Tremblant Capital Group lessened its stake in shares of CBS Co. (NYSE:CBS) by 1.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,059,379 shares of the media conglomerate’s stock after selling 35,048 shares during the quarter. CBS accounts for about 6.3% of Tremblant Capital Group’s holdings, making the stock its 3rd biggest holding. Tremblant Capital Group owned approximately 0.55% of CBS worth $102,763,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently made changes to their positions in the business. Whitener Capital Management Inc. boosted its stake in CBS by 57.1% during the second quarter. Whitener Capital Management Inc. now owns 550 shares of the media conglomerate’s stock worth $27,000 after buying an additional 200 shares during the period. Stratos Wealth Partners LTD. boosted its stake in shares of CBS by 2.3% in the first quarter. Stratos Wealth Partners LTD. now owns 10,074 shares of the media conglomerate’s stock valued at $479,000 after purchasing an additional 228 shares during the period. NEXT Financial Group Inc boosted its stake in shares of CBS by 70.2% in the second quarter. NEXT Financial Group Inc now owns 594 shares of the media conglomerate’s stock valued at $30,000 after purchasing an additional 245 shares during the period. Shamrock Asset Management LLC boosted its stake in shares of CBS by 4.4% in the second quarter. Shamrock Asset Management LLC now owns 6,129 shares of the media conglomerate’s stock valued at $306,000 after purchasing an additional 258 shares during the period. Finally, Carroll Financial Associates Inc. boosted its stake in shares of CBS by 96.5% in the second quarter. Carroll Financial Associates Inc. now owns 560 shares of the media conglomerate’s stock valued at $27,000 after purchasing an additional 275 shares during the period. 74.46% of the stock is owned by institutional investors.
CBS stock traded up $0.22 during trading on Monday, reaching $44.04. The stock had a trading volume of 3,736,397 shares, compared to its average volume of 4,693,142. CBS Co. has a 52-week low of $40.65 and a 52-week high of $59.56. The business has a 50 day moving average price of $45.91 and a 200 day moving average price of $48.72. The company has a quick ratio of 1.14, a current ratio of 1.65 and a debt-to-equity ratio of 2.15. The stock has a market cap of $16.26 billion, a PE ratio of 8.49, a P/E/G ratio of 0.69 and a beta of 1.22.
CBS (NYSE:CBS) last issued its quarterly earnings results on Thursday, August 8th. The media conglomerate reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.03. CBS had a net margin of 20.13% and a return on equity of 55.03%. The company had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.71 billion. During the same quarter in the previous year, the firm earned $1.12 earnings per share. The firm’s quarterly revenue was up 9.7% on a year-over-year basis. On average, equities analysts predict that CBS Co. will post 5.48 EPS for the current fiscal 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 paid a $0.18 dividend. The ex-dividend date is Monday, September 9th. This represents a $0.72 dividend on an annualized basis and a yield of 1.63%. CBS’s dividend payout ratio is currently 13.87%.
CBS has been the subject of several recent research reports. ValuEngine lowered shares of CBS from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 15th. Benchmark lowered their price objective on shares of CBS from $71.00 to $68.00 and set a “buy” rating for the company in a research note on Wednesday, August 14th. Citigroup lowered their price objective on shares of CBS from $60.00 to $57.00 and set a “buy” rating for the company in a research note on Wednesday, August 14th. BMO Capital Markets lowered shares of CBS from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $60.00 to $51.00 in a research note on Wednesday, August 14th. Finally, Bank of America raised shares of CBS from a “neutral” rating to a “buy” rating and raised their price objective for the company from $58.00 to $63.00 in a research note on Wednesday, August 14th. Two analysts have rated the stock with a sell rating, six have given a hold rating and eleven have given a buy rating to the company’s stock. CBS currently has a consensus rating of “Hold” and an average target price of $59.47.
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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