DAVENPORT & Co LLC Makes New $680,000 Investment in ViacomCBS Inc. (NASDAQ:VIAC)

DAVENPORT & Co LLC acquired a new position in ViacomCBS Inc. (NASDAQ:VIAC) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 29,179 shares of the company’s stock, valued at approximately $680,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in VIAC. Whittier Trust Co. of Nevada Inc. purchased a new stake in ViacomCBS in the 2nd quarter worth approximately $27,000. Lowe Wealth Advisors LLC purchased a new stake in ViacomCBS in the 2nd quarter worth approximately $36,000. Ellevest Inc. purchased a new stake in ViacomCBS in the 2nd quarter worth approximately $38,000. Whittier Trust Co. purchased a new stake in ViacomCBS in the 2nd quarter worth approximately $50,000. Finally, Global Retirement Partners LLC purchased a new position in shares of ViacomCBS in the 2nd quarter valued at approximately $53,000. Institutional investors and hedge funds own 69.10% of the company’s stock.

In other news, Director Linda M. Griego sold 18,075 shares of the business’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $28.49, for a total value of $514,956.75. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.31% of the stock is owned by insiders.

A number of research analysts have recently commented on the company. Macquarie raised their target price on ViacomCBS from $18.00 to $26.00 and gave the company a “neutral” rating in a research note on Friday, June 19th. ValuEngine upgraded ViacomCBS from a “strong sell” rating to a “sell” rating in a research note on Thursday, July 2nd. Zacks Investment Research upgraded ViacomCBS from a “sell” rating to a “hold” rating and set a $25.00 target price for the company in a research note on Thursday, July 16th. Morgan Stanley raised their target price on ViacomCBS from $19.00 to $25.00 and gave the company an “equal weight” rating in a research note on Thursday, July 23rd. Finally, BofA Securities cut ViacomCBS from a “buy” rating to a “neutral” rating and set a $25.00 target price for the company. in a research note on Monday, July 13th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and eleven have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $29.83.

Shares of ViacomCBS stock opened at $26.07 on Friday. The stock’s 50-day simple moving average is $23.83 and its 200-day simple moving average is $23.43. ViacomCBS Inc. has a 52 week low of $10.10 and a 52 week high of $52.62. The company has a market capitalization of $16.04 billion, a price-to-earnings ratio of 10.68, a PEG ratio of 0.68 and a beta of 1.87. The company has a quick ratio of 1.05, a current ratio of 1.22 and a debt-to-equity ratio of 1.47.

ViacomCBS (NASDAQ:VIAC) last announced its quarterly earnings data on Thursday, May 7th. The company reported $1.13 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.95 by $0.18. ViacomCBS had a return on equity of 22.83% and a net margin of 4.93%. The business had revenue of $6.67 billion for the quarter, compared to the consensus estimate of $6.57 billion. The firm’s revenue was down 6.1% compared to the same quarter last year. On average, equities analysts expect that ViacomCBS Inc. will post 3.8 earnings per share for the current year.

About ViacomCBS

ViacomCBS Inc operates as a mass media company worldwide. The company operates in 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 theatrical films; and digital streaming services.

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Institutional Ownership by Quarter for ViacomCBS (NASDAQ:VIAC)

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