Fmr LLC Has $6.48 Million Stock Position in Paramount Global (NASDAQ:PARA)

FMR LLC reduced its position in shares of Paramount Global (NASDAQ:PARA - Free Report) by 33.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 610,245 shares of the company's stock after selling 307,289 shares during the period. FMR LLC owned 0.09% of Paramount Global worth $6,481,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of PARA. Charles Schwab Investment Management Inc. grew its holdings in shares of Paramount Global by 16.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,394,825 shares of the company's stock worth $78,533,000 after purchasing an additional 1,030,592 shares during the period. Financial Counselors Inc. increased its position in shares of Paramount Global by 6.9% during the second quarter. Financial Counselors Inc. now owns 864,287 shares of the company's stock valued at $8,980,000 after acquiring an additional 56,021 shares during the last quarter. Hoertkorn Richard Charles raised its stake in shares of Paramount Global by 38.1% in the 3rd quarter. Hoertkorn Richard Charles now owns 221,696 shares of the company's stock valued at $2,354,000 after acquiring an additional 61,191 shares during the period. AustralianSuper Pty Ltd acquired a new position in shares of Paramount Global in the 3rd quarter worth approximately $7,222,000. Finally, Alpine Associates Management Inc. acquired a new position in shares of Paramount Global in the 3rd quarter worth approximately $5,186,000. 73.00% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PARA has been the topic of a number of research analyst reports. Guggenheim cut their target price on Paramount Global from $19.00 to $14.00 and set a "buy" rating on the stock in a research report on Wednesday, September 25th. StockNews.com upgraded Paramount Global from a "sell" rating to a "hold" rating in a report on Monday, November 11th. Needham & Company LLC restated a "hold" rating on shares of Paramount Global in a report on Monday, November 11th. JPMorgan Chase & Co. cut their price target on shares of Paramount Global from $12.00 to $11.00 and set an "underweight" rating on the stock in a research note on Thursday, August 15th. Finally, Macquarie reissued an "underperform" rating and set a $10.00 price target on shares of Paramount Global in a research report on Monday, November 11th. Seven research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $12.43.

Paramount Global Price Performance

NASDAQ:PARA traded down $0.41 during trading hours on Friday, reaching $11.22. The company's stock had a trading volume of 5,612,065 shares, compared to its average volume of 14,603,857. The business's 50-day moving average is $10.79 and its 200-day moving average is $10.87. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.85. Paramount Global has a one year low of $9.54 and a one year high of $16.83.

Paramount Global (NASDAQ:PARA - Get Free Report) last posted its quarterly earnings data on Friday, November 8th. The company reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.25. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. The company had revenue of $6.73 billion during the quarter, compared to analyst estimates of $6.94 billion. During the same quarter last year, the business posted $0.30 earnings per share. The company's revenue was down 5.6% on a year-over-year basis. Research analysts anticipate that Paramount Global will post 1.86 EPS for the current year.

Paramount Global Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th will be given a dividend of $0.05 per share. The ex-dividend date is Monday, December 16th. This represents a $0.20 annualized dividend and a dividend yield of 1.78%. Paramount Global's dividend payout ratio is currently -2.43%.

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.