Sound Shore Management Inc. CT cut its stake in shares of CBS Corporation (NYSE:CBS) by 22.4% during the second quarter, Holdings Channel reports. The fund owned 1,837,196 shares of the media conglomerate’s stock after selling 530,210 shares during the period. Sound Shore Management Inc. CT’s holdings in CBS Corporation were worth $117,176,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Canada Pension Plan Investment Board raised its position in shares of CBS Corporation by 59.8% in the second quarter. Canada Pension Plan Investment Board now owns 498,300 shares of the media conglomerate’s stock valued at $31,782,000 after buying an additional 186,527 shares during the last quarter. Advisor Partners LLC raised its position in shares of CBS Corporation by 19.2% in the second quarter. Advisor Partners LLC now owns 10,076 shares of the media conglomerate’s stock valued at $643,000 after buying an additional 1,625 shares during the last quarter. Palladium Partners LLC raised its position in shares of CBS Corporation by 6.8% in the second quarter. Palladium Partners LLC now owns 3,757 shares of the media conglomerate’s stock valued at $240,000 after buying an additional 240 shares during the last quarter. Channing Capital Management LLC raised its position in shares of CBS Corporation by 1.8% in the second quarter. Channing Capital Management LLC now owns 224,281 shares of the media conglomerate’s stock valued at $14,305,000 after buying an additional 3,995 shares during the last quarter. Finally, Sequent Asset Management LLC raised its position in shares of CBS Corporation by 3.0% in the second quarter. Sequent Asset Management LLC now owns 9,300 shares of the media conglomerate’s stock valued at $593,000 after buying an additional 275 shares during the last quarter. Institutional investors own 75.42% of the company’s stock.

CBS Corporation (CBS) opened at 66.19 on Friday. The stock has a 50 day moving average price of $64.67 and a 200-day moving average price of $64.93. The firm has a market capitalization of $26.59 billion, a P/E ratio of 168.42 and a beta of 1.71. CBS Corporation has a 52 week low of $48.88 and a 52 week high of $70.10.

CBS Corporation (NYSE:CBS) last issued its quarterly earnings data on Monday, August 7th. The media conglomerate reported $1.04 EPS for the quarter, topping the Thomson Reuters’ 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 business had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.09 billion. During the same period last year, the business posted $0.93 earnings per share. CBS Corporation’s quarterly revenue was up 9.4% compared to the same quarter last year. Analysts anticipate that CBS Corporation will post $4.46 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Shareholders of record on Friday, September 8th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Thursday, September 7th. This represents a $0.72 annualized dividend and a yield of 1.09%. CBS Corporation’s dividend payout ratio (DPR) is presently 211.76%.

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Several brokerages have recently issued reports on CBS. Barclays PLC set a $57.00 price target on CBS Corporation and gave the company a “hold” rating in a research note on Friday. Argus reiterated a “buy” rating and issued a $79.00 price target (up previously from $71.00) on shares of CBS Corporation in a research note on Thursday. Jefferies Group LLC reiterated a “buy” rating and issued a $73.00 price target (up previously from $71.00) on shares of CBS Corporation in a research note on Wednesday. BMO Capital Markets restated a “buy” rating and set a $80.00 price objective on shares of CBS Corporation in a research report on Tuesday. Finally, Royal Bank Of Canada restated an “outperform” rating and set a $77.00 price objective (up previously from $75.00) on shares of CBS Corporation in a research report on Tuesday. Six research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $72.94.

In other news, EVP Gil D. Schwartz sold 5,270 shares of CBS Corporation stock in a transaction that occurred 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 completion of the transaction, the executive vice president now directly owns 60,322 shares in the company, valued at $3,865,433.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Anthony G. Ambrosio sold 8,167 shares of CBS Corporation stock in a transaction that occurred on Tuesday, July 11th. The shares were sold at an average price of $63.78, for a total transaction of $520,891.26. The disclosure for this sale can be found here. Insiders sold 218,707 shares of company stock valued at $13,961,251 over the last 90 days. 1.67% of the stock is currently owned by company 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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Institutional Ownership by Quarter for CBS Corporation (NYSE:CBS)

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