Pinebridge Investments L.P. Cuts Holdings in CBS Corporation (CBS)

Pinebridge Investments L.P. decreased its holdings in shares of CBS Corporation (NYSE:CBS) by 6.5% during the second quarter, according to its most recent filing with the SEC. The firm owned 124,043 shares of the media conglomerate’s stock after selling 8,683 shares during the period. Pinebridge Investments L.P.’s holdings in CBS Corporation were worth $7,912,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of CBS. Focused Investors LLC purchased a new position in CBS Corporation during the 2nd quarter valued at about $72,467,000. Scopus Asset Management L.P. increased its position in CBS Corporation by 166.7% during the 1st quarter. Scopus Asset Management L.P. now owns 1,350,000 shares of the media conglomerate’s stock valued at $93,636,000 after purchasing an additional 843,900 shares during the period. FMR LLC increased its position in CBS Corporation by 21.2% during the 1st quarter. FMR LLC now owns 3,530,274 shares of the media conglomerate’s stock valued at $244,860,000 after purchasing an additional 618,593 shares during the period. BlueCrest Capital Management Ltd increased its position in CBS Corporation by 957.7% during the 1st quarter. BlueCrest Capital Management Ltd now owns 431,485 shares of the media conglomerate’s stock valued at $29,928,000 after purchasing an additional 390,689 shares during the period. Finally, MARSHALL WACE ASIA Ltd purchased a new position in CBS Corporation during the 1st quarter valued at about $26,684,000. 75.08% of the stock is currently owned by institutional investors and hedge funds.

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CBS Corporation (NYSE:CBS) traded down 0.22% during midday trading on Wednesday, hitting $58.72. 396,395 shares of the stock were exchanged. CBS Corporation has a one year low of $48.88 and a one year high of $70.10. The stock has a market cap of $23.59 billion, a P/E ratio of 149.41 and a beta of 1.70. The firm has a 50-day moving average price of $63.34 and a 200-day moving average price of $64.46.

CBS Corporation (NYSE:CBS) last released its quarterly earnings results on Monday, August 7th. The media conglomerate reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.97 by $0.07. The business had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.09 billion. CBS Corporation had a return on equity of 49.51% and a net margin of 1.27%. The business’s revenue was up 9.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.93 EPS. On average, equities research analysts anticipate that CBS Corporation will post $4.46 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 8th will be paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.22%. The ex-dividend date of this dividend is Thursday, September 7th. CBS Corporation’s dividend payout ratio (DPR) is presently 211.76%.

A number of research firms have commented on CBS. Needham & Company LLC reissued a “buy” rating and set a $80.00 target price on shares of CBS Corporation in a research report on Wednesday, September 13th. ValuEngine downgraded shares of CBS Corporation from a “buy” rating to a “hold” rating in a research report on Monday, September 11th. Citigroup Inc. reissued a “buy” rating and set a $76.00 target price (up previously from $75.00) on shares of CBS Corporation in a research report on Wednesday, August 23rd. Loop Capital reissued a “buy” rating and set a $78.00 target price on shares of CBS Corporation in a research report on Sunday, August 20th. Finally, Barclays PLC set a $57.00 target price on shares of CBS Corporation and gave the company a “hold” rating in a research report on Friday, August 11th. Seven equities research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $73.44.

In related news, EVP Anthony G. Ambrosio sold 8,167 shares of CBS Corporation stock in a transaction dated Tuesday, July 11th. The stock was sold at an average price of $63.78, for a total transaction of $520,891.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Gil D. Schwartz sold 54,131 shares of CBS Corporation stock in a transaction dated Monday, September 11th. The stock was sold at an average price of $58.40, for a total value of $3,161,250.40. Following the sale, the executive vice president now owns 102,483 shares of the company’s stock, valued at approximately $5,985,007.20. The disclosure for this sale can be found here. Insiders have sold a total of 431,005 shares of company stock valued at $27,363,197 in the last ninety days. Corporate insiders own 2.03% of the company’s stock.

CBS Corporation Profile

CBS Corporation is a mass media company. The Company operates through four segment: Entertainment, Cable Networks, Publishing, Local Media. The Entertainment segment comprises the CBS TV Network; CBS TV Studios; CBS Studios International and CBS TV Distribution; CBS Interactive; CBS Films; and the Company’s digital streaming services, CBS All Access and CBSN.

Institutional Ownership by Quarter for CBS Corporation (NYSE:CBS)

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