Brandywine Global Investment Management LLC trimmed its holdings in CBS Co. (NYSE:CBS) by 61.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 209,955 shares of the media conglomerate’s stock after selling 330,830 shares during the period. Brandywine Global Investment Management LLC owned 0.05% of CBS worth $12,388,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also modified their holdings of the company. Engine Capital Management LLC acquired a new stake in CBS in the 3rd quarter valued at about $2,610,000. FNY Managed Accounts LLC acquired a new stake in CBS in the 3rd quarter valued at about $2,031,000. Toronto Dominion Bank grew its stake in CBS by 12.5% in the 4th quarter. Toronto Dominion Bank now owns 155,517 shares of the media conglomerate’s stock valued at $9,176,000 after acquiring an additional 17,240 shares during the last quarter. MUFG Securities EMEA plc acquired a new stake in CBS in the 3rd quarter valued at about $1,740,000. Finally, Steward Partners Investment Advisory LLC acquired a new stake in CBS in the 3rd quarter valued at about $1,469,000. 77.98% of the stock is currently owned by hedge funds and other institutional investors.
In other news, CEO Leslie Moonves sold 85,000 shares of the stock in a transaction dated Wednesday, January 17th. The shares were sold at an average price of $59.07, for a total transaction of $5,020,950.00. Following the transaction, the chief executive officer now directly owns 971,448 shares in the company, valued at approximately $57,383,433.36. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Joseph R. Ianniello sold 2,263 shares of the stock in a transaction dated Friday, January 19th. The stock was sold at an average price of $60.00, for a total transaction of $135,780.00. Following the transaction, the chief operating officer now owns 551,494 shares in the company, valued at $33,089,640. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 221,284 shares of company stock worth $12,780,568. Insiders own 2.03% of the company’s stock.
CBS (NYSE:CBS) last announced its quarterly earnings data on Thursday, February 15th. The media conglomerate reported $1.20 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.14 by $0.06. The business had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.71 billion. CBS had a net margin of 2.61% and a return on equity of 67.23%. The company’s revenue was up 11.5% on a year-over-year basis. During the same period in the prior year, the firm posted $1.11 EPS. research analysts anticipate that CBS Co. will post 5.21 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Sunday, April 1st. Stockholders of record on Friday, March 9th will be issued a dividend of $0.18 per share. The ex-dividend date is Thursday, March 8th. This represents a $0.72 annualized dividend and a dividend yield of 1.38%. CBS’s payout ratio is currently 16.94%.
A number of equities research analysts recently commented on the stock. Wells Fargo & Co cut shares of CBS from an “outperform” rating to a “market perform” rating and set a $63.00 price objective on the stock. in a research note on Monday, January 29th. Piper Jaffray Companies set a $70.00 price target on shares of CBS and gave the stock a “buy” rating in a research note on Wednesday, January 3rd. Zacks Investment Research cut shares of CBS from a “hold” rating to a “sell” rating in a research note on Tuesday, January 2nd. Macquarie cut shares of CBS from an “outperform” rating to a “neutral” rating and set a $60.00 price target on the stock. in a research note on Tuesday, January 2nd. Finally, ValuEngine cut shares of CBS from a “buy” rating to a “hold” rating in a research note on Sunday, December 31st. Nine research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company’s stock. CBS has a consensus rating of “Buy” and a consensus price target of $70.83.
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CBS Company Profile
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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