ProShare Advisors LLC decreased its stake in CBS Co. (NYSE:CBS) by 11.5% during the first quarter, according to its most recent filing with the SEC. The firm owned 31,480 shares of the media conglomerate’s stock after selling 4,093 shares during the period. ProShare Advisors LLC’s holdings in CBS were worth $2,183,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Sowell Financial Services LLC bought a new stake in CBS during the fourth quarter valued at approximately $116,000. State of Alaska Department of Revenue acquired a new position in shares of CBS during the first quarter valued at $157,000. Chesley Taft & Associates LLC acquired a new position in shares of CBS during the first quarter valued at $223,000. Cornercap Investment Counsel Inc. acquired a new position in shares of CBS during the fourth quarter valued at $230,000. Finally, Moloney Securities Asset Management LLC acquired a new position in shares of CBS during the fourth quarter valued at $233,000. 78.18% of the stock is currently owned by hedge funds and other institutional investors.
Shares of CBS Co. (NYSE:CBS) traded up 1.08% during trading on Friday, hitting $61.03. 854,885 shares of the stock traded hands. The stock has a 50-day moving average of $65.97 and a 200 day moving average of $64.19. CBS Co. has a 1-year low of $48.88 and a 1-year high of $70.10. The company has a market cap of $24.78 billion, a P/E ratio of 49.78 and a beta of 1.66.
CBS (NYSE:CBS) last released its quarterly earnings results on Thursday, May 4th. The media conglomerate reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.09. The business had revenue of $3.34 billion for the quarter, compared to analysts’ expectations of $3.29 billion. CBS had a net margin of 11.32% and a return on equity of 33.06%. The firm’s revenue for the quarter was down 6.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.02 earnings per share. On average, equities research analysts predict that CBS Co. will post $4.46 EPS for the current fiscal year.
Several equities research analysts have weighed in on the stock. Cowen and Company reiterated an “outperform” rating and issued a $70.00 target price on shares of CBS in a report on Monday. Telsey Advisory Group increased their target price on shares of CBS from $66.00 to $69.00 and gave the stock a “market perform” rating in a report on Friday, May 5th. Needham & Company LLC reiterated a “buy” rating and issued a $72.00 target price on shares of CBS in a report on Thursday, February 16th. BMO Capital Markets reiterated a “buy” rating and issued a $73.00 target price on shares of CBS in a report on Thursday, February 16th. Finally, Benchmark Co. increased their target price on shares of CBS from $74.00 to $76.00 and gave the stock a “buy” rating in a report on Friday, May 5th. Seven investment analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company’s stock. CBS currently has a consensus rating of “Buy” and a consensus price target of $71.37.
In other CBS news, COO Joseph R. Ianniello sold 68,869 shares of the firm’s stock in a transaction on Tuesday, February 21st. The stock was sold at an average price of $67.40, for a total transaction of $4,641,770.60. Following the completion of the transaction, the chief operating officer now owns 305,580 shares of the company’s stock, valued at $20,596,092. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Lawrence Tu sold 28,641 shares of the firm’s stock in a transaction on Tuesday, February 21st. The shares were sold at an average price of $67.68, for a total value of $1,938,422.88. Following the transaction, the executive vice president now directly owns 5,732 shares of the company’s stock, valued at approximately $387,941.76. The disclosure for this sale can be found here. Insiders own 1.67% of the company’s stock.
CBS Company Profile
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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