CBS Co. (CBS) Holdings Lowered by OLD National Bancorp IN

OLD National Bancorp IN trimmed its stake in shares of CBS Co. (NYSE:CBS) by 8.0% during the third quarter, HoldingsChannel reports. The institutional investor owned 11,448 shares of the media conglomerate’s stock after selling 1,002 shares during the period. OLD National Bancorp IN’s holdings in CBS were worth $657,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. Sound Shore Management Inc. CT raised its position in shares of CBS by 1.8% during the 2nd quarter. Sound Shore Management Inc. CT now owns 3,572,553 shares of the media conglomerate’s stock worth $200,849,000 after buying an additional 62,318 shares in the last quarter. Focused Investors LLC raised its position in shares of CBS by 0.4% during the 2nd quarter. Focused Investors LLC now owns 2,498,300 shares of the media conglomerate’s stock worth $140,454,000 after buying an additional 9,200 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of CBS by 3.2% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,083,439 shares of the media conglomerate’s stock worth $60,911,000 after buying an additional 33,347 shares in the last quarter. Rhumbline Advisers raised its position in shares of CBS by 8.3% during the 2nd quarter. Rhumbline Advisers now owns 632,309 shares of the media conglomerate’s stock worth $35,548,000 after buying an additional 48,680 shares in the last quarter. Finally, Bank of Montreal Can raised its position in shares of CBS by 9.6% during the 3rd quarter. Bank of Montreal Can now owns 577,106 shares of the media conglomerate’s stock worth $33,155,000 after buying an additional 50,495 shares in the last quarter. Institutional investors own 74.84% of the company’s stock.

CBS has been the topic of a number of recent analyst reports. Credit Suisse Group initiated coverage on shares of CBS in a research report on Tuesday, July 10th. They set an “overweight” rating and a $66.00 price target on the stock. ValuEngine downgraded shares of CBS from a “sell” rating to a “strong sell” rating in a research report on Monday, July 30th. Cowen downgraded shares of CBS from an “outperform” rating to a “market perform” rating in a research report on Tuesday, July 31st. Pivotal Research restated a “hold” rating and set a $53.00 price target on shares of CBS in a research report on Tuesday, July 31st. Finally, Royal Bank of Canada set a $63.00 price objective on shares of CBS and gave the stock a “buy” rating in a research note on Friday, August 3rd. Eleven equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $66.08.

Shares of CBS opened at $56.24 on Wednesday. The company has a market capitalization of $20.24 billion, a PE ratio of 13.42, a price-to-earnings-growth ratio of 0.68 and a beta of 1.36. The company has a debt-to-equity ratio of 4.37, a quick ratio of 1.10 and a current ratio of 1.60. CBS Co. has a 12-month low of $47.54 and a 12-month high of $61.59.

CBS (NYSE:CBS) last announced its quarterly earnings data on Thursday, August 2nd. The media conglomerate reported $1.12 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.11 by $0.01. The company had revenue of $3.47 billion for the quarter, compared to analysts’ expectations of $3.46 billion. CBS had a net margin of 10.21% and a return on equity of 81.10%. The business’s revenue was up 6.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.04 EPS. As a group, research analysts forecast that CBS Co. will post 5.25 EPS for the current fiscal year.

In other news, EVP Anthony G. Ambrosio sold 3,449 shares of CBS stock in a transaction that occurred on Tuesday, October 9th. The shares were sold at an average price of $57.67, for a total value of $198,903.83. Following the transaction, the executive vice president now directly owns 72,702 shares of the company’s stock, valued at $4,192,724.34. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Anthony G. Ambrosio sold 11,697 shares of CBS stock in a transaction that occurred on Friday, September 28th. The stock was sold at an average price of $57.53, for a total transaction of $672,928.41. Following the completion of the transaction, the executive vice president now directly owns 80,950 shares in the company, valued at $4,657,053.50. The disclosure for this sale can be found here. Over the last three months, insiders sold 17,246 shares of company stock worth $987,668. 1.80% of the stock is currently owned by insiders.

CBS Profile

CBS Corporation operates as a mass media company worldwide. The company operates through 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, acquires, and distributes theatrical motion pictures; and digital streaming services.

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Institutional Ownership by Quarter for CBS (NYSE:CBS)

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