TIAA CREF Investment Management LLC boosted its stake in CBS Co. (NYSE:CBS) by 10.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,529,331 shares of the media conglomerate’s stock after buying an additional 443,907 shares during the quarter. TIAA CREF Investment Management LLC owned approximately 1.13% of CBS worth $267,231,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in the stock. Victory Capital Management Inc. boosted its stake in CBS by 26.3% in the 4th quarter. Victory Capital Management Inc. now owns 3,577,959 shares of the media conglomerate’s stock valued at $211,100,000 after buying an additional 744,366 shares in the last quarter. Focused Investors LLC boosted its stake in CBS by 57.9% in the 4th quarter. Focused Investors LLC now owns 2,565,400 shares of the media conglomerate’s stock valued at $151,359,000 after buying an additional 940,500 shares in the last quarter. Sound Shore Management Inc. CT boosted its stake in CBS by 32.8% in the 3rd quarter. Sound Shore Management Inc. CT now owns 2,440,353 shares of the media conglomerate’s stock valued at $141,540,000 after buying an additional 603,157 shares in the last quarter. Teachers Advisors LLC boosted its stake in CBS by 3.5% in the 4th quarter. Teachers Advisors LLC now owns 1,437,701 shares of the media conglomerate’s stock valued at $84,824,000 after buying an additional 48,036 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. boosted its stake in CBS by 2.9% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 1,411,688 shares of the media conglomerate’s stock valued at $83,290,000 after buying an additional 39,897 shares in the last quarter. 77.98% of the stock is currently owned by institutional investors and hedge funds.
Several analysts recently commented on the company. Pivotal Research reaffirmed a “hold” rating and issued a $64.00 price target on shares of CBS in a research note on Friday, February 16th. Stephens lowered CBS from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $72.00 to $64.00 in a research note on Monday, January 22nd. Piper Jaffray Companies set a $70.00 price objective on CBS and gave the stock a “buy” rating in a research note on Wednesday, January 3rd. ValuEngine lowered CBS from a “buy” rating to a “hold” rating in a research note on Friday, February 2nd. Finally, Wells Fargo & Co reissued an “outperform” rating and issued a $70.00 price objective (down previously from $75.00) on shares of CBS in a research note on Thursday, January 4th. Nine research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $70.83.
Shares of CBS Co. (NYSE:CBS) opened at $51.90 on Wednesday. The firm has a market capitalization of $20,012.38, a price-to-earnings ratio of 58.32, a PEG ratio of 0.76 and a beta of 1.51. CBS Co. has a 52-week low of $50.54 and a 52-week high of $70.10. The company has a debt-to-equity ratio of 4.78, a quick ratio of 1.12 and a current ratio of 1.58.
CBS (NYSE:CBS) last released its earnings results on Thursday, February 15th. The media conglomerate reported $1.20 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.06. The company had revenue of $3.92 billion during the quarter, compared to the consensus estimate of $3.71 billion. CBS had a return on equity of 67.23% and a net margin of 2.61%. The firm’s quarterly revenue was up 11.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.11 earnings per share. research analysts forecast that CBS Co. will post 5.21 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Sunday, April 1st. Investors 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 1.39%. CBS’s dividend payout ratio is presently 80.90%.
In related news, COO Joseph R. Ianniello sold 2,400 shares of the company’s stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $60.13, for a total value of $144,312.00. Following the completion of the sale, the chief operating officer now owns 320,723 shares in the company, valued at $19,285,073.99. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Leslie Moonves sold 85,000 shares of the company’s stock in a transaction dated Wednesday, January 17th. The shares were sold at an average price of $59.07, for a total value of $5,020,950.00. Following the completion of the sale, the chief executive officer now owns 971,448 shares of the company’s stock, valued at approximately $57,383,433.36. The disclosure for this sale can be found here. Insiders sold 221,284 shares of company stock valued at $12,780,568 in the last quarter. 2.03% of the stock is currently owned by corporate insiders.
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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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