Cannell Peter B & Co. Inc. decreased its position in CBS Corporation (NYSE:CBS) by 4.2% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 413,089 shares of the media conglomerate’s stock after selling 18,298 shares during the quarter. Cannell Peter B & Co. Inc. owned about 0.10% of CBS Corporation worth $23,959,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also recently made changes to their positions in CBS. LS Investment Advisors LLC raised its stake in CBS Corporation by 40.8% in the 2nd quarter. LS Investment Advisors LLC now owns 10,162 shares of the media conglomerate’s stock valued at $648,000 after purchasing an additional 2,943 shares during the last quarter. PGGM Investments purchased a new stake in CBS Corporation in the 2nd quarter valued at about $15,659,000. Russell Investments Group Ltd. grew its holdings in CBS Corporation by 19.8% in the 2nd quarter. Russell Investments Group Ltd. now owns 433,445 shares of the media conglomerate’s stock valued at $27,646,000 after buying an additional 71,519 shares during the period. Janney Montgomery Scott LLC grew its holdings in CBS Corporation by 38.6% in the 2nd quarter. Janney Montgomery Scott LLC now owns 42,267 shares of the media conglomerate’s stock valued at $2,696,000 after buying an additional 11,777 shares during the period. Finally, Sequent Asset Management LLC grew its holdings in CBS Corporation by 3.0% in the 2nd quarter. Sequent Asset Management LLC now owns 9,300 shares of the media conglomerate’s stock valued at $593,000 after buying an additional 275 shares during the period. 74.72% of the stock is owned by hedge funds and other institutional investors.
Several analysts have commented on CBS shares. ValuEngine cut CBS Corporation from a “buy” rating to a “hold” rating in a report on Monday, September 11th. Zacks Investment Research cut CBS Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, October 17th. Barclays PLC lowered their price target on CBS Corporation from $57.00 to $55.00 and set an “equal weight” rating for the company in a report on Friday, October 13th. Cowen and Company restated a “buy” rating and issued a $69.00 price target on shares of CBS Corporation in a report on Friday, October 27th. Finally, Loop Capital reiterated a “buy” rating and set a $78.00 target price on shares of CBS Corporation in a report on Sunday, August 20th. Six analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. CBS Corporation has an average rating of “Buy” and an average target price of $73.33.
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CBS Corporation (NYSE:CBS) last posted its quarterly earnings results on Thursday, November 2nd. The media conglomerate reported $1.11 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.07 by $0.04. The business had revenue of $3.17 billion for the quarter, compared to analyst estimates of $3.26 billion. CBS Corporation had a return on equity of 58.49% and a net margin of 2.14%. The business’s revenue was up 2.8% compared to the same quarter last year. During the same period in the prior year, the company posted $1.05 EPS. equities research analysts forecast that CBS Corporation will post 4.39 earnings per share for the current fiscal year.
In related news, EVP Gil D. Schwartz sold 54,131 shares of the company’s stock in a transaction on Monday, September 11th. The stock was sold at an average price of $58.40, for a total transaction of $3,161,250.40. Following the completion of the transaction, the executive vice president now directly owns 102,483 shares in the company, valued at approximately $5,985,007.20. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Leslie Moonves sold 150,000 shares of the company’s stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $64.68, for a total value of $9,702,000.00. Following the transaction, the chief executive officer now owns 1,182,652 shares of the company’s stock, valued at $76,493,931.36. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 514,317 shares of company stock valued at $30,936,894. 2.03% of the stock is owned by company insiders.
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.
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