DNB Asset Management AS grew its holdings in shares of CBS Co. (NYSE:CBS) by 11.9% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 36,127 shares of the media conglomerate’s stock after purchasing an additional 3,844 shares during the period. DNB Asset Management AS’s holdings in CBS were worth $1,458,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Ellevest Inc. acquired a new stake in shares of CBS during the second quarter worth $25,000. Carroll Financial Associates Inc. raised its holdings in shares of CBS by 96.5% during the second quarter. Carroll Financial Associates Inc. now owns 560 shares of the media conglomerate’s stock worth $27,000 after purchasing an additional 275 shares during the period. Whitener Capital Management Inc. raised its holdings in shares of 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 purchasing an additional 200 shares during the period. Personal Wealth Partners acquired a new stake in shares of CBS during the second quarter worth $29,000. Finally, NEXT Financial Group Inc raised its holdings in shares of CBS by 70.2% during the second quarter. NEXT Financial Group Inc now owns 594 shares of the media conglomerate’s stock worth $30,000 after purchasing an additional 245 shares during the period. 74.49% of the stock is currently owned by institutional investors.
A number of analysts have weighed in on the stock. TheStreet cut shares of CBS from a “b-” rating to a “c+” rating in a report on Friday, August 23rd. Benchmark dropped their price objective on shares of CBS from $71.00 to $68.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. UBS Group set a $54.00 price objective on shares of CBS and gave the stock a “hold” rating in a report on Friday, August 9th. BMO Capital Markets cut shares of CBS from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $60.00 to $51.00 in a report on Wednesday, August 14th. Finally, Guggenheim set a $50.00 price objective on shares of CBS and gave the stock a “buy” rating in a report on Friday. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and eleven have given a buy rating to the stock. CBS presently has a consensus rating of “Hold” and a consensus price target of $55.80.
CBS (NYSE:CBS) last announced its earnings results on Thursday, August 8th. The media conglomerate reported $1.16 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.13 by $0.03. The firm had revenue of $3.80 billion during the quarter, compared to analyst estimates of $3.71 billion. CBS had a net margin of 20.13% and a return on equity of 55.03%. CBS’s revenue was up 9.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.12 EPS. Equities analysts forecast that CBS Co. will post 5.43 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Tuesday, September 10th were given a $0.18 dividend. The ex-dividend date of this dividend was Monday, September 9th. This represents a $0.72 dividend on an annualized basis and a yield of 1.96%. CBS’s dividend payout ratio is presently 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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