Hennessy Advisors Inc. lessened its holdings in CBS Co. (NYSE:CBS) by 3.0% during the third quarter, HoldingsChannel reports. The institutional investor owned 54,100 shares of the media conglomerate’s stock after selling 1,700 shares during the quarter. Hennessy Advisors Inc.’s holdings in CBS were worth $3,108,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Private Capital Group LLC raised its position 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 buying an additional 1,685 shares in the last quarter. Squar Milner Financial Services LLC purchased a new stake in shares of CBS in the second quarter worth $122,000. Atria Investments LLC purchased a new stake in shares of CBS in the third quarter worth $202,000. Greenleaf Trust purchased a new stake in shares of CBS in the second quarter worth $240,000. Finally, Lourd Capital LLC purchased a new stake in shares of CBS in the third quarter worth $245,000. Institutional investors own 74.89% of the company’s stock.

In other news, EVP Anthony G. Ambrosio sold 2,100 shares of the firm’s stock in a transaction dated Thursday, September 6th. The stock was sold at an average price of $55.16, for a total transaction of $115,836.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Anthony G. Ambrosio sold 3,449 shares of the firm’s stock in a transaction dated Tuesday, October 9th. The shares were sold at an average price of $57.67, for a total value of $198,903.83. Following the transaction, the executive vice president now directly owns 72,702 shares in the company, valued at $4,192,724.34. The disclosure for this sale can be found here. Insiders have sold 32,925 shares of company stock worth $1,882,469 over the last ninety days. Insiders own 1.80% of the company’s stock.

CBS has been the topic of a number of recent analyst reports. ValuEngine upgraded CBS from a “strong sell” rating to a “sell” rating in a research report on Friday, June 15th. Imperial Capital initiated coverage on CBS in a research report on Thursday, June 28th. They issued an “outperform” rating and a $71.00 price objective on the stock. TheStreet upgraded CBS from a “c+” rating to a “b-” rating in a research report on Wednesday, June 27th. Credit Suisse Group initiated coverage on CBS in a research report on Tuesday, July 10th. They issued an “overweight” rating and a $66.00 price objective on the stock. Finally, Cowen downgraded CBS from an “outperform” rating to a “market perform” rating in a research report on Tuesday, July 31st. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and fifteen have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $65.86.

CBS opened at $54.32 on Friday. The firm has a market capitalization of $21.60 billion, a P/E ratio of 13.02, a PEG ratio of 0.72 and a beta of 1.36. The company has a current ratio of 1.60, a quick ratio of 1.10 and a debt-to-equity ratio of 4.37. CBS Co. has a 52 week low of $47.54 and a 52 week high of $61.59.

CBS (NYSE:CBS) last released its earnings results on Thursday, August 2nd. The media conglomerate reported $1.12 EPS for the quarter, beating the Zacks’ consensus estimate of $1.11 by $0.01. The business had revenue of $3.47 billion for the quarter, compared to analysts’ expectations of $3.46 billion. CBS had a return on equity of 81.10% and a net margin of 10.21%. The firm’s revenue was up 6.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.04 earnings per share. As a group, sell-side analysts anticipate that CBS Co. will post 5.24 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 1st. Stockholders of record on Monday, September 10th were paid a dividend of $0.18 per share. The ex-dividend date was Friday, September 7th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.33%. CBS’s dividend payout ratio (DPR) is currently 17.18%.

CBS Profile

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: What is a Fiduciary?

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Institutional Ownership by Quarter for CBS (NYSE:CBS)

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