Shikiar Asset Management Inc. Cuts Position in CBS Corporation (CBS)
Shikiar Asset Management Inc. lowered its position in shares of CBS Corporation (NYSE:CBS) by 7.7% during the second quarter, Holdings Channel reports. The institutional investor owned 140,985 shares of the media conglomerate’s stock after selling 11,824 shares during the period. CBS Corporation comprises 3.9% of Shikiar Asset Management Inc.’s holdings, making the stock its 5th largest position. Shikiar Asset Management Inc.’s holdings in CBS Corporation were worth $8,992,000 at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in CBS. Dupont Capital Management Corp purchased a new position in shares of CBS Corporation during the second quarter worth $102,000. Israel Discount Bank of New York bought a new position in shares of CBS Corporation during the first quarter worth approximately $114,000. Ruggie Capital Group bought a new position in shares of CBS Corporation during the first quarter worth approximately $120,000. State of Alaska Department of Revenue bought a new position in shares of CBS Corporation during the first quarter worth approximately $157,000. Finally, Independent Portfolio Consultants Inc. boosted its position 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 worth $187,000 after buying an additional 701 shares during the period. 74.03% of the stock is currently owned by institutional investors.
CBS Corporation (CBS) opened at 66.70 on Wednesday. The stock has a 50 day moving average price of $64.94 and a 200 day moving average price of $65.01. The stock has a market cap of $26.79 billion, a PE ratio of 169.72 and a beta of 1.71. CBS Corporation has a 1-year low of $48.88 and a 1-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 for the quarter, topping the Zacks’ consensus estimate of $0.97 by $0.07. The firm had revenue of $3.26 billion during 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% on a year-over-year basis. During the same quarter last year, the firm earned $0.93 EPS. On average, analysts predict that CBS Corporation will post $4.46 EPS for the current fiscal year.
The firm also recently disclosed 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 of this dividend is Thursday, September 7th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.08%. CBS Corporation’s payout ratio is 211.76%.
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A number of brokerages have commented on CBS. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $77.00 price target (up from $75.00) on shares of CBS Corporation in a research note on Tuesday, August 8th. BMO Capital Markets reaffirmed a “buy” rating and issued a $80.00 price target on shares of CBS Corporation in a research note on Tuesday, August 8th. Needham & Company LLC reaffirmed a “buy” rating and issued a $80.00 price target on shares of CBS Corporation in a research note on Tuesday, August 8th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $73.00 price target (up from $71.00) on shares of CBS Corporation in a research note on Wednesday, August 9th. Finally, Argus reaffirmed a “buy” rating and issued a $79.00 price target (up from $71.00) on shares of CBS Corporation in a research note on Thursday, August 10th. Six analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $72.94.
In related news, EVP Anthony G. Ambrosio sold 8,167 shares of the firm’s stock in a transaction 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 accessible through the SEC website. Also, CEO Leslie Moonves sold 200,000 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief executive officer now owns 1,232,652 shares of the company’s stock, valued at approximately $78,630,871.08. The disclosure for this sale can be found here. Insiders sold a total of 226,874 shares of company stock valued at $14,499,946 in the last three months. Insiders own 2.03% of the company’s stock.
CBS Corporation Company Profile
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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