Toronto Dominion Bank lessened its stake in CBS Co. (NYSE:CBS) by 44.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 271,652 shares of the media conglomerate’s stock after selling 218,730 shares during the quarter. Toronto Dominion Bank owned about 0.07% of CBS worth $13,553,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CBS. Letko Brosseau & Associates Inc. increased its holdings in CBS by 35.1% in the first quarter. Letko Brosseau & Associates Inc. now owns 1,779,282 shares of the media conglomerate’s stock valued at $84,569,000 after purchasing an additional 462,110 shares during the last quarter. Hawkeye Capital Management LLC bought a new stake in CBS in the first quarter valued at about $14,097,000. Polaris Greystone Financial Group LLC increased its holdings in CBS by 144.3% in the second quarter. Polaris Greystone Financial Group LLC now owns 499,709 shares of the media conglomerate’s stock valued at $25,260,000 after purchasing an additional 295,127 shares during the last quarter. General American Investors Co. Inc. bought a new stake in CBS in the second quarter valued at about $14,561,000. Finally, Poplar Forest Capital LLC bought a new stake in CBS in the second quarter valued at about $13,936,000. Institutional investors and hedge funds own 74.69% of the company’s stock.
CBS has been the subject of a number of recent analyst reports. BMO Capital Markets downgraded CBS from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $60.00 to $51.00 in a report on Wednesday, August 14th. TheStreet downgraded CBS from a “b-” rating to a “c+” rating in a report on Friday, August 23rd. UBS Group set a $54.00 price objective on CBS and gave the company a “hold” rating in a report on Friday, August 9th. Sanford C. Bernstein dropped their price objective on CBS from $46.00 to $35.00 and set an “underperform” rating for the company in a report on Tuesday, September 3rd. Finally, Bank of America upgraded CBS from a “neutral” rating to a “buy” rating and upped their price objective for the company from $58.00 to $63.00 in a report on Wednesday, August 14th. Two investment 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’s stock. CBS presently has an average rating of “Hold” and a consensus price target of $59.47.
Shares of CBS stock remained flat at $$43.82 during trading hours on Friday. The company’s stock had a trading volume of 4,484,345 shares, compared to its average volume of 4,698,225. CBS Co. has a 12 month low of $40.65 and a 12 month high of $59.56. The stock has a 50 day simple moving average of $45.91 and a 200 day simple moving average of $48.72. The company has a market capitalization of $16.42 billion, a P/E ratio of 8.44, a PEG ratio of 0.69 and a beta of 1.22. The company has a quick ratio of 1.14, a current ratio of 1.65 and a debt-to-equity ratio of 2.15.
CBS (NYSE:CBS) last announced its quarterly earnings results on Thursday, August 8th. The media conglomerate reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.03. CBS had a return on equity of 55.03% and a net margin of 20.13%. The company had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.71 billion. During the same period in the prior year, the company earned $1.12 earnings per share. The company’s revenue for the quarter was up 9.7% compared to the same quarter last year. As a group, research analysts anticipate that CBS Co. will post 5.48 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Tuesday, September 10th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Monday, September 9th. This represents a $0.72 annualized dividend and a dividend yield of 1.64%. CBS’s dividend payout ratio (DPR) is currently 13.87%.
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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