Murphy Capital Management Inc. Reduces Position in CBS Corporation (NYSE:CBS)

Murphy Capital Management Inc. reduced its stake in shares of CBS Corporation (NYSE:CBS) by 34.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,445 shares of the media conglomerate’s stock after selling 3,840 shares during the period. Murphy Capital Management Inc.’s holdings in CBS Corporation were worth $474,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the stock. Osborn Williams & Donohoe LLC raised its stake in CBS Corporation by 1.0% in the second quarter. Osborn Williams & Donohoe LLC now owns 10,312 shares of the media conglomerate’s stock valued at $658,000 after buying an additional 100 shares in the last quarter. BB&T Corp raised its stake in CBS Corporation by 7.0% in the second quarter. BB&T Corp now owns 218,093 shares of the media conglomerate’s stock valued at $13,910,000 after buying an additional 14,314 shares in the last quarter. Focused Investors LLC acquired a new stake in CBS Corporation during the second quarter valued at approximately $72,467,000. Sit Investment Associates Inc. raised its stake in CBS Corporation by 15.2% in the second quarter. Sit Investment Associates Inc. now owns 369,485 shares of the media conglomerate’s stock valued at $23,566,000 after buying an additional 48,800 shares in the last quarter. Finally, Bedrijfstakpensioenfonds Voor DE Media PNO raised its stake in CBS Corporation by 38.5% in the second quarter. Bedrijfstakpensioenfonds Voor DE Media PNO now owns 26,039 shares of the media conglomerate’s stock valued at $1,661,000 after buying an additional 7,239 shares in the last quarter. Institutional investors and hedge funds own 74.03% of the company’s stock.

Shares of CBS Corporation (NYSE CBS) traded down 1.35% on Friday, reaching $64.80. 1,922,117 shares of the company’s stock traded hands. CBS Corporation has a 52 week low of $48.88 and a 52 week high of $70.10. The firm has a market capitalization of $26.03 billion, a P/E ratio of 164.89 and a beta of 1.71. The company’s 50-day moving average is $65.06 and its 200-day moving average is $65.03.

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

The firm also recently declared a quarterly dividend, which will be paid on Sunday, October 1st. Shareholders of record on Friday, September 8th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.11%. The ex-dividend date is Thursday, September 7th. CBS Corporation’s dividend payout ratio (DPR) is presently 211.76%.

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Several research firms have recently commented on CBS. Barclays PLC set a $57.00 price target on shares of CBS Corporation and gave the company a “hold” rating in a research report on Friday, August 11th. Argus reissued a “buy” rating and set a $79.00 price objective (up previously from $71.00) on shares of CBS Corporation in a research note on Thursday, August 10th. Jefferies Group LLC reissued a “buy” rating and set a $73.00 price objective (up previously from $71.00) on shares of CBS Corporation in a research note on Wednesday, August 9th. BMO Capital Markets reissued a “buy” rating and set a $80.00 price objective on shares of CBS Corporation in a research note on Tuesday, August 8th. Finally, Royal Bank Of Canada reissued an “outperform” rating and set a $77.00 price objective (up previously from $75.00) on shares of CBS Corporation in a research note on Tuesday, August 8th. Six investment analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $72.94.

In other CBS Corporation news, EVP Anthony G. Ambrosio sold 8,167 shares of the business’s stock in a transaction on Tuesday, July 11th. The shares were sold at an average price of $63.78, for a total value of $520,891.26. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Gil D. Schwartz sold 5,270 shares of the business’s stock in a transaction on Wednesday, July 5th. The shares were sold at an average price of $64.08, for a total transaction of $337,701.60. Following the completion of the sale, the executive vice president now directly owns 60,322 shares in the company, valued at approximately $3,865,433.76. The disclosure for this sale can be found here. Insiders sold a total of 226,874 shares of company stock worth $14,499,946 in the last three months. Insiders own 1.67% of the company’s stock.

About CBS Corporation

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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