Heads up, CBS Corp. shareholders.
The company’s board of directors on Friday (5/19) approved a quarterly dividend of $.18 per share.
The dividend is payable on July 1, to shareholders of record on June 9.
The news came during a stellar trading session for CBS, which just before the Closing Bell was up 2.3%, to $61.77.
The rebound is welcome news for CBS, which had a rocky week. After starting Monday’s trading at $62.60, shares dipped to as low as $60.39 prior to the start of Friday’s trading.
The bump for CBS also comes as shares have swooned over the last 30 days, from $68.67 on April 20.
Perhaps CBS Chairman/CEO Les Moonves is to be thanked personally for Friday’s Wall Street rebound.
Responding to a question at CBS’s annual shareholder meeting in New York, Moonves said today that the was focusing on its current strategy, which includes diversifying its revenue stream, Reuters reports.
Would CBS revisit a merger with Viacom? While Moonves says Viacom’s Class B shares are undervalued, CBS Sr. EVP and Chief Legal Officer Lawrence Tu told shareholders that such a scenario was unlikely.
The comments came as Sumner Redstone officially relinquished his voting role on the CBS board while becoming Chairman Emeritus.
“Everyone at CBS owes his thanks to Sumner for everything he has done for this company,” Moonves said while also thanking CBS’s Vice Chair — Shari Redstone.