Springowl Associates LLC Sells 10,000 Shares of CBS Co. (NYSE:CBS)
Springowl Associates LLC trimmed its position in shares of CBS Co. (NYSE:CBS) by 25.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 30,000 shares of the media conglomerate’s stock after selling 10,000 shares during the quarter. CBS makes up 2.0% of Springowl Associates LLC’s holdings, making the stock its 5th biggest holding. Springowl Associates LLC’s holdings in CBS were worth $1,497,000 at the end of the most recent reporting period.
Several other hedge funds have also recently made changes to their positions in CBS. Janney Montgomery Scott LLC raised its position in shares of CBS by 22.3% during the first quarter. Janney Montgomery Scott LLC now owns 17,121 shares of the media conglomerate’s stock worth $814,000 after acquiring an additional 3,118 shares during the last quarter. Janus Henderson Group PLC raised its position in shares of CBS by 29.6% during the first quarter. Janus Henderson Group PLC now owns 118,554 shares of the media conglomerate’s stock worth $5,636,000 after acquiring an additional 27,081 shares during the last quarter. Comerica Bank raised its position in shares of CBS by 2.1% during the first quarter. Comerica Bank now owns 69,255 shares of the media conglomerate’s stock worth $3,575,000 after acquiring an additional 1,400 shares during the last quarter. Stephens Inc. AR raised its position in shares of CBS by 176.1% during the first quarter. Stephens Inc. AR now owns 17,103 shares of the media conglomerate’s stock worth $813,000 after acquiring an additional 10,909 shares during the last quarter. Finally, Moors & Cabot Inc. bought a new position in shares of CBS during the first quarter worth about $343,000. 74.46% of the stock is currently owned by hedge funds and other institutional investors.
CBS stock traded up $0.08 during mid-day trading on Monday, reaching $43.90. The company’s stock had a trading volume of 2,761,604 shares, compared to its average volume of 4,693,142. The company has a market cap of $16.26 billion, a price-to-earnings ratio of 8.46, a price-to-earnings-growth ratio of 0.69 and a beta of 1.22. The business’s 50 day moving average price is $45.91 and its 200 day moving average price is $48.72. The company has a current ratio of 1.65, a quick ratio of 1.14 and a debt-to-equity ratio of 2.15. CBS Co. has a 12 month low of $40.65 and a 12 month high of $59.56.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Tuesday, September 10th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Monday, September 9th. This represents a $0.72 dividend on an annualized basis and a yield of 1.64%. CBS’s payout ratio is currently 13.87%.
A number of brokerages have recently issued reports on CBS. Imperial Capital lowered their price objective on CBS from $72.00 to $62.00 and set an “outperform” rating for the company in a research report on Tuesday, August 13th. UBS Group set a $54.00 price objective on CBS and gave the stock a “hold” rating in a research report on Friday, August 9th. BMO Capital Markets downgraded CBS from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $60.00 to $51.00 in a research report on Wednesday, August 14th. Stephens set a $64.00 price objective on CBS and gave the stock a “buy” rating in a research report on Wednesday, August 21st. Finally, Sanford C. Bernstein lowered their price objective on CBS from $46.00 to $35.00 and set an “underperform” rating for the company in a research report on Tuesday, September 3rd. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have assigned a buy rating to the company. CBS has an average rating of “Hold” and an average price target of $59.47.
CBS Corporation operates as a mass media company worldwide. The company operates in 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 theatrical films; and digital streaming services.
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