Pictet Asset Management Ltd. reduced its position in shares of CBS Co. (NYSE:CBS) by 1.6% during the 2nd quarter, HoldingsChannel reports. The fund owned 152,244 shares of the media conglomerate’s stock after selling 2,500 shares during the period. Pictet Asset Management Ltd.’s holdings in CBS were worth $7,597,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of CBS. Janney Montgomery Scott LLC lifted its stake in CBS by 22.3% in the 1st quarter. Janney Montgomery Scott LLC now owns 17,121 shares of the media conglomerate’s stock valued at $814,000 after buying an additional 3,118 shares in the last quarter. Janus Henderson Group PLC lifted its position in CBS by 29.6% in the first quarter. Janus Henderson Group PLC now owns 118,554 shares of the media conglomerate’s stock valued at $5,636,000 after acquiring an additional 27,081 shares during the last quarter. Comerica Bank lifted its position in CBS by 2.1% in the first quarter. Comerica Bank now owns 69,255 shares of the media conglomerate’s stock valued at $3,575,000 after acquiring an additional 1,400 shares during the last quarter. Stephens Inc. AR increased its stake in CBS by 176.1% in the first quarter. Stephens Inc. AR now owns 17,103 shares of the media conglomerate’s stock valued at $813,000 after purchasing an additional 10,909 shares during the period. Finally, Moors & Cabot Inc. acquired a new position in CBS in the first quarter valued at $343,000. 74.46% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts have recently issued reports on CBS shares. Sanford C. Bernstein dropped their price target on shares of CBS from $46.00 to $35.00 and set an “underperform” rating on the stock in a research note on Tuesday, September 3rd. Citigroup reduced their price target on shares of CBS from $60.00 to $57.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. Stephens set a $64.00 price target on shares of CBS and gave the company a “buy” rating in a report on Wednesday, August 21st. Benchmark reduced their price objective on shares of CBS from $71.00 to $68.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. Finally, TheStreet downgraded shares of CBS from a “b-” rating to a “c+” rating in a research note on Friday, August 23rd. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and eleven have issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $59.47.
CBS traded down $0.23 during trading hours on Monday, reaching $43.59. 138,555 shares of the stock traded hands, compared to its average volume of 4,693,142. The firm’s fifty day simple moving average is $45.91 and its two-hundred day simple moving average is $48.72. The company has a market cap of $16.26 billion, a price-to-earnings ratio of 8.39, a PEG ratio of 0.69 and a beta of 1.22. CBS Co. has a fifty-two week low of $40.65 and a fifty-two week high of $59.56. The company has a debt-to-equity ratio of 2.15, a current ratio of 1.65 and a quick ratio of 1.14.
CBS (NYSE:CBS) last released its quarterly earnings results on Thursday, August 8th. The media conglomerate reported $1.16 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.13 by $0.03. The business had revenue of $3.80 billion during the quarter, compared to analyst estimates of $3.71 billion. CBS had a net margin of 20.13% and a return on equity of 55.03%. The business’s revenue was up 9.7% on a year-over-year basis. During the same period last year, the business earned $1.12 EPS. On average, research analysts predict that CBS Co. will post 5.48 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Tuesday, September 10th will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date is Monday, September 9th. CBS’s payout ratio is 13.87%.
CBS Company Profile
CBS Corporation operates as a mass media company worldwide. The company operates in 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 theatrical films; and digital streaming services.
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