Fred Alger Management Inc. Has $204,862,000 Position in CBS Corporation (CBS)
Fred Alger Management Inc. reduced its position in shares of CBS Corporation (NYSE:CBS) by 26.4% during the fourth quarter, Holdings Channel reports. The firm owned 3,220,090 shares of the media conglomerate’s stock after selling 1,153,455 shares during the period. CBS Corporation comprises 1.1% of Fred Alger Management Inc.’s investment portfolio, making the stock its 20th largest position. Fred Alger Management Inc. owned approximately 0.75% of CBS Corporation worth $204,862,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Capital World Investors boosted its stake in CBS Corporation by 1.9% in the second quarter. Capital World Investors now owns 33,362,722 shares of the media conglomerate’s stock worth $1,816,267,000 after buying an additional 612,557 shares in the last quarter. BlackRock Institutional Trust Company N.A. boosted its stake in CBS Corporation by 0.3% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 11,500,295 shares of the media conglomerate’s stock worth $629,526,000 after buying an additional 30,822 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in CBS Corporation by 4.3% in the second quarter. Bank of New York Mellon Corp now owns 9,700,725 shares of the media conglomerate’s stock worth $528,106,000 after buying an additional 401,343 shares in the last quarter. APG Asset Management N.V. boosted its stake in CBS Corporation by 8.7% in the third quarter. APG Asset Management N.V. now owns 3,546,659 shares of the media conglomerate’s stock worth $194,144,000 after buying an additional 283,200 shares in the last quarter. Finally, Sound Shore Management Inc. CT boosted its stake in CBS Corporation by 15.3% in the third quarter. Sound Shore Management Inc. CT now owns 3,044,942 shares of the media conglomerate’s stock worth $166,680,000 after buying an additional 404,394 shares in the last quarter. 78.18% of the stock is owned by institutional investors.
Shares of CBS Corporation (NYSE:CBS) traded up 0.28% during midday trading on Thursday, hitting $65.42. 5,978,438 shares of the company traded hands. CBS Corporation has a 52 week low of $44.90 and a 52 week high of $66.88. The stock has a 50 day moving average of $63.97 and a 200-day moving average of $58.03. The stock has a market capitalization of $28.11 billion, a PE ratio of 18.37 and a beta of 1.66.
CBS Corporation (NYSE:CBS) last announced its quarterly earnings results on Wednesday, February 15th. The media conglomerate reported $1.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.01. CBS Corporation had a net margin of 11.32% and a return on equity of 33.06%. The firm had revenue of $3.52 billion for the quarter, compared to the consensus estimate of $4.03 billion. Equities analysts forecast that CBS Corporation will post $4.09 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Saturday, April 1st. Stockholders of record on Friday, March 10th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date is Wednesday, March 8th. CBS Corporation’s payout ratio is 20.17%.
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A number of analysts have recently issued reports on CBS shares. Wells Fargo & Company restated an “outperform” rating and set a $65.00 target price on shares of CBS Corporation in a research note on Wednesday, November 2nd. Wunderlich started coverage on shares of CBS Corporation in a research note on Friday, October 21st. They set a “buy” rating and a $72.00 target price for the company. Brean Capital restated a “buy” rating on shares of CBS Corporation in a research note on Thursday, December 15th. BMO Capital Markets upgraded shares of CBS Corporation from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $63.00 to $70.00 in a research note on Tuesday, December 13th. Finally, Zacks Investment Research cut shares of CBS Corporation from a “buy” rating to a “hold” rating in a research note on Thursday, January 19th. Six equities research analysts have rated the stock with a hold rating and twenty-seven have given a buy rating to the company. CBS Corporation has an average rating of “Buy” and a consensus target price of $68.22.
About CBS Corporation
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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