Bridgewater Wealth & Financial Management LLC increased its stake in shares of CBS Corporation (NYSE:CBS) by 12.3% during the second quarter, Holdings Channel reports. The firm owned 3,421 shares of the media conglomerate’s stock after buying an additional 374 shares during the period. Bridgewater Wealth & Financial Management LLC’s holdings in CBS Corporation were worth $218,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. GSB Wealth Management LLC boosted its stake in shares of CBS Corporation by 0.3% in the first quarter. GSB Wealth Management LLC now owns 4,532 shares of the media conglomerate’s stock valued at $314,000 after buying an additional 12 shares during the period. WASHINGTON TRUST Co boosted its stake in CBS Corporation by 0.8% in the first quarter. WASHINGTON TRUST Co now owns 4,481 shares of the media conglomerate’s stock worth $311,000 after buying an additional 37 shares during the last quarter. 1ST Source Bank boosted its stake in CBS Corporation by 1.2% in the first quarter. 1ST Source Bank now owns 4,321 shares of the media conglomerate’s stock worth $300,000 after buying an additional 50 shares during the last quarter. Palladium Partners LLC boosted its stake in CBS Corporation by 1.7% in the first quarter. Palladium Partners LLC now owns 3,517 shares of the media conglomerate’s stock worth $244,000 after buying an additional 60 shares during the last quarter. Finally, Osborn Williams & Donohoe LLC boosted its stake in CBS Corporation by 1.0% in the second quarter. Osborn Williams & Donohoe LLC now owns 10,312 shares of the media conglomerate’s stock worth $658,000 after buying an additional 100 shares during the last quarter. 74.03% of the stock is currently owned by institutional investors and hedge funds.
CBS Corporation (NYSE:CBS) opened at 66.71 on Thursday. CBS Corporation has a 52 week low of $48.88 and a 52 week high of $70.10. The company has a 50 day moving average price of $65.01 and a 200 day moving average price of $65.02. The stock has a market cap of $26.79 billion, a price-to-earnings ratio of 169.75 and a beta of 1.71.
CBS Corporation (NYSE:CBS) last issued its quarterly earnings data on Monday, August 7th. The media conglomerate reported $1.04 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.97 by $0.07. CBS Corporation had a net margin of 1.27% and a return on equity of 49.51%. The business had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.09 billion. During the same period last year, the company posted $0.93 EPS. The company’s revenue was up 9.4% on a year-over-year basis. Analysts expect that CBS Corporation will post $4.46 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 8th will be paid a dividend of $0.18 per share. The ex-dividend date is Thursday, September 7th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.08%. CBS Corporation’s dividend payout ratio (DPR) is 211.76%.
A number of analysts have recently weighed in on the company. BidaskClub raised CBS Corporation from a “sell” rating to a “hold” rating in a research report on Saturday, June 24th. BMO Capital Markets reissued a “buy” rating and issued a $80.00 price objective on shares of CBS Corporation in a research report on Tuesday, August 8th. Needham & Company LLC raised their price objective on CBS Corporation from $72.00 to $80.00 and gave the stock a “buy” rating in a research report on Friday, April 28th. Cowen and Company reissued an “outperform” rating and issued a $70.00 price objective on shares of CBS Corporation in a research report on Friday, May 5th. Finally, Royal Bank Of Canada set a $75.00 price objective on CBS Corporation and gave the stock a “buy” rating in a research report on Tuesday, June 6th. Six investment analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $72.94.
In related news, EVP Anthony G. Ambrosio sold 8,167 shares of the firm’s stock in a transaction that occurred on Tuesday, July 11th. The shares were sold at an average price of $63.78, for a total transaction of $520,891.26. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Leslie Moonves sold 200,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 12th. The stock was sold at an average price of $63.79, for a total transaction of $12,758,000.00. Following the sale, the chief executive officer now owns 1,232,652 shares in the company, valued at approximately $78,630,871.08. The disclosure for this sale can be found here. Over the last three months, insiders have sold 226,874 shares of company stock valued at $14,499,946. Corporate insiders own 1.67% of the company’s stock.
CBS Corporation 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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