Washington Capital Management Inc. purchased a new position in shares of CBS Co. (NYSE:CBS) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 36,000 shares of the media conglomerate’s stock, valued at approximately $2,068,000. CBS makes up approximately 2.0% of Washington Capital Management Inc.’s investment portfolio, making the stock its 18th largest position.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Piedmont Investment Advisors Inc. boosted its position in CBS by 604.5% during the third quarter. Piedmont Investment Advisors Inc. now owns 27,251 shares of the media conglomerate’s stock worth $1,566,000 after acquiring an additional 23,383 shares during the last quarter. Norinchukin Bank The lifted its holdings in shares of CBS by 12.5% during the 3rd quarter. Norinchukin Bank The now owns 43,541 shares of the media conglomerate’s stock valued at $2,501,000 after acquiring an additional 4,850 shares in the last quarter. LLBH Private Wealth Management LLC lifted its holdings in shares of CBS by 95.2% during the 3rd quarter. LLBH Private Wealth Management LLC now owns 24,606 shares of the media conglomerate’s stock valued at $1,414,000 after acquiring an additional 11,999 shares in the last quarter. MML Investors Services LLC lifted its holdings in shares of CBS by 77.9% during the 3rd quarter. MML Investors Services LLC now owns 8,509 shares of the media conglomerate’s stock valued at $489,000 after acquiring an additional 3,725 shares in the last quarter. Finally, Dakota Wealth Management acquired a new position in shares of CBS during the 3rd quarter valued at $362,000. 75.16% of the stock is owned by hedge funds and other institutional investors.
In other news, EVP Anthony G. Ambrosio sold 2,234 shares of CBS stock in a transaction dated Thursday, November 1st. The shares were sold at an average price of $58.16, for a total value of $129,929.44. Following the completion of the transaction, the executive vice president now directly owns 74,703 shares of the company’s stock, valued at approximately $4,344,726.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Anthony G. Ambrosio sold 3,449 shares of CBS stock in a transaction dated Tuesday, October 9th. The shares were sold at an average price of $57.67, for a total transaction of $198,903.83. Following the completion of the transaction, the executive vice president now directly owns 72,702 shares of the company’s stock, valued at $4,192,724.34. The disclosure for this sale can be found here. Insiders sold a total of 19,480 shares of company stock valued at $1,117,598 in the last three months. Insiders own 1.80% of the company’s stock.
CBS (NYSE:CBS) last released its earnings results on Thursday, November 1st. The media conglomerate reported $1.24 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.22 by $0.02. The company had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.25 billion. CBS had a net margin of 9.42% and a return on equity of 86.51%. The company’s revenue was up 2.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.11 EPS. On average, equities analysts expect that CBS Co. will post 5.24 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 1st. Stockholders of record on Tuesday, December 11th will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.27%. The ex-dividend date is Monday, December 10th. CBS’s payout ratio is currently 17.18%.
Several equities analysts recently weighed in on the stock. Argus lowered shares of CBS from a “buy” rating to a “hold” rating in a report on Tuesday, August 7th. Barrington Research reaffirmed a “buy” rating and set a $71.00 price target on shares of CBS in a research note on Monday, August 6th. Loop Capital Mk reaffirmed a “buy” rating on shares of CBS in a research note on Friday, August 3rd. ValuEngine raised shares of CBS from a “sell” rating to a “hold” rating in a research note on Tuesday, October 9th. Finally, Cowen downgraded shares of CBS from an “outperform” rating to a “market perform” rating in a research note on Tuesday, July 31st. Eleven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $66.51.
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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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