Swiss National Bank Sells 26,600 Shares of CBS Corp. (CBS)
Swiss National Bank decreased its stake in CBS Corp. (NYSE:CBS) by 2.2% during the third quarter, Holdings Channel reports. The fund owned 1,155,725 shares of the media conglomerate’s stock after selling 26,600 shares during the period. Swiss National Bank’s holdings in CBS Corp. were worth $63,264,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of CBS. Prudential Financial Inc. increased its position in shares of CBS Corp. by 15.0% in the third quarter. Prudential Financial Inc. now owns 697,993 shares of the media conglomerate’s stock valued at $38,208,000 after buying an additional 90,985 shares in the last quarter. Sentry Investment Management LLC increased its position in shares of CBS Corp. by 26.5% in the third quarter. Sentry Investment Management LLC now owns 93,313 shares of the media conglomerate’s stock valued at $5,108,000 after buying an additional 19,526 shares in the last quarter. Bronfman E.L. Rothschild L.P. increased its position in shares of CBS Corp. by 114.5% in the third quarter. Bronfman E.L. Rothschild L.P. now owns 3,052 shares of the media conglomerate’s stock valued at $167,000 after buying an additional 1,629 shares in the last quarter. Parsons Capital Management Inc. RI bought a new position in shares of CBS Corp. during the third quarter valued at approximately $333,000. Finally, Sei Investments Co. increased its position in shares of CBS Corp. by 123.7% in the third quarter. Sei Investments Co. now owns 276,988 shares of the media conglomerate’s stock valued at $15,162,000 after buying an additional 153,141 shares in the last quarter. Institutional investors own 77.91% of the company’s stock.
CBS Corp. (NYSE:CBS) opened at 60.72 on Thursday. CBS Corp. has a 52 week low of $41.36 and a 52 week high of $61.34. The stock has a market cap of $26.09 billion, a PE ratio of 17.05 and a beta of 1.64. The firm’s 50-day moving average price is $57.34 and its 200-day moving average price is $54.33.
CBS Corp. (NYSE:CBS) last issued its quarterly earnings results on Thursday, November 3rd. The media conglomerate reported $1.05 earnings per share for the quarter, topping the consensus estimate of $0.98 by $0.07. CBS Corp. had a return on equity of 33.06% and a net margin of 11.32%. The firm had revenue of $3.40 million for the quarter, compared to the consensus estimate of $3.26 million. During the same period in the prior year, the business posted $0.88 earnings per share. The company’s revenue for the quarter was up 4.3% on a year-over-year basis. Equities analysts predict that CBS Corp. will post $4.12 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Sunday, January 1st. Stockholders of record on Friday, December 9th will be issued a $0.18 dividend. The ex-dividend date is Wednesday, December 7th. This represents a $0.72 annualized dividend and a dividend yield of 1.19%. CBS Corp.’s payout ratio is 20.17%.
Several brokerages have commented on CBS. JPMorgan Chase & Co. restated a “buy” rating and issued a $69.00 target price on shares of CBS Corp. in a research note on Friday, November 4th. Zacks Investment Research downgraded CBS Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, August 3rd. Pacific Crest restated a “hold” rating on shares of CBS Corp. in a research note on Friday, November 4th. Brean Capital set a $65.00 target price on CBS Corp. and gave the stock a “buy” rating in a research note on Tuesday, September 20th. Finally, BMO Capital Markets downgraded CBS Corp. from an “outperform” rating to a “market perform” rating and set a $63.00 target price for the company. in a research note on Wednesday, November 23rd. They noted that the move was a valuation call. Six research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $63.90.
About CBS Corp.
CBS Corporation is a mass media company. The Company’s segments include Entertainment, Cable Networks, Publishing and Local Broadcasting. Its Entertainment segment is composed of the CBS Television Network; CBS Television Studios; CBS Global Distribution Group (composed of CBS Studios International and CBS Television Distribution); CBS Interactive, and CBS Films.
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