Nippon Life Insurance Co. Cuts Stake in CBS Co. (CBS)
Nippon Life Insurance Co. lowered its position in CBS Co. (NYSE:CBS) by 14.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 23,451 shares of the media conglomerate’s stock after selling 3,919 shares during the period. Nippon Life Insurance Co.’s holdings in CBS were worth $1,627,000 at the end of the most recent reporting period.
Several other large investors have also added to or reduced their stakes in CBS. Asset Management Group Inc. raised its stake in CBS by 0.3% in the fourth quarter. Asset Management Group Inc. now owns 6,107 shares of the media conglomerate’s stock worth $389,000 after buying an additional 19 shares during the last quarter. Silvercrest Asset Management Group LLC raised its stake in CBS by 0.6% in the fourth quarter. Silvercrest Asset Management Group LLC now owns 5,997 shares of the media conglomerate’s stock worth $382,000 after buying an additional 37 shares during the last quarter. Municipal Employees Retirement System of Michigan raised its stake in CBS by 0.3% in the third quarter. Municipal Employees Retirement System of Michigan now owns 23,740 shares of the media conglomerate’s stock worth $1,300,000 after buying an additional 60 shares during the last quarter. Enterprise Financial Services Corp raised its stake in CBS by 1.1% in the third quarter. Enterprise Financial Services Corp now owns 7,118 shares of the media conglomerate’s stock worth $390,000 after buying an additional 74 shares during the last quarter. Finally, Osborn Williams & Donohoe LLC raised its stake in CBS by 1.5% in the first quarter. Osborn Williams & Donohoe LLC now owns 10,212 shares of the media conglomerate’s stock worth $708,000 after buying an additional 150 shares during the last quarter. 78.18% of the stock is owned by institutional investors and hedge funds.
CBS Co. (NYSE:CBS) traded down 2.66% during mid-day trading on Friday, hitting $66.84. 5,891,673 shares of the company were exchanged. The stock has a market cap of $27.37 billion, a price-to-earnings ratio of 23.79 and a beta of 1.66. The firm has a 50 day moving average price of $67.87 and a 200 day moving average price of $63.00. CBS Co. has a 12 month low of $48.88 and a 12 month high of $70.10.
CBS (NYSE:CBS) last issued its quarterly earnings results on Wednesday, February 15th. The media conglomerate reported $1.11 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.10 by $0.01. CBS had a return on equity of 33.06% and a net margin of 11.32%. The business earned $3.52 billion during the quarter, compared to the consensus estimate of $4.03 billion. Analysts anticipate that CBS Co. will post $4.43 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Saturday, April 1st. Stockholders of record on Friday, March 10th were issued a $0.18 dividend. The ex-dividend date of this dividend was Wednesday, March 8th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.08%. CBS’s dividend payout ratio (DPR) is 20.17%.
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A number of research firms have recently issued reports on CBS. Barclays PLC set a $56.00 target price on shares of CBS and gave the stock a “hold” rating in a report on Saturday, February 18th. Instinet upped their target price on shares of CBS from $72.00 to $74.00 and gave the stock a “buy” rating in a report on Thursday, March 30th. Wells Fargo & Co reaffirmed an “outperform” rating and set a $77.50 target price (up previously from $74.00) on shares of CBS in a report on Friday, April 7th. BMO Capital Markets reaffirmed an “outperform” rating and set a $70.00 target price on shares of CBS in a report on Friday, February 3rd. Finally, FBR & Co reaffirmed a “buy” rating and set a $86.00 target price on shares of CBS in a report on Friday, April 7th. Seven equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $70.30.
In related news, EVP Gil D. Schwartz sold 33,131 shares of the company’s stock in a transaction on 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 completion of the transaction, the executive vice president now directly owns 82,718 shares in the company, valued at approximately $5,395,695.14. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, COO Joseph R. Ianniello sold 68,869 shares of the company’s stock in a transaction on Tuesday, February 21st. The stock was sold at an average price of $67.40, for a total value of $4,641,770.60. Following the transaction, the chief operating officer now owns 305,580 shares of the company’s stock, valued at $20,596,092. The disclosure for this sale can be found here. Insiders sold a total of 130,641 shares of company stock valued at $8,741,329 over the last quarter. Company insiders own 1.67% of the company’s stock.
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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