Jennison Associates LLC bought a new stake in CBS Corp. (NYSE:CBS) during the third quarter, Holdings Channel reports. The fund bought 38,148 shares of the media conglomerate’s stock, valued at approximately $2,088,000.
Other large investors have also added to or reduced their stakes in the company. Klingenstein Fields & Co. LLC acquired a new stake in CBS Corp. during the second quarter valued at $284,000. Gluskin Sheff & Assoc Inc. acquired a new stake in CBS Corp. during the second quarter valued at $24,255,000. Bank of Montreal Can acquired a new stake in CBS Corp. during the second quarter valued at $13,118,000. Todd Asset Management LLC boosted its stake in CBS Corp. by 22.0% in the second quarter. Todd Asset Management LLC now owns 796,447 shares of the media conglomerate’s stock valued at $43,359,000 after buying an additional 143,608 shares during the last quarter. Finally, Redwood Investments LLC boosted its stake in CBS Corp. by 6,964.5% in the second quarter. Redwood Investments LLC now owns 196,746 shares of the media conglomerate’s stock valued at $10,711,000 after buying an additional 193,961 shares during the last quarter. Hedge funds and other institutional investors own 77.41% of the company’s stock.
Shares of CBS Corp. (NYSE:CBS) traded up 1.52% during mid-day trading on Friday, hitting $60.92. The stock had a trading volume of 1,191,387 shares. The firm has a market capitalization of $26.18 billion, a price-to-earnings ratio of 17.11 and a beta of 1.64. CBS Corp. has a 1-year low of $41.36 and a 1-year high of $61.34. The stock’s 50-day moving average is $57.19 and its 200 day moving average is $54.31.
CBS Corp. (NYSE:CBS) last posted its quarterly earnings data on Thursday, November 3rd. The media conglomerate reported $1.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.98 by $0.07. CBS Corp. had a net margin of 11.32% and a return on equity of 33.06%. The company earned $3.40 million during the quarter, compared to the consensus estimate of $3.26 million. During the same period in the previous year, the firm posted $0.88 EPS. The firm’s revenue was up 4.3% compared to the same quarter last year. Equities research analysts predict that CBS Corp. will post $4.12 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Sunday, January 1st. Stockholders of record on Friday, December 9th will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.18%. The ex-dividend date is Wednesday, December 7th. CBS Corp.’s dividend payout ratio is currently 20.17%.
Several equities research analysts have weighed in on CBS shares. Wunderlich started coverage on CBS Corp. in a research note on Friday, October 21st. They set a “buy” rating and a $72.00 target price for the company. Telsey Advisory Group cut CBS Corp. from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $67.00 to $57.00 in a research note on Thursday, September 22nd. Credit Suisse Group AG restated an “outperform” rating and set a $75.00 target price on shares of CBS Corp. in a research note on Wednesday, October 5th. Jefferies Group restated a “buy” rating on shares of CBS Corp. in a research note on Monday, September 12th. Finally, Pacific Crest restated a “hold” rating on shares of CBS Corp. in a research note on Friday, November 4th. Six equities research analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the stock. CBS Corp. 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.