CBS Corporation (NYSE:CBS) Shares Sold by HL Financial Services LLC
HL Financial Services LLC cut its position in shares of CBS Corporation (NYSE:CBS) by 47.1% during the second quarter, Holdings Channel reports. The institutional investor owned 26,909 shares of the media conglomerate’s stock after selling 23,984 shares during the period. HL Financial Services LLC’s holdings in CBS Corporation were worth $1,716,000 as of its most recent SEC filing.
A number of other large investors also recently added to or reduced their stakes in the stock. Israel Discount Bank of New York bought a new stake in CBS Corporation during the first quarter worth about $114,000. Ruggie Capital Group acquired a new stake in shares of CBS Corporation during the first quarter valued at about $120,000. State of Alaska Department of Revenue acquired a new stake in shares of CBS Corporation during the first quarter valued at about $157,000. Independent Portfolio Consultants Inc. boosted its stake in shares of 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 during the period. Finally, Holderness Investments Co. acquired a new stake in shares of CBS Corporation during the first quarter valued at about $203,000. 75.42% of the stock is currently owned by hedge funds and other institutional investors.
CBS Corporation (NYSE:CBS) opened at 65.35 on Thursday. The firm has a market capitalization of $26.53 billion, a P/E ratio of 53.30 and a beta of 1.71. The company has a 50-day moving average price of $64.57 and a 200-day moving average price of $64.92. CBS Corporation has a one year low of $48.88 and a one year high of $70.10.
CBS Corporation (NYSE:CBS) last posted its quarterly earnings data on Monday, August 7th. The media conglomerate reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.97 by $0.07. CBS Corporation had a return on equity of 49.51% and a net margin of 1.27%. The company had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.09 billion. During the same period in the previous year, the business earned $0.93 EPS. CBS Corporation’s revenue for the quarter was up 9.4% compared to the same quarter last year. On average, equities research analysts anticipate that CBS Corporation will post $4.45 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 8th will be given a $0.18 dividend. The ex-dividend date is Thursday, September 7th. This represents a $0.72 annualized dividend and a dividend yield of 1.10%. CBS Corporation’s payout ratio is 211.76%.
Several brokerages have issued reports on CBS. 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 research note on Wednesday. BMO Capital Markets reaffirmed a “buy” rating and set a $80.00 target price on shares of CBS Corporation in a research note on Tuesday. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $77.00 target price (up previously from $75.00) on shares of CBS Corporation in a research note on Tuesday. Needham & Company LLC reaffirmed a “buy” rating and set a $80.00 target price on shares of CBS Corporation in a research note on Tuesday. Finally, Benchmark Co. lifted their target price on shares of CBS Corporation from $76.00 to $81.00 and gave the stock a “buy” rating in a research note on Tuesday. Six analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $72.60.
In other news, EVP Anthony G. Ambrosio sold 8,167 shares of CBS Corporation stock in a transaction that occurred on Tuesday, July 11th. The stock was sold at an average price of $63.78, for a total value of $520,891.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 owns 60,322 shares of the company’s stock, valued at approximately $3,865,433.76. The disclosure for this sale can be found here. In the last quarter, insiders sold 218,707 shares of company stock valued at $13,961,251. Insiders own 1.67% 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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