Cambria Investment Management L.P. Sells 2,714 Shares of CBS Corporation (CBS)
Cambria Investment Management L.P. reduced its holdings in CBS Corporation (NYSE:CBS) by 12.6% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 18,864 shares of the media conglomerate’s stock after selling 2,714 shares during the quarter. Cambria Investment Management L.P.’s holdings in CBS Corporation were worth $1,203,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Dupont Capital Management Corp bought a new stake in shares of CBS Corporation in the 2nd quarter valued at $102,000. Israel Discount Bank of New York bought a new stake in shares of CBS Corporation in the 1st quarter valued at $114,000. Parallel Advisors LLC boosted its stake in shares of CBS Corporation by 42.5% in the 2nd quarter. Parallel Advisors LLC now owns 1,785 shares of the media conglomerate’s stock valued at $118,000 after purchasing an additional 532 shares during the last quarter. Independent Portfolio Consultants Inc. boosted its stake in shares of CBS Corporation by 31.4% in the 2nd quarter. Independent Portfolio Consultants Inc. now owns 2,936 shares of the media conglomerate’s stock valued at $187,000 after purchasing an additional 701 shares during the last quarter. Finally, Tocqueville Asset Management L.P. bought a new stake in shares of CBS Corporation in the 2nd quarter valued at $205,000. Hedge funds and other institutional investors own 75.08% of the company’s stock.
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Shares of CBS Corporation (NYSE CBS) traded down 1.676% during mid-day trading on Thursday, hitting $58.965. 1,202,721 shares of the stock traded hands. The company’s 50-day moving average price is $61.19 and its 200 day moving average price is $63.77. The company has a market capitalization of $23.68 billion, a PE ratio of 150.038 and a beta of 1.68. CBS Corporation has a 1-year low of $54.37 and a 1-year high of $70.10. CBS Corporation also was the recipient of some unusual options trading activity on Monday. Investors bought 7,736 call options on the company. This represents an increase of approximately 179% compared to the average volume of 2,770 call options.
CBS Corporation (NYSE:CBS) last announced its earnings results on Monday, August 7th. The media conglomerate reported $1.04 EPS for the quarter, beating the Zacks’ consensus estimate of $0.97 by $0.07. CBS Corporation had a net margin of 1.27% and a return on equity of 49.51%. The firm had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.09 billion. During the same quarter in the previous year, the business posted $0.93 EPS. The company’s quarterly revenue was up 9.4% on a year-over-year basis. Equities research analysts forecast that CBS Corporation will post $4.47 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Sunday, October 1st. Investors of record on Friday, September 8th were paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.20%. The ex-dividend date was Thursday, September 7th. CBS Corporation’s payout ratio is 211.76%.
A number of equities research analysts have recently commented on CBS shares. BMO Capital Markets reaffirmed a “buy” rating and issued a $80.00 price objective on shares of CBS Corporation in a research note on Tuesday, August 8th. Benchmark Co. upped their price objective on shares of CBS Corporation from $76.00 to $81.00 and gave the company a “buy” rating in a research note on Tuesday, August 8th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $71.00 price objective on shares of CBS Corporation in a research note on Wednesday, June 14th. Guggenheim reaffirmed a “buy” rating and issued a $78.00 price objective on shares of CBS Corporation in a research note on Tuesday, June 13th. Finally, BidaskClub raised shares of CBS Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, July 25th. Five investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. CBS Corporation currently has a consensus rating of “Buy” and an average price target of $74.94.
In related news, EVP Anthony G. Ambrosio sold 8,167 shares of the company’s stock in a transaction dated Tuesday, July 11th. The shares were sold at an average price of $63.78, for a total value of $520,891.26. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Leslie Moonves sold 150,000 shares of the company’s stock in a transaction dated Wednesday, September 20th. The stock was sold at an average price of $59.04, for a total transaction of $8,856,000.00. Following the completion of the transaction, the chief executive officer now owns 1,182,652 shares in the company, valued at approximately $69,823,774.08. The disclosure for this sale can be found here. In the last quarter, insiders sold 575,735 shares of company stock worth $35,881,495. 1.67% of the stock is currently owned by company insiders.
About CBS Corporation
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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