Paramount Global (NASDAQ:PARA) Shares Sold by HighTower Advisors LLC

HighTower Advisors LLC trimmed its position in Paramount Global (NASDAQ:PARA - Free Report) by 37.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 165,573 shares of the company's stock after selling 99,868 shares during the quarter. HighTower Advisors LLC's holdings in Paramount Global were worth $1,753,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in PARA. Lingotto Investment Management LLP boosted its holdings in shares of Paramount Global by 628.8% during the 2nd quarter. Lingotto Investment Management LLP now owns 29,937,007 shares of the company's stock valued at $311,046,000 after buying an additional 25,829,185 shares in the last quarter. Ariel Investments LLC boosted its stake in Paramount Global by 16.5% in the 2nd quarter. Ariel Investments LLC now owns 14,042,265 shares of the company's stock worth $145,899,000 after purchasing an additional 1,992,576 shares in the last quarter. AQR Capital Management LLC boosted its stake in Paramount Global by 602.8% in the 2nd quarter. AQR Capital Management LLC now owns 1,783,489 shares of the company's stock worth $18,530,000 after purchasing an additional 1,529,719 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Paramount Global by 16.2% in 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 in the last quarter. Finally, Shah Capital Management boosted its stake in Paramount Global by 1,019.9% in the 2nd quarter. Shah Capital Management now owns 1,121,000 shares of the company's stock worth $11,647,000 after purchasing an additional 1,020,900 shares in the last quarter. 73.00% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Needham & Company LLC reiterated a "hold" rating on shares of Paramount Global in a research note on Monday, November 11th. StockNews.com upgraded shares of Paramount Global from a "sell" rating to a "hold" rating in a research note on Monday, November 11th. Guggenheim dropped their price target on shares of Paramount Global from $19.00 to $14.00 and set a "buy" rating on the stock in a research note on Wednesday, September 25th. Finally, Macquarie reiterated an "underperform" rating and issued a $10.00 price target on shares of Paramount Global in a research note on Monday, November 11th. Seven research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Paramount Global currently has a consensus rating of "Hold" and a consensus price target of $12.43.

Paramount Global Stock Performance

Shares of NASDAQ PARA traded down $0.41 during midday trading on Friday, hitting $11.22. 5,618,791 shares of the company's stock traded hands, compared to its average volume of 11,688,232. Paramount Global has a 1 year low of $9.54 and a 1 year high of $16.83. The stock has a market capitalization of $7.48 billion, a price-to-earnings ratio of -1.36, a price-to-earnings-growth ratio of 1.35 and a beta of 1.71. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.10 and a current ratio of 1.27. The firm has a fifty day moving average of $10.81 and a 200 day moving average of $10.85.

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

Paramount Global Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th will be paid a dividend of $0.05 per share. The ex-dividend date of this dividend 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%.

About Paramount Global

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.