Clear Harbor Asset Management LLC Has $5.82 Million Position in CBS Co. (NYSE:CBS)

Clear Harbor Asset Management LLC increased its stake in CBS Co. (NYSE:CBS) by 35.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 122,467 shares of the media conglomerate’s stock after purchasing an additional 32,375 shares during the period. CBS makes up 1.2% of Clear Harbor Asset Management LLC’s holdings, making the stock its 17th largest position. Clear Harbor Asset Management LLC’s holdings in CBS were worth $5,821,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CBS. Deroy & Devereaux Private Investment Counsel Inc. grew its position in shares of CBS by 1.7% during the 1st quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 229,417 shares of the media conglomerate’s stock worth $10,904,000 after purchasing an additional 3,933 shares in the last quarter. Gulf International Bank UK Ltd grew its position in shares of CBS by 0.8% during the 1st quarter. Gulf International Bank UK Ltd now owns 80,423 shares of the media conglomerate’s stock worth $3,822,000 after purchasing an additional 600 shares in the last quarter. Pennsylvania Trust Co acquired a new stake in shares of CBS during the 1st quarter worth approximately $1,891,000. IFM Investors Pty Ltd boosted its position in shares of CBS by 10.8% during the 1st quarter. IFM Investors Pty Ltd now owns 22,149 shares of the media conglomerate’s stock worth $1,053,000 after acquiring an additional 2,150 shares in the last quarter. Finally, Wedbush Securities Inc. boosted its position in shares of CBS by 18.5% during the 1st quarter. Wedbush Securities Inc. now owns 5,813 shares of the media conglomerate’s stock worth $276,000 after acquiring an additional 907 shares in the last quarter. 75.85% of the stock is owned by hedge funds and other institutional investors.

CBS stock opened at $49.29 on Friday. The firm has a market cap of $18.19 billion, a PE ratio of 9.50, a price-to-earnings-growth ratio of 0.63 and a beta of 1.26. CBS Co. has a 52-week low of $41.38 and a 52-week high of $59.59. The company has a quick ratio of 1.16, a current ratio of 1.50 and a debt-to-equity ratio of 2.35.

CBS (NYSE:CBS) last announced its earnings results on Thursday, May 2nd. The media conglomerate reported $1.37 earnings per share for the quarter, missing analysts’ consensus estimates of $1.38 by ($0.01). CBS had a return on equity of 66.79% and a net margin of 20.32%. The firm had revenue of $4.17 billion for the quarter, compared to the consensus estimate of $4.31 billion. During the same period in the prior year, the business earned $1.34 EPS. CBS’s quarterly revenue was up 10.8% on a year-over-year basis. On average, research analysts predict that CBS Co. will post 5.62 EPS for the current year.

Several analysts recently issued reports on the stock. Barrington Research reiterated a “buy” rating and set a $72.00 price target on shares of CBS in a research report on Monday, February 4th. Moffett Nathanson upgraded shares of CBS from a “neutral” rating to a “buy” rating in a research report on Thursday, January 17th. Benchmark reduced their price target on shares of CBS from $90.00 to $71.00 and set a “buy” rating on the stock in a research report on Wednesday, February 13th. Atlantic Securities lowered shares of CBS from an “overweight” rating to a “neutral” rating and set a $56.00 price target on the stock. in a research report on Monday, February 11th. Finally, TheStreet raised shares of CBS from a “c+” rating to a “b-” rating in a research note on Tuesday, April 30th. Eleven equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $62.98.

In related news, EVP Jonathan Anschell sold 20,730 shares of CBS stock in a transaction on Thursday, February 28th. The shares were sold at an average price of $50.11, for a total transaction of $1,038,780.30. Following the completion of the transaction, the executive vice president now owns 23,358 shares of the company’s stock, valued at $1,170,469.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Gary L. Countryman sold 4,584 shares of CBS stock in a transaction on Friday, February 22nd. The stock was sold at an average price of $51.35, for a total transaction of $235,388.40. Following the transaction, the director now directly owns 63,454 shares of the company’s stock, valued at approximately $3,258,362.90. The disclosure for this sale can be found here. 0.56% of the stock is owned by company insiders.

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CBS Company Profile

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.

See Also: Producer Price Index (PPI)

Institutional Ownership by Quarter for CBS (NYSE:CBS)

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