Oakbrook Investments LLC lifted its position in CBS Co. (NYSE:CBS) by 16.7% during the 3rd quarter, Holdings Channel reports. The firm owned 35,090 shares of the media conglomerate’s stock after acquiring an additional 5,030 shares during the quarter. Oakbrook Investments LLC’s holdings in CBS were worth $2,016,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Private Capital Group LLC increased its holdings in shares of CBS by 430.9% in the first quarter. Private Capital Group LLC now owns 2,076 shares of the media conglomerate’s stock worth $107,000 after purchasing an additional 1,685 shares during the last quarter. Squar Milner Financial Services LLC bought a new stake in shares of CBS in the second quarter worth about $122,000. Atria Investments LLC bought a new stake in shares of CBS in the third quarter worth about $202,000. Greenleaf Trust bought a new stake in shares of CBS in the second quarter worth about $240,000. Finally, Lourd Capital LLC bought a new stake in CBS during the third quarter worth approximately $245,000. 74.88% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE:CBS opened at $57.20 on Friday. CBS Co. has a 1 year low of $47.54 and a 1 year high of $61.59. The company has a market cap of $21.12 billion, a price-to-earnings ratio of 11.90, a price-to-earnings-growth ratio of 0.71 and a beta of 1.36. The company has a quick ratio of 1.10, a current ratio of 1.60 and a debt-to-equity ratio of 4.37.
The firm also recently announced a quarterly dividend, which was paid on Monday, October 1st. Shareholders of record on Monday, September 10th were given a dividend of $0.18 per share. The ex-dividend date was Friday, September 7th. This represents a $0.72 annualized dividend and a dividend yield of 1.26%. CBS’s dividend payout ratio (DPR) is presently 17.18%.
Several brokerages have weighed in on CBS. Argus cut CBS from a “buy” rating to a “hold” rating in a research note on Tuesday, August 7th. Barrington Research reissued a “buy” rating and set a $71.00 price objective on shares of CBS in a research note on Monday, August 6th. Loop Capital Mk reissued a “buy” rating on shares of CBS in a research note on Friday, August 3rd. Credit Suisse Group began coverage on CBS in a research note on Tuesday, July 10th. They set an “overweight” rating and a $66.00 price objective on the stock. Finally, ValuEngine raised CBS from a “sell” rating to a “hold” rating in a research note on Tuesday, October 9th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $66.22.
In related news, EVP Anthony G. Ambrosio sold 3,449 shares of the business’s stock in a transaction that occurred on Tuesday, October 9th. The stock was sold at an average price of $57.67, for a total value of $198,903.83. Following the completion of the sale, the executive vice president now owns 72,702 shares in the company, valued at $4,192,724.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Anthony G. Ambrosio sold 2,100 shares of the business’s stock in a transaction that occurred on Thursday, September 6th. The shares were sold at an average price of $55.16, for a total value of $115,836.00. The disclosure for this sale can be found here. Insiders have sold 32,925 shares of company stock valued at $1,882,469 in the last 90 days. Company insiders own 1.80% of the company’s stock.
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.
Further Reading: Leveraged Buyout (LBO) Explained
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