Campbell Newman Asset Management Inc. cut its stake in CBS Co. (NYSE:CBS) by 0.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,880 shares of the media conglomerate’s stock after selling 40 shares during the period. Campbell Newman Asset Management Inc.’s holdings in CBS were worth $338,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Dowling & Yahnke LLC increased its position in shares of CBS by 13.8% in the third quarter. Dowling & Yahnke LLC now owns 6,626 shares of the media conglomerate’s stock valued at $363,000 after buying an additional 806 shares in the last quarter. Oakbrook Investments LLC bought a new position in CBS during the third quarter valued at approximately $1,275,000. Parkwood LLC bought a new position in CBS during the third quarter valued at approximately $275,000. State of New Jersey Common Pension Fund D increased its position in CBS by 28.2% in the third quarter. State of New Jersey Common Pension Fund D now owns 1,320,000 shares of the media conglomerate’s stock valued at $72,257,000 after buying an additional 290,000 shares during the period. Finally, New Jersey Better Educational Savings Trust increased its position in CBS by 41.7% in the third quarter. New Jersey Better Educational Savings Trust now owns 17,000 shares of the media conglomerate’s stock valued at $931,000 after buying an additional 5,000 shares during the period. 78.18% of the stock is owned by institutional investors.
Shares of CBS Co. (NYSE:CBS) traded down 0.7035% during trading on Thursday, hitting $66.6875. 1,762,961 shares of the stock were exchanged. The stock’s 50 day moving average price is $67.67 and its 200-day moving average price is $62.47. CBS Co. has a one year low of $48.88 and a one year high of $70.10. The company has a market cap of $27.31 billion, a price-to-earnings ratio of 23.7322 and a beta of 1.66.
CBS (NYSE:CBS) last released its earnings results on Wednesday, February 15th. The media conglomerate reported $1.11 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.01. The business earned $3.52 billion during the quarter, compared to analysts’ expectations of $4.03 billion. CBS had a net margin of 11.32% and a return on equity of 33.06%. On average, analysts predict that CBS Co. will post $4.43 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Saturday, April 1st. Stockholders of record on Friday, March 10th were paid a dividend of $0.18 per share. The ex-dividend date was Wednesday, March 8th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.07%. CBS’s dividend payout ratio is currently 20.17%.
Several research analysts have commented on CBS shares. Brean Capital reissued a “buy” rating and set a $75.00 price objective on shares of CBS in a report on Friday, January 6th. Wedbush reissued an “outperform” rating and set a $77.00 price objective on shares of CBS in a report on Monday, February 6th. Loop Capital reissued a “buy” rating and set a $77.00 price objective (up previously from $67.00) on shares of CBS in a report on Sunday, January 8th. Benchmark Co. reissued a “buy” rating and set a $74.00 price objective (up previously from $67.00) on shares of CBS in a report on Friday, January 13th. Finally, Pivotal Research downgraded shares of CBS from a “buy” rating to a “hold” rating and dropped their price objective for the company from $72.00 to $67.00 in a report on Thursday, January 12th. Six investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $71.66.
In other news, COO Joseph R. Ianniello sold 68,869 shares of the business’s stock in a transaction dated Tuesday, February 21st. The shares were sold at an average price of $67.40, for a total transaction of $4,641,770.60. Following the completion of the sale, the chief operating officer now owns 305,580 shares of the company’s stock, valued at $20,596,092. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Gil D. Schwartz sold 33,131 shares of the business’s stock in a transaction dated Friday, February 17th. The stock was sold at an average price of $65.23, for a total transaction of $2,161,135.13. Following the sale, the executive vice president now directly owns 82,718 shares of the company’s stock, valued at approximately $5,395,695.14. The disclosure for this sale can be found here. Insiders have sold 130,641 shares of company stock valued at $8,741,329 in the last three months. Corporate insiders own 1.67% of the company’s stock.
CBS 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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