Teachers Retirement System of The State of Kentucky Reduces Position in CBS Corporation (CBS)
Teachers Retirement System of The State of Kentucky reduced its holdings in CBS Corporation (NYSE:CBS) by 1.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 779,035 shares of the media conglomerate’s stock after selling 15,055 shares during the quarter. CBS Corporation accounts for 0.6% of Teachers Retirement System of The State of Kentucky’s holdings, making the stock its 18th biggest position. Teachers Retirement System of The State of Kentucky owned about 0.19% of CBS Corporation worth $49,686,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Focused Investors LLC purchased a new position in shares of CBS Corporation in the second quarter worth approximately $72,467,000. Scopus Asset Management L.P. grew its position in CBS Corporation by 166.7% during the first quarter. Scopus Asset Management L.P. now owns 1,350,000 shares of the media conglomerate’s stock valued at $93,636,000 after purchasing an additional 843,900 shares in the last quarter. FMR LLC grew its position in CBS Corporation by 21.2% during the first quarter. FMR LLC now owns 3,530,274 shares of the media conglomerate’s stock valued at $244,860,000 after purchasing an additional 618,593 shares in the last quarter. BlueCrest Capital Management Ltd grew its position in CBS Corporation by 957.7% during the first quarter. BlueCrest Capital Management Ltd now owns 431,485 shares of the media conglomerate’s stock valued at $29,928,000 after purchasing an additional 390,689 shares in the last quarter. Finally, MARSHALL WACE ASIA Ltd purchased a new position in CBS Corporation during the first quarter valued at approximately $26,684,000. Institutional investors and hedge funds own 75.08% of the company’s stock.
Shares of CBS Corporation (NYSE:CBS) traded up 0.75% during midday trading on Friday, reaching $59.23. 1,988,782 shares of the company’s stock were exchanged. CBS Corporation has a 12 month low of $48.88 and a 12 month high of $70.10. The stock has a market cap of $23.79 billion, a PE ratio of 150.71 and a beta of 1.70. The company’s 50 day moving average is $63.34 and its 200-day moving average is $64.46.
CBS Corporation (NYSE:CBS) last released its quarterly earnings results on Monday, August 7th. The media conglomerate reported $1.04 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.97 by $0.07. The company had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.09 billion. CBS Corporation had a return on equity of 49.51% and a net margin of 1.27%. The business’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.93 earnings per share. Equities analysts forecast that CBS Corporation will post $4.46 EPS for the current fiscal year.
The company also recently declared 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 annualized dividend and a dividend yield of 1.22%. The ex-dividend date of this dividend is Thursday, September 7th. CBS Corporation’s dividend payout ratio (DPR) is currently 211.76%.
In related news, CEO Leslie Moonves sold 200,000 shares of CBS Corporation stock in a transaction that occurred on Wednesday, July 12th. The stock was sold at an average price of $63.79, for a total value of $12,758,000.00. Following the transaction, the chief executive officer now directly owns 1,232,652 shares of the company’s stock, valued at $78,630,871.08. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Gil D. Schwartz sold 5,270 shares of CBS Corporation stock in a transaction that occurred on Wednesday, July 5th. The stock was sold at an average price of $64.08, for a total value of $337,701.60. Following the completion of the transaction, the executive vice president now directly owns 60,322 shares in the company, valued at $3,865,433.76. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 581,005 shares of company stock worth $36,219,197. Company insiders own 1.67% of the company’s stock.
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A number of brokerages recently commented on CBS. Cowen and Company reaffirmed a “buy” rating on shares of CBS Corporation in a research report on Thursday. Rosenblatt Securities reaffirmed a “buy” rating and set a $80.00 price objective on shares of CBS Corporation in a research report on Wednesday. Needham & Company LLC reaffirmed a “buy” rating and set a $80.00 price objective on shares of CBS Corporation in a research report on Wednesday, September 13th. ValuEngine downgraded shares of CBS Corporation from a “buy” rating to a “hold” rating in a research report on Monday, September 11th. Finally, Citigroup Inc. reaffirmed a “buy” rating and set a $76.00 price objective (up from $75.00) on shares of CBS Corporation in a research report on Wednesday, August 23rd. Six equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $74.98.
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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