation in a research note on Wednesday. Argus restated a “buy” rating and set a $79.00 price objective (up from $71.00) on shares of CBS Corporation in a research note on Thursday. Finally, Cowen and Company restated an “outperform” rating and set a $70.00 price objective on shares of CBS Corporation in a research note on Friday, May 5th. Six analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $72.94.
In other CBS Corporation news, EVP Anthony G. Ambrosio sold 8,167 shares of the firm’s stock in a transaction dated Tuesday, July 11th. The stock was sold at an average price of $63.78, for a total value of $520,891.26. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Gil D. Schwartz sold 5,270 shares of the firm’s stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $65.40, for a total value of $344,658.00. Following the completion of the sale, the executive vice president now directly owns 60,322 shares in the company, valued at $3,945,058.80. The disclosure for this sale can be found here. Over the last three months, insiders sold 226,874 shares of company stock worth $14,499,946. 1.67% of the stock is owned by corporate insiders.
About CBS Corporation
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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