CBS Corporation Boosts Dividend, Stock Repurchase

CBS (CBS) is up a bit since being bought, but hasn't done much this year. Les Moonves is boosting the company's dividend again, and CBS has announced another share repurchase. Details provided by Bloomberg:

CBS Corp., owner of the most-watched U.S. television network, raised its quarterly dividend by 14 percent to 25 cents a share, marking the fifth increase since the company was spun off from Viacom Inc. last year. CBS will also buy back as much as $1.6 billion of its stock, the New York-based company said today in a statement. The dividend, raised from 22 cents, will be payable on Oct. 1 to shareholders of record as of Sept. 14.

The stock repurchase, the second this year, is part of Chief Executive Officer Leslie Moonves's pledge to return much of the broadcaster's cash flow to shareholders. CBS spokesman Dana McClintock said today the company has completed the previous $1.5 billion stock buyback, announced in February.

"Today's capital return announcement might be the last one for a while'' because CBS may keep some of its cash to make acquisitions, Jonathan Jacoby, an analyst at Banc of America Securities, said in a note to investors today. Jacoby rates the stock "neutral.''