Billionaire Rob Citrone is Selling These 5 Stocks

3. ViacomCBS Inc. (NASDAQ:VIAC)

Number of Hedge Fund Holders: 71

ViacomCBS Inc. (NASDAQ:VIAC) is a multinational mass media and entertainment conglomerate that provides TV entertainment, cable network, and video streaming. The New York-based company is placed third on our list of the 10 stocks billionaire Rob Citrone is selling.

Robert Citrone’s hedge fund reduced its stake in the company by 100% in the second quarter, completely selling off all its shares of ViacomCBS Inc. (NASDAQ:VIAC).

At the end of the second quarter of 2021, 71 hedge funds in the database of Insider Monkey held stakes worth $1.87 billion in ViacomCBS Inc. (NASDAQ:VIAC), down from 89 hedge funds in the preceding quarter, with stakes amounting to approximately $2.3 billion.

ViacomCBS Inc. (NASDAQ:VIAC) released its second quarter earnings report on August 5, with an EPS of $0.97, falling short of the estimated EPS by $0.02. On the other hand, the revenues generated amounted to $6.56 billion, beating market predictions by $62.16 million.

On August 18, Wells Fargo analyst Steven Cahall upgraded ViacomCBS Inc. (NASDAQ:VIAC) to Overweight from Equal Weight, with a price target of $60, up from $45. The analyst stated that the results from the company’s streaming efforts were impressive.