Glenmede Trust Co. NA reduced its stake in CBS Co. (NYSE:CBS) by 45.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 568,105 shares of the media conglomerate’s stock after selling 473,848 shares during the period. Glenmede Trust Co. NA owned approximately 0.14% of CBS worth $33,516,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Focused Investors LLC grew its stake in shares of CBS by 57.9% during the fourth quarter. Focused Investors LLC now owns 2,565,400 shares of the media conglomerate’s stock valued at $151,359,000 after acquiring an additional 940,500 shares in the last quarter. Victory Capital Management Inc. grew its stake in shares of CBS by 26.3% during the fourth quarter. Victory Capital Management Inc. now owns 3,577,959 shares of the media conglomerate’s stock valued at $211,100,000 after acquiring an additional 744,366 shares in the last quarter. Sound Shore Management Inc. CT grew its stake in shares of CBS by 32.8% during the third quarter. Sound Shore Management Inc. CT now owns 2,440,353 shares of the media conglomerate’s stock valued at $141,540,000 after acquiring an additional 603,157 shares in the last quarter. TIAA CREF Investment Management LLC grew its stake in shares of CBS by 10.9% during the fourth quarter. TIAA CREF Investment Management LLC now owns 4,529,331 shares of the media conglomerate’s stock valued at $267,231,000 after acquiring an additional 443,907 shares in the last quarter. Finally, Klingenstein Fields & Co. LLC acquired a new stake in shares of CBS during the fourth quarter valued at about $26,182,000. Hedge funds and other institutional investors own 77.89% of the company’s stock.
CBS Co. (NYSE CBS) opened at $50.81 on Tuesday. The company has a quick ratio of 1.12, a current ratio of 1.58 and a debt-to-equity ratio of 4.78. CBS Co. has a 52 week low of $50.14 and a 52 week high of $70.10. The company has a market capitalization of $19,499.53, a PE ratio of 57.09, a P/E/G ratio of 0.74 and a beta of 1.51.
CBS (NYSE:CBS) last issued its earnings results on Thursday, February 15th. The media conglomerate reported $1.20 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.14 by $0.06. CBS had a net margin of 2.61% and a return on equity of 67.23%. The firm had revenue of $3.92 billion for the quarter, compared to analysts’ expectations of $3.71 billion. During the same quarter last year, the company posted $1.11 earnings per share. CBS’s revenue was up 11.5% on a year-over-year basis. analysts anticipate that CBS Co. will post 5.21 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Sunday, April 1st. Shareholders of record on Friday, March 9th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Thursday, March 8th. This represents a $0.72 dividend on an annualized basis and a yield of 1.42%. CBS’s dividend payout ratio is currently 80.90%.
In other CBS news, COO Joseph R. Ianniello sold 46,621 shares of the firm’s stock in a transaction dated Friday, January 26th. The shares were sold at an average price of $60.01, for a total value of $2,797,726.21. Following the transaction, the chief operating officer now owns 321,463 shares of the company’s stock, valued at $19,290,994.63. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Leslie Moonves sold 85,000 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $55.08, for a total transaction of $4,681,800.00. Following the completion of the transaction, the chief executive officer now directly owns 993,159 shares in the company, valued at approximately $54,703,197.72. The disclosure for this sale can be found here. Insiders sold 221,284 shares of company stock worth $12,780,568 in the last three months. 2.03% of the stock is currently owned by corporate insiders.
CBS has been the subject of several recent analyst reports. ValuEngine downgraded CBS from a “buy” rating to a “hold” rating in a research note on Sunday, December 31st. Benchmark restated a “buy” rating and set a $78.00 target price on shares of CBS in a research note on Tuesday, January 16th. Morgan Stanley initiated coverage on CBS in a research note on Wednesday, December 6th. They set an “overweight” rating and a $68.00 target price for the company. B. Riley lowered their target price on CBS from $84.00 to $73.00 and set a “buy” rating for the company in a research note on Friday, February 16th. Finally, Pivotal Research restated a “hold” rating and set a $64.00 target price (up from $62.00) on shares of CBS in a research note on Tuesday, January 9th. Nine research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company’s stock. CBS currently has a consensus rating of “Buy” and a consensus target price of $70.71.
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CBS Company Profile
CBS Corporation operates as a mass media company worldwide. The company operates through four segments: Entertainment, Cable Networks, Publishing, and Local Media. The Entertainment segment distributes a schedule of news and public affairs broadcasts, and sports and entertainment programming; produces, acquires, and/or distributes programming, including series, specials, news, and public affairs; operates online content networks for information and entertainment; produces, acquires, and distributes theatrical motion pictures; and digital streaming services.
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