Paramount Global (NASDAQ:PARA) Shares Sold by Alpine Global Management LLC

Alpine Global Management LLC reduced its position in shares of Paramount Global (NASDAQ:PARA - Free Report) by 51.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 152,857 shares of the company's stock after selling 164,883 shares during the period. Alpine Global Management LLC's holdings in Paramount Global were worth $1,599,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Contrarius Group Holdings Ltd acquired a new position in shares of Paramount Global during the 4th quarter worth approximately $146,230,000. Norges Bank acquired a new position in Paramount Global during the fourth quarter worth $45,202,000. Slate Path Capital LP grew its holdings in Paramount Global by 42.3% in the 4th quarter. Slate Path Capital LP now owns 12,586,000 shares of the company's stock valued at $131,650,000 after buying an additional 3,741,000 shares in the last quarter. New Age Alpha Advisors LLC acquired a new stake in shares of Paramount Global in the 4th quarter worth $20,292,000. Finally, Lingotto Investment Management LLP raised its holdings in shares of Paramount Global by 3.7% during the 4th quarter. Lingotto Investment Management LLP now owns 44,753,299 shares of the company's stock worth $468,120,000 after acquiring an additional 1,593,579 shares during the period. Institutional investors and hedge funds own 73.00% of the company's stock.

Paramount Global Stock Performance

PARA traded up $0.30 on Friday, hitting $11.73. 9,440,814 shares of the company traded hands, compared to its average volume of 11,243,431. Paramount Global has a 12-month low of $9.54 and a 12-month high of $14.54. The company has a 50 day moving average of $11.39 and a 200-day moving average of $10.98. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.85. The stock has a market capitalization of $7.82 billion, a PE ratio of -1.43, a PEG ratio of 1.68 and a beta of 1.31.

Paramount Global (NASDAQ:PARA - Get Free Report) last announced its quarterly earnings data on Wednesday, February 26th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.29). Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. The firm had revenue of $7.98 billion during the quarter, compared to analyst estimates of $8.07 billion. Sell-side analysts anticipate that Paramount Global will post 1.77 earnings per share for the current year.

Paramount Global Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Monday, March 17th were given a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.71%. The ex-dividend date was Monday, March 17th. Paramount Global's payout ratio is -2.15%.

Analyst Upgrades and Downgrades

A number of research firms have commented on PARA. Morgan Stanley lifted their target price on Paramount Global from $10.00 to $11.00 and gave the company an "underweight" rating in a research report on Tuesday, February 4th. Guggenheim restated a "buy" rating and issued a $14.00 price objective on shares of Paramount Global in a report on Thursday, February 27th. Benchmark reaffirmed a "buy" rating and set a $19.00 target price on shares of Paramount Global in a research note on Thursday, February 27th. Deutsche Bank Aktiengesellschaft downgraded shares of Paramount Global from a "buy" rating to a "hold" rating and set a $12.00 price target on the stock. in a research note on Wednesday, April 2nd. Finally, StockNews.com started coverage on shares of Paramount Global in a research report on Wednesday. They set a "hold" rating for the company. Seven analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $11.92.

Paramount Global Company Profile

Paramount Global operates as a media, streaming, and entertainment company worldwide. It operates through TV Media, Direct-to-Consumer, and Filmed Entertainment segments. The TV Media segment operates CBS Television Network, a domestic broadcast television network; CBS Stations, a television station; and international free-to-air networks comprising Network 10, Channel 5, Telefe, and Chilevisión; domestic premium and basic cable networks, such as Paramount+ with Showtime, MTV, Comedy Central, Paramount Network, The Smithsonian Channel, Nickelodeon, BET Media Group, and CBS Sports Network; and international extensions of these brands.