Pictet Asset Management Ltd. Trims Position in CBS Co. (NYSE:CBS)

Pictet Asset Management Ltd. decreased its stake in shares of CBS Co. (NYSE:CBS) by 1.6% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 152,244 shares of the media conglomerate’s stock after selling 2,500 shares during the period. Pictet Asset Management Ltd.’s holdings in CBS were worth $7,597,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the stock. Letko Brosseau & Associates Inc. increased its position in shares of CBS by 35.1% in the first quarter. Letko Brosseau & Associates Inc. now owns 1,779,282 shares of the media conglomerate’s stock worth $84,569,000 after acquiring an additional 462,110 shares in the last quarter. Hawkeye Capital Management LLC acquired a new stake in shares of CBS in the 1st quarter worth about $14,097,000. Polaris Greystone Financial Group LLC increased its holdings in shares of CBS by 144.3% in the 2nd quarter. Polaris Greystone Financial Group LLC now owns 499,709 shares of the media conglomerate’s stock worth $25,260,000 after acquiring an additional 295,127 shares during the period. General American Investors Co. Inc. acquired a new position in CBS during the 2nd quarter valued at about $14,561,000. Finally, Poplar Forest Capital LLC acquired a new position in CBS during the 2nd quarter valued at about $13,936,000. 74.46% of the stock is owned by hedge funds and other institutional investors.

CBS has been the topic of several recent research reports. Benchmark lowered their price objective on shares of CBS from $71.00 to $68.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. BMO Capital Markets cut shares of CBS from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $60.00 to $51.00 in a report on Wednesday, August 14th. TheStreet cut shares of 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 shares of CBS and gave the company a “hold” rating in a research report on Friday, August 9th. Finally, Imperial Capital dropped their price target on shares of CBS from $72.00 to $62.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 13th. Two 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. The stock presently has an average rating of “Hold” and an average target price of $59.47.

CBS stock traded down $0.23 during trading hours on Monday, hitting $43.59. 138,555 shares of the stock were exchanged, compared to its average volume of 4,693,142. The company has a current ratio of 1.65, a quick ratio of 1.14 and a debt-to-equity ratio of 2.15. The firm has a market capitalization of $16.26 billion, a P/E ratio of 8.39, a P/E/G ratio of 0.69 and a beta of 1.22. The company has a 50-day simple moving average of $45.91 and a two-hundred day simple moving average of $48.72. CBS Co. has a 12 month low of $40.65 and a 12 month high of $59.56.

CBS (NYSE:CBS) last issued its quarterly earnings results on Thursday, August 8th. The media conglomerate reported $1.16 EPS for the quarter, topping the Zacks’ 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 for the quarter, compared to analysts’ expectations of $3.71 billion. During the same quarter last year, the business earned $1.12 earnings per share. CBS’s revenue was up 9.7% on a year-over-year basis. On average, equities research analysts predict that CBS Co. will post 5.48 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 10th will be given a dividend of $0.18 per share. The ex-dividend date is Monday, September 9th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.65%. CBS’s dividend payout ratio (DPR) is 13.87%.

About CBS

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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Institutional Ownership by Quarter for CBS (NYSE:CBS)

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