Raffles Associates LP Acquires Shares of 30,000 CBS Co. (CBS)

Raffles Associates LP acquired a new stake in CBS Co. (NYSE:CBS) during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 30,000 shares of the media conglomerate’s stock, valued at approximately $1,724,000. CBS comprises about 1.6% of Raffles Associates LP’s portfolio, making the stock its 17th biggest holding.

A number of other large investors have also recently made changes to their positions in CBS. Victory Capital Management Inc. increased its stake in CBS by 21.3% in the third quarter. Victory Capital Management Inc. now owns 3,234,338 shares of the media conglomerate’s stock valued at $185,813,000 after acquiring an additional 568,942 shares during the last quarter. Becker Capital Management Inc. bought a new position in CBS in the second quarter valued at approximately $24,385,000. Menora Mivtachim Holdings LTD. bought a new position in CBS in the third quarter valued at approximately $23,264,000. First Republic Investment Management Inc. increased its stake in CBS by 1,155.1% in the third quarter. First Republic Investment Management Inc. now owns 421,915 shares of the media conglomerate’s stock valued at $24,239,000 after acquiring an additional 388,298 shares during the last quarter. Finally, Ferguson Wellman Capital Management Inc. bought a new position in CBS in the third quarter valued at approximately $16,906,000. 68.78% of the stock is currently owned by institutional investors and hedge funds.

A number of research analysts recently issued reports on CBS shares. Zacks Investment Research cut shares of CBS from a “hold” rating to a “sell” rating in a research note on Tuesday, October 9th. UBS Group cut shares of CBS from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $72.00 to $60.00 in a research note on Monday, September 10th. Morgan Stanley reaffirmed an “equal weight” rating and set a $65.00 target price on shares of CBS in a research note on Monday, October 15th. ValuEngine raised shares of CBS from a “strong sell” rating to a “sell” rating in a research note on Friday, September 7th. Finally, Barrington Research reaffirmed a “buy” rating and set a $73.00 target price on shares of CBS in a research note on Monday, September 10th. Twelve analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. CBS has a consensus rating of “Buy” and a consensus target price of $66.14.

Shares of NYSE:CBS traded down $0.71 during mid-day trading on Thursday, reaching $50.64. 11,013 shares of the company’s stock were exchanged, compared to its average volume of 2,244,956. The firm has a market cap of $19.22 billion, a PE ratio of 12.04, a price-to-earnings-growth ratio of 0.66 and a beta of 1.19. The company has a debt-to-equity ratio of 3.76, a quick ratio of 1.05 and a current ratio of 1.51. CBS Co. has a twelve month low of $47.54 and a twelve month high of $61.59.

CBS (NYSE:CBS) last issued its quarterly earnings results on Thursday, November 1st. The media conglomerate reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $1.22 by $0.02. The company had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.25 billion. CBS had a net margin of 9.42% and a return on equity of 86.51%. CBS’s revenue was up 2.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.11 earnings per share. Sell-side analysts forecast that CBS Co. will post 5.23 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 1st. Stockholders of record on Tuesday, December 11th will be issued a dividend of $0.18 per share. The ex-dividend date is Monday, December 10th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.42%. CBS’s dividend payout ratio (DPR) is presently 17.18%.

In other news, EVP Anthony G. Ambrosio sold 2,234 shares of CBS stock in a transaction on Thursday, November 1st. The shares were sold at an average price of $58.16, for a total transaction of $129,929.44. Following the transaction, the executive vice president now owns 74,703 shares in the company, valued at $4,344,726.48. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Anthony G. Ambrosio sold 11,697 shares of the business’s stock in a transaction on Friday, September 28th. The shares were 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 owns 80,950 shares in the company, valued at approximately $4,657,053.50. The disclosure for this sale can be found here. In the last quarter, insiders have sold 17,380 shares of company stock worth $1,001,762. 0.51% of the stock is owned by company insiders.

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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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