Commonwealth Equity Services LLC Decreases Stake in Paramount Global (NASDAQ:PARA)

Commonwealth Equity Services LLC cut its holdings in Paramount Global (NASDAQ:PARA - Free Report) by 13.9% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 144,764 shares of the company's stock after selling 23,454 shares during the quarter. Commonwealth Equity Services LLC's holdings in Paramount Global were worth $1,514,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. State Street Corp lifted its stake in shares of Paramount Global by 18.4% in the 3rd quarter. State Street Corp now owns 44,154,027 shares of the company's stock valued at $470,695,000 after purchasing an additional 6,848,037 shares during the last quarter. Geode Capital Management LLC lifted its position in Paramount Global by 12.1% in the third quarter. Geode Capital Management LLC now owns 14,842,966 shares of the company's stock worth $157,168,000 after buying an additional 1,606,779 shares during the last quarter. Lingotto Investment Management LLP boosted its stake in Paramount Global by 3.7% during the fourth quarter. Lingotto Investment Management LLP now owns 44,753,299 shares of the company's stock worth $468,120,000 after buying an additional 1,593,579 shares during the period. Bank of New York Mellon Corp increased its position in Paramount Global by 24.7% during the fourth quarter. Bank of New York Mellon Corp now owns 4,586,288 shares of the company's stock valued at $47,973,000 after acquiring an additional 908,515 shares during the last quarter. Finally, Allianz Asset Management GmbH raised its stake in shares of Paramount Global by 48.1% in the fourth quarter. Allianz Asset Management GmbH now owns 2,425,849 shares of the company's stock valued at $25,374,000 after acquiring an additional 787,516 shares during the period. 73.00% of the stock is owned by hedge funds and other institutional investors.

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Paramount Global Stock Up 1.4 %

Shares of NASDAQ PARA traded up $0.17 during trading hours on Wednesday, hitting $11.90. 9,131,282 shares of the stock were exchanged, compared to its average volume of 12,481,863. Paramount Global has a 12 month low of $9.54 and a 12 month high of $14.54. The firm has a fifty day moving average price of $11.37 and a 200-day moving average price of $10.92. 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 company has a market cap of $7.94 billion, a PE ratio of -1.45, a PEG ratio of 1.68 and a beta of 1.60.

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

Paramount Global Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Monday, March 17th were issued a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.68%. The ex-dividend date of this dividend was Monday, March 17th. Paramount Global's dividend payout ratio is presently -2.15%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Benchmark reaffirmed a "buy" rating and set a $19.00 price target on shares of Paramount Global in a research note on Thursday, February 27th. Deutsche Bank Aktiengesellschaft lowered Paramount Global from a "buy" rating to a "hold" rating and set a $12.00 price target for the company. in a report on Wednesday. Needham & Company LLC reaffirmed a "hold" rating on shares of Paramount Global in a research report on Thursday, February 27th. StockNews.com began coverage on Paramount Global in a research report on Sunday. They set a "hold" rating on the stock. Finally, Guggenheim restated a "buy" rating and issued a $14.00 price objective on shares of Paramount Global in a report on Thursday, February 27th. Six investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $12.09.

Paramount Global 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.