CBS Corporation (CBS) Position Cut by HighVista Strategies LLC

HighVista Strategies LLC decreased its position in CBS Corporation (NYSE:CBS) by 68.9% during the first quarter, Holdings Channel reports. The fund owned 21,573 shares of the media conglomerate’s stock after selling 47,700 shares during the period. HighVista Strategies LLC’s holdings in CBS Corporation were worth $1,496,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of CBS. Israel Discount Bank of New York acquired a new position in CBS Corporation during the first quarter worth $114,000. Sowell Financial Services LLC acquired a new position in CBS Corporation during the fourth quarter worth $116,000. Ruggie Capital Group acquired a new position in CBS Corporation during the first quarter worth $120,000. State of Alaska Department of Revenue acquired a new position in CBS Corporation during the first quarter worth $157,000. Finally, Holderness Investments Co. acquired a new position in CBS Corporation during the first quarter worth $203,000. 76.46% of the stock is currently owned by institutional investors and hedge funds.

Institutional Ownership by Quarter for CBS Corporation (NYSE:CBS)

Shares of CBS Corporation (CBS) opened at 63.61 on Monday. The company’s 50 day moving average price is $61.93 and its 200 day moving average price is $64.70. The company has a market capitalization of $25.82 billion, a P/E ratio of 51.88 and a beta of 1.69. CBS Corporation has a 12 month low of $48.88 and a 12 month high of $70.10.

CBS Corporation (NYSE:CBS) last released its earnings results on Thursday, May 4th. The media conglomerate reported $1.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.09. CBS Corporation had a return on equity of 41.55% and a net margin of 3.96%. The company had revenue of $3.34 billion during the quarter, compared to analyst estimates of $3.29 billion. During the same quarter in the previous year, the company posted $1.02 EPS. CBS Corporation’s revenue for the quarter was down 6.9% on a year-over-year basis. Analysts expect that CBS Corporation will post $4.47 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Saturday, July 1st. Stockholders of record on Friday, June 9th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.13%. The ex-dividend date of this dividend is Wednesday, June 7th. CBS Corporation’s dividend payout ratio (DPR) is presently 63.72%.

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A number of research analysts recently weighed in on CBS shares. Rosenblatt Securities started coverage on CBS Corporation in a report on Tuesday, April 4th. They set a “buy” rating and a $80.00 target price on the stock. Instinet boosted their target price on CBS Corporation from $72.00 to $74.00 and gave the stock a “buy” rating in a report on Thursday, March 30th. Nomura boosted their target price on CBS Corporation from $72.00 to $74.00 and gave the stock a “buy” rating in a report on Thursday, March 30th. Loop Capital reissued a “buy” rating and set a $76.00 target price on shares of CBS Corporation in a report on Wednesday, March 15th. Finally, Guggenheim boosted their target price on CBS Corporation from $74.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, February 27th. Seven equities research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $71.17.

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.

Want to see what other hedge funds are holding CBS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CBS Corporation (NYSE:CBS).

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