Redstone family says special CBS dividend would be invalid

Postado Mai 17, 2018

New York State Teachers Retirement System lowered its stake in shares of CBS Co. Focused Investors LLC now owns 2,565,400 shares of the media conglomerate's stock worth $151,359,000 after purchasing an additional 940,500 shares in the last quarter.

Institutional investors and hedge funds have recently modified their holdings of the business. (NYSE:CBS) will report earnings per share of $1.19 for the current quarter, Zacks reports. Financial Gravity Companies Inc. bought a new stake in shares of CBS during the 4th quarter worth $143,000. Prudential Financial Inc. now owns 530,826 shares of the media conglomerate's stock valued at $27,279,000 after purchasing an additional 20,273 shares in the last quarter. Xact Kapitalforvaltning AB raised its position in CBS by 3.2% in the 4th quarter. TIAA CREF Investment Management LLC now owns 4,529,331 shares of the media conglomerate's stock valued at $267,231,000 after buying an additional 443,907 shares during the period. Victory Capital Management Inc. grew its stake in shares of CBS by 26.3% in the fourth quarter. Finally, Mackay Shields LLC bought a new position in shares of CBS during the 1st quarter valued at $3,007,000. South Dakota Investment Council invested in 204,064 shares or 0.27% of the stock.

CBS opened at $54.42 on Wednesday, according to Marketbeat Ratings. The company has a debt-to-equity ratio of 4.78, a quick ratio of 1.13 and a current ratio of 1.52. The stock has a market capitalization of $19.90 billion, a price-to-earnings ratio of 12.96, a PEG ratio of 0.74 and a beta of 1.49. CBS Co. has a 52-week low of $53.97 and a 52-week high of $55.44.

CBS (NYSE:CBS) last announced its quarterly earnings data on Thursday, May 3rd. The company had revenue of $3.76 billion during the quarter, compared to analysts' expectations of $3.65 billion. CBS had a return on equity of 67.23% and a net margin of 2.61%. CBS's quarterly revenue was up 12.5% on a year-over-year basis. For the next year, analysts forecast that the business will report earnings of $5.88 per share, with EPS estimates ranging from $5.17 to $6.75.

A number of analysts have recently weighed in on CBS shares. Wells Fargo downgraded shares of CBS from an "outperform" rating to a "market perform" rating and set a $63.00 price objective for the a report on Monday, January 29th. Stephens lowered shares of CBS from an "overweight" rating to an "equal weight" rating and decreased their target price for the company from $72.00 to $64.00 in a research report on Monday, January 22nd. Royal Bank of Canada set a $71.00 target price on CBS and gave the company a "buy" rating in a research note on Saturday, February 17th. Finally, Pivotal Research reissued a "hold" rating and issued a $64.00 price target on shares of CBS in a report on Friday, February 16th.

Among 15 analysts covering CBS Corp (NYSE:CBS), 11 have Buy rating, 0 Sell and 4 Hold.

In related news, CEO Leslie Moonves sold 85,000 shares of the stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $50.46, for a total transaction of $4,289,100.00. Following the completion of the sale, the chief executive officer now directly owns 915,531 shares of the company's stock, valued at $46,197,694.26. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.80% of the company's stock.

Shari Redstone's National Amusements has sought to block CBS Corp.'s attempt to dilute her voting power in the company by implementing changes in the company's charter to require 90% of board members to agree on the scheduling of any special board meetings. 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.

The holding company added it was even amenable to "a status quo order under which it would have agreed not to remove directors while this action is pending, as long as the CBS board would postpone any meeting to approve the dilutive issuance".