Is CBS Corporation (NYSE:CBS) a good equity to bet on right now? We like to check what the smart money thinks first before doing extensive research. Although there have been several high profile failed hedge fund picks, the consensus picks among hedge fund investors have historically outperformed the market after adjusting for known risk attributes. It’s not surprising given that hedge funds have access to better information and more resources to find the latest market-moving information.
Is CBS Corporation (NYSE:CBS) ready to rally soon? Prominent investors are in a pessimistic mood. The number of long hedge fund positions were trimmed by 9 recently. CBS was in 62 hedge funds’ portfolios at the end of September. There were 71 hedge funds in our database with CBS holdings at the end of the previous quarter. At the end of this article we will also compare CBS to other stocks including Williams Partners L.P. (NYSE:WPZ), Zimmer Biomet Holdings Inc (NYSE:ZBH), and Hartford Financial Services Group Inc (NYSE:HIG) to get a better sense of its popularity.
In the financial world, there are several methods that stock market investors can use to appraise their holdings. A duo of the most useful methods are hedge fund and insider trading sentiment. We have shown that, historically, those who follow the best picks of the elite money managers can outclass the broader indices by a superb margin (see the details here).
Now, we’re going to review the new action surrounding CBS Corporation (NYSE:CBS).
How have hedgies been trading CBS Corporation (NYSE:CBS)?
At the end of the third quarter, a total of 62 of the hedge funds tracked by Insider Monkey held long positions in this stock, a drop of 13% from the second quarter. With hedgies’ positions undergoing their usual ebb and flow, there exists a few notable hedge fund managers who were upping their holdings substantially (or already accumulated large positions).
According to publicly available hedge fund and institutional investor holdings data compiled by Insider Monkey, Highfields Capital Management, managed by Jonathon Jacobson, holds the most valuable position in CBS Corporation (NYSE:CBS). According to its latest quarterly report, the fund has a $729.6 million position in the stock, comprising 6.4% of its 13F portfolio. Sitting at the No. 2 spot is Larry Robbins of Glenview Capital, with a $432.3 million position; 2.1% of its 13F portfolio is allocated to the company. Remaining hedge funds and institutional investors that are bullish comprise John Shapiro’s Chieftain Capital, Philippe Laffont’s Coatue Management and Eric W. Mandelblatt’s Soroban Capital Partners.