Engine Capital Management LLC bought a new position in CBS Corporation (NYSE:CBS) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 45,000 shares of the media conglomerate’s stock, valued at approximately $2,610,000. CBS makes up about 2.0% of Engine Capital Management LLC’s portfolio, making the stock its 12th largest holding.
Other institutional investors have also recently added to or reduced their stakes in the company. Sound Shore Management Inc. CT grew its position in 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 purchasing an additional 603,157 shares in the last quarter. Focused Investors LLC grew its position in CBS by 43.0% during the third quarter. Focused Investors LLC now owns 1,624,900 shares of the media conglomerate’s stock valued at $94,244,000 after purchasing an additional 488,700 shares in the last quarter. PGGM Investments grew its position in CBS by 136.1% during the third quarter. PGGM Investments now owns 579,591 shares of the media conglomerate’s stock valued at $33,616,000 after purchasing an additional 334,076 shares in the last quarter. Canada Pension Plan Investment Board grew its position in CBS by 59.8% during the second quarter. Canada Pension Plan Investment Board now owns 498,300 shares of the media conglomerate’s stock valued at $31,782,000 after purchasing an additional 186,527 shares in the last quarter. Finally, Eaton Vance Management grew its position in CBS by 27.8% during the second quarter. Eaton Vance Management now owns 734,531 shares of the media conglomerate’s stock valued at $46,848,000 after purchasing an additional 159,924 shares in the last quarter. 74.77% of the stock is currently owned by institutional investors and hedge funds.
In other CBS news, Director Charles K. Gifford sold 5,093 shares of the stock in a transaction dated Wednesday, November 8th. The shares were sold at an average price of $57.33, for a total transaction of $291,981.69. Following the sale, the director now owns 70,273 shares of the company’s stock, valued at approximately $4,028,751.09. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Leslie Moonves sold 85,000 shares of the stock in a transaction dated Tuesday, December 12th. The stock was sold at an average price of $57.85, for a total transaction of $4,917,250.00. Following the sale, the chief executive officer now directly owns 884,513 shares in the company, valued at approximately $51,169,077.05. The disclosure for this sale can be found here. In the last ninety days, insiders sold 250,279 shares of company stock worth $14,437,978. 2.03% of the stock is owned by insiders.
Shares of CBS Corporation (NYSE:CBS) traded up $59.17 during mid-day trading on Tuesday, hitting $59.17. 3,177,600 shares of the stock were exchanged, compared to its average volume of 6,580,000. CBS Corporation has a 52 week low of $52.75 and a 52 week high of $70.10. The firm has a market cap of $23,710.00, a PE ratio of 17.20, a price-to-earnings-growth ratio of 1.06 and a beta of 1.62. The company has a current ratio of 1.55, a quick ratio of 1.10 and a debt-to-equity ratio of 3.03.
CBS (NYSE:CBS) last posted its earnings results on Thursday, November 2nd. The media conglomerate reported $1.11 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.07 by $0.04. CBS had a net margin of 2.14% and a return on equity of 58.49%. The business had revenue of $3.17 billion for the quarter, compared to analyst estimates of $3.26 billion. During the same quarter in the prior year, the firm earned $1.05 EPS. The firm’s quarterly revenue was up 2.8% compared to the same quarter last year. research analysts forecast that CBS Corporation will post 4.4 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, January 1st. Stockholders of record on Monday, December 11th were issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.22%. The ex-dividend date was Friday, December 8th. CBS’s payout ratio is 20.93%.
CBS has been the topic of a number of research analyst reports. ValuEngine downgraded shares of CBS from a “buy” rating to a “hold” rating in a research report on Monday, September 11th. Needham & Company LLC reissued a “buy” rating and issued a $80.00 target price on shares of CBS in a research report on Wednesday, September 13th. Rosenblatt Securities reissued a “buy” rating and issued a $80.00 target price on shares of CBS in a research report on Wednesday, September 20th. Cowen reissued a “buy” rating on shares of CBS in a research report on Thursday, September 21st. Finally, Benchmark reissued a “buy” rating and issued a $81.00 target price on shares of CBS in a research report on Wednesday, September 27th. One analyst has rated the stock with a sell rating, six have given a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. CBS has an average rating of “Buy” and a consensus target price of $72.72.
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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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