The Wall Street Journal reports that CBS (CBS/NYSE) announced today it is buying back up to $1.5 billion worth of stock and boosted its dividend for the fourth time since being spun off from Viacom.
The key words in any stock repurchase announcement are "up to" -- but Les Moonves is proving to be a very shareholder-friendly CEO. And I expect him to continue working to deliver returns for those of us owning the stock.
You and I know there are no guarantees. My hunch is that CBS will prove to be a slow, steady gainer for the portfolio. Sort of like Molson Coors.
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