CBS Corporation (CBS) Shares Bought by Dowling & Yahnke LLC
Dowling & Yahnke LLC raised its stake in CBS Corporation (NYSE:CBS) by 4.1% during the second quarter, Holdings Channel reports. The fund owned 7,905 shares of the media conglomerate’s stock after buying an additional 314 shares during the period. Dowling & Yahnke LLC’s holdings in CBS Corporation were worth $504,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also made changes to their positions in the company. Atria Investments LLC acquired a new position in shares of CBS Corporation during the first quarter valued at $309,000. Regent Investment Management LLC increased its position in shares of CBS Corporation by 43.2% in the first quarter. Regent Investment Management LLC now owns 6,052 shares of the media conglomerate’s stock valued at $420,000 after buying an additional 1,825 shares during the last quarter. Reliance Trust Co. of Delaware increased its position in shares of CBS Corporation by 20.3% in the first quarter. Reliance Trust Co. of Delaware now owns 10,535 shares of the media conglomerate’s stock valued at $731,000 after buying an additional 1,775 shares during the last quarter. DnB Asset Management AS increased its position in shares of CBS Corporation by 17.1% in the first quarter. DnB Asset Management AS now owns 45,862 shares of the media conglomerate’s stock valued at $3,181,000 after buying an additional 6,700 shares during the last quarter. Finally, Columbus Circle Investors increased its position in shares of CBS Corporation by 89.8% in the first quarter. Columbus Circle Investors now owns 730,636 shares of the media conglomerate’s stock valued at $50,677,000 after buying an additional 345,676 shares during the last quarter. 74.03% of the stock is owned by institutional investors and hedge funds.
CBS Corporation (CBS) opened at 66.70 on Wednesday. CBS Corporation has a 12-month low of $48.88 and a 12-month high of $70.10. The stock’s 50 day moving average price is $64.94 and its 200-day moving average price is $65.01. The stock has a market capitalization of $26.79 billion, a PE ratio of 169.72 and a beta of 1.71.
CBS Corporation (NYSE:CBS) last released its earnings results on Monday, August 7th. The media conglomerate reported $1.04 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.97 by $0.07. The firm had revenue of $3.26 billion during the quarter, compared to analyst estimates 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 prior year, the firm posted $0.93 earnings per share. Analysts expect that CBS Corporation will post $4.46 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Investors of record on Friday, September 8th will be paid a $0.18 dividend. The ex-dividend date is Thursday, September 7th. This represents a $0.72 annualized dividend and a yield of 1.08%. CBS Corporation’s payout ratio is currently 211.76%.
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Several research analysts have recently weighed in on CBS shares. Pivotal Research reaffirmed a “hold” rating and set a $67.00 target price on shares of CBS Corporation in a research note on Sunday, April 23rd. Needham & Company LLC upped their target price on CBS Corporation from $72.00 to $80.00 and gave the stock a “buy” rating in a research note on Friday, April 28th. Telsey Advisory Group increased their price objective on CBS Corporation from $66.00 to $69.00 and gave the company a “market perform” rating in a research note on Friday, May 5th. Benchmark Co. increased their price objective on CBS Corporation from $74.00 to $76.00 and gave the company a “buy” rating in a research note on Friday, May 5th. Finally, Cowen and Company reissued an “outperform” rating and issued a $70.00 price objective on shares of CBS Corporation in a research note on Friday, May 5th. Six investment analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $72.94.
In related news, EVP Anthony G. Ambrosio sold 8,167 shares of the company’s stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $65.96, for a total value of $538,695.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Leslie Moonves sold 200,000 shares of the company’s stock in a transaction on Wednesday, July 12th. The shares were sold at an average price of $63.79, for a total value of $12,758,000.00. Following the completion of the transaction, the chief executive officer now owns 1,232,652 shares of the company’s stock, valued at $78,630,871.08. The disclosure for this sale can be found here. Insiders sold 226,874 shares of company stock valued at $14,499,946 over the last quarter. Insiders own 2.03% of the company’s stock.
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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