Is CBS Corporation (CBS) A Good Stock To Buy?

Since CBS Corporation (NYSE:CBS) has faced declining sentiment from the entirety of the hedge funds we track, we can see that there is a sect of hedgies that elected to cut their full holdings heading into Q4. It’s worth mentioning that Peter Adam Hochfelder’s Brahman Capital sold off the largest position of the “upper crust” of funds watched by Insider Monkey, valued at close to $217.7 million in stock, and Jason Karp’s Tourbillon Capital Partners was right behind this move, as the fund dropped about $66.6 million worth of CBS shares. These transactions are interesting, as aggregate hedge fund interest dropped by 9 funds heading into Q4.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as CBS Corporation (NYSE:CBS) but similarly valued. These stocks are Williams Partners L.P. (NYSE:WPZ), Zimmer Biomet Holdings Inc (NYSE:ZBH), Hartford Financial Services Group Inc (NYSE:HIG), and TELUS Corporation (USA) (NYSE:TU). This group of stocks’ market valuations match CBS’s market valuation.

As you can see these stocks had an average of 31 hedge funds with bullish positions and the average amount invested in these stocks was $549 million. Hartford Financial Services Group Inc (NYSE:HIG) is the most popular stock in this table. On the other hand TELUS Corporation (USA) (NYSE:TU) is the least popular one with only 11 bullish hedge fund positions. CBS Corporation (NYSE:CBS) is clearly the leader of this group, having also attracted a larger amount of the hedge funds’ money: $3.46 billion at the end of September. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.