Boston, MA 05/16/2014 (wallstreetpr) – There seems to be a keen interest among the hedge fund companies in buying the shares of CBS Corporation (NYSE:CBS), a media company, based on reports of filing with the Securities Exchange Commission or SEC.
Hedge Fund Buys Shares
A hedge fund company, Paulson & Co., has purchased 4.5 million shares for a market value of $276.7 million at the end of the first quarter of 2014, a report by Bloomberg based on a filing with the SEC said.
Paulson, who is running a hedge fund company, was famous for betting against sub-prime mortgages and reportedly made about $15 billion in 2007. Last month, the hedge fund reported mixed results. His primary strategy seems to have paid off last year following his bets on takeover targeted companies and by investing in shares, which take a cue from the central bank policies.
The hedge fund firm, however, reduced its holdings in Family Dollar Stores, Inc. (NYSE:FDO) besides Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) by selling shares worth $375.3 million and $334.8 million respectively.
Another hedge company, Tremblant Capital Holdings, has also shown interest in the CBS Corporation shares. The hedge fund company has acquired about 1.43 million non-voting shares of the media and entertainment firm that was worth $88.47 million, according to the Form 13F filing with the SEC.
CBS reported net earnings from continuing operations of $468 million or 78 cents a share for the first quarter, up from $463 million or 73 cents a share in the year-ago quarter. Revenues dipped to $3.86 billion from $4.04 billion in the previous year quarter. CBS Corporation (NYSE:CBS) said that its 2013 first quarter results included its broadcast of Super Bowl XLVII that generated over $280 million revenue.
Significantly, the company has spent about $2.0 billion towards repurchase of 31.4 million shares and it still has about $3.43 billion under its kitty for the share buyback program.