CBS Co. (CBS) Shares Sold by Pinnacle Associates Ltd.
Pinnacle Associates Ltd. trimmed its position in shares of CBS Co. (NYSE:CBS) by 7.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 301,899 shares of the media conglomerate’s stock after selling 22,555 shares during the quarter. Pinnacle Associates Ltd. owned approximately 0.08% of CBS worth $13,199,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also recently made changes to their positions in the company. Trust Co. of Vermont raised its holdings in CBS by 64.6% in the 4th quarter. Trust Co. of Vermont now owns 1,098 shares of the media conglomerate’s stock valued at $48,000 after acquiring an additional 431 shares in the last quarter. Benjamin F. Edwards & Company Inc. increased its stake in shares of CBS by 21.3% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 1,750 shares of the media conglomerate’s stock valued at $77,000 after purchasing an additional 307 shares during the last quarter. We Are One Seven LLC bought a new position in shares of CBS in the 4th quarter valued at $89,000. Legacy Financial Advisors Inc. increased its stake in shares of CBS by 399.5% in the 4th quarter. Legacy Financial Advisors Inc. now owns 2,158 shares of the media conglomerate’s stock valued at $94,000 after purchasing an additional 1,726 shares during the last quarter. Finally, Chicago Partners Investment Group LLC increased its stake in shares of CBS by 95.1% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 2,257 shares of the media conglomerate’s stock valued at $122,000 after purchasing an additional 1,100 shares during the last quarter. Institutional investors and hedge funds own 75.25% of the company’s stock.
Several equities analysts have recently issued reports on the company. Atlantic Securities lowered CBS from an “overweight” rating to a “neutral” rating in a research note on Monday. BMO Capital Markets restated a “buy” rating and set a $63.00 price objective on shares of CBS in a research report on Tuesday, February 5th. Barrington Research restated a “buy” rating and set a $72.00 price objective on shares of CBS in a research report on Monday, February 4th. Moffett Nathanson upgraded CBS from a “neutral” rating to a “buy” rating in a research report on Thursday, January 17th. Finally, TheStreet lowered CBS from a “b-” rating to a “c+” rating in a research report on Monday, December 31st. Eleven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. CBS currently has a consensus rating of “Buy” and a consensus target price of $65.93.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Monday, March 11th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.45%. The ex-dividend date is Friday, March 8th. CBS’s dividend payout ratio is 17.18%.
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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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