CBS Corporation (CBS) Stake Decreased by Arizona State Retirement System
Arizona State Retirement System decreased its stake in CBS Corporation (NYSE:CBS) by 0.8% during the second quarter, Holdings Channel reports. The institutional investor owned 91,351 shares of the media conglomerate’s stock after selling 700 shares during the period. Arizona State Retirement System’s holdings in CBS Corporation were worth $5,826,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Israel Discount Bank of New York purchased a new position in CBS Corporation during the first quarter valued at $114,000. Ruggie Capital Group purchased a new position in CBS Corporation during the first quarter valued at $120,000. State of Alaska Department of Revenue purchased a new position in CBS Corporation during the first quarter valued at $157,000. Independent Portfolio Consultants Inc. raised its position 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 valued at $187,000 after buying an additional 701 shares in the last quarter. Finally, Holderness Investments Co. purchased a new position in CBS Corporation during the first quarter valued at $203,000. Institutional investors own 75.42% of the company’s stock.
CBS Corporation (CBS) opened at 66.71 on Friday. CBS Corporation has a 1-year low of $48.88 and a 1-year high of $70.10. The company has a market capitalization of $26.79 billion, a price-to-earnings ratio of 169.75 and a beta of 1.71. The firm has a 50 day moving average of $64.79 and a 200-day moving average of $64.96.
CBS Corporation (NYSE:CBS) last announced its earnings results on Monday, August 7th. The media conglomerate reported $1.04 EPS for the quarter, beating the Zacks’ consensus estimate of $0.97 by $0.07. CBS Corporation had a net margin of 1.27% and a return on equity of 49.51%. The firm had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.09 billion. During the same quarter in the previous year, the business posted $0.93 EPS. The company’s quarterly revenue was up 9.4% on a year-over-year basis. On average, equities research analysts anticipate that CBS Corporation will post $4.46 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 8th will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.08%. The ex-dividend date of this dividend is Thursday, September 7th. CBS Corporation’s dividend payout ratio (DPR) is presently 211.76%.
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Several brokerages recently commented on CBS. BMO Capital Markets reaffirmed a “buy” rating and set a $80.00 target price on shares of CBS Corporation in a report on Tuesday, August 8th. BidaskClub raised shares of CBS Corporation from a “buy” rating to a “strong-buy” rating in a report on Wednesday, August 2nd. Jefferies Group LLC reaffirmed a “buy” rating and set a $73.00 target price (up previously from $71.00) on shares of CBS Corporation in a report on Wednesday. Argus reaffirmed a “buy” rating and set a $79.00 target price (up previously from $71.00) on shares of CBS Corporation in a report on Thursday. Finally, Cowen and Company reaffirmed an “outperform” rating and set a $70.00 target price on shares of CBS Corporation in a report on Friday, May 5th. Six investment analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the company’s stock. CBS Corporation has an average rating of “Buy” and an average target price of $72.94.
In other news, EVP Anthony G. Ambrosio sold 8,167 shares of the business’s stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $65.96, for a total transaction of $538,695.32. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Gil D. Schwartz sold 5,270 shares of the business’s stock in a transaction on 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 owns 60,322 shares in the company, valued at approximately $3,865,433.76. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 226,874 shares of company stock worth $14,499,946. Company insiders own 1.67% 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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