Icon Advisers Inc. Co. increased its holdings in CBS Co. (NYSE:CBS) by 11.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 28,000 shares of the media conglomerate’s stock after purchasing an additional 2,800 shares during the quarter. Icon Advisers Inc. Co.’s holdings in CBS were worth $1,609,000 at the end of the most recent reporting period.
Several other institutional investors have also modified their holdings of CBS. Squar Milner Financial Services LLC bought a new stake in shares of CBS in the second quarter worth $122,000. Capital Advisors Ltd. LLC grew its stake in shares of CBS by 3,620.8% in the third quarter. Capital Advisors Ltd. LLC now owns 2,679 shares of the media conglomerate’s stock worth $154,000 after purchasing an additional 2,607 shares during the last quarter. Atria Investments LLC bought a new stake in shares of CBS in the third quarter worth $202,000. Greenleaf Trust bought a new stake in shares of CBS in the second quarter worth $240,000. Finally, Lourd Capital LLC bought a new stake in shares of CBS in the third quarter worth $245,000. 74.82% of the stock is currently owned by institutional investors.
Several analysts recently weighed in on the stock. Zacks Investment Research raised shares of CBS from a “sell” rating to a “hold” rating in a research note on Friday, October 26th. Imperial Capital upped their price target on shares of CBS from $71.00 to $76.00 and gave the company an “outperform” rating in a research report on Friday, November 2nd. Royal Bank of Canada upped their price target on shares of CBS to $70.00 and gave the company a “positive” rating in a research report on Friday, November 2nd. They noted that the move was a valuation call. Loop Capital Mk reaffirmed a “buy” rating on shares of CBS in a research report on Friday, August 3rd. Finally, Benchmark reaffirmed a “buy” rating and set a $90.00 price target on shares of CBS in a research report on Friday, November 2nd. Eleven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. CBS has an average rating of “Buy” and a consensus price target of $66.51.
CBS (NYSE:CBS) last released its quarterly earnings data on Thursday, November 1st. The media conglomerate reported $1.24 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.22 by $0.02. The company had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.25 billion. CBS had a net margin of 9.42% and a return on equity of 86.51%. The business’s revenue was up 2.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.11 EPS. As a group, sell-side analysts predict that CBS Co. will post 5.25 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 1st. Stockholders of record on Tuesday, December 11th will be given a dividend of $0.18 per share. The ex-dividend date is Monday, December 10th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.24%. CBS’s dividend payout ratio (DPR) is presently 17.18%.
In other news, EVP Anthony G. Ambrosio sold 11,697 shares of the stock in a transaction dated Friday, September 28th. The shares were sold at an average price of $57.53, for a total transaction of $672,928.41. Following the transaction, the executive vice president now owns 80,950 shares of the company’s stock, valued at approximately $4,657,053.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Anthony G. Ambrosio sold 2,234 shares of the stock in a transaction dated Thursday, November 1st. The stock was sold at an average price of $58.16, for a total transaction of $129,929.44. Following the transaction, the executive vice president now directly owns 74,703 shares in the company, valued at approximately $4,344,726.48. The disclosure for this sale can be found here. Insiders have sold a total of 19,480 shares of company stock worth $1,117,598 in the last three months. Insiders own 1.80% of the company’s stock.
CBS Corporation operates as a mass media company worldwide. The company operates through 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, acquires, and distributes theatrical motion pictures; and digital streaming services.
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