Legal & General Group Plc Sells 1,389,598 Shares of Paramount Global (NASDAQ:PARA)

Legal & General Group Plc trimmed its holdings in Paramount Global (NASDAQ:PARA - Free Report) by 51.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,316,389 shares of the company's stock after selling 1,389,598 shares during the period. Legal & General Group Plc owned about 0.20% of Paramount Global worth $13,769,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Allworth Financial LP boosted its stake in Paramount Global by 140.1% during the 4th quarter. Allworth Financial LP now owns 2,391 shares of the company's stock valued at $25,000 after purchasing an additional 1,395 shares during the last quarter. Insight Inv LLC boosted its position in shares of Paramount Global by 9.8% during the fourth quarter. Insight Inv LLC now owns 20,435 shares of the company's stock valued at $215,000 after buying an additional 1,825 shares during the last quarter. Mitchell & Pahl Private Wealth LLC raised its position in Paramount Global by 3.8% in the 4th quarter. Mitchell & Pahl Private Wealth LLC now owns 50,770 shares of the company's stock valued at $531,000 after buying an additional 1,848 shares during the last quarter. Perigon Wealth Management LLC lifted its stake in Paramount Global by 7.0% during the 4th quarter. Perigon Wealth Management LLC now owns 28,821 shares of the company's stock valued at $293,000 after acquiring an additional 1,874 shares in the last quarter. Finally, Rakuten Securities Inc. boosted its holdings in Paramount Global by 187.8% during the 4th quarter. Rakuten Securities Inc. now owns 3,094 shares of the company's stock worth $32,000 after acquiring an additional 2,019 shares during the last quarter. 73.00% of the stock is owned by institutional investors.

Paramount Global Trading Up 2.1 %

Shares of NASDAQ:PARA traded up $0.23 on Friday, reaching $10.94. 6,698,723 shares of the company traded hands, compared to its average volume of 11,513,455. The stock has a market capitalization of $7.30 billion, a P/E ratio of -1.33, a price-to-earnings-growth ratio of 1.68 and a beta of 1.31. Paramount Global has a 52 week low of $9.54 and a 52 week high of $14.54. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.85. The business's 50-day simple moving average is $11.38 and its 200 day simple moving average is $10.95.

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

Paramount Global Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Monday, March 17th were given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.83%. The ex-dividend date was Monday, March 17th. Paramount Global's dividend payout ratio (DPR) is currently -2.15%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on PARA. Guggenheim restated a "buy" rating and set a $14.00 price target on shares of Paramount Global in a report on Thursday, February 27th. Deutsche Bank Aktiengesellschaft downgraded Paramount Global from a "buy" rating to a "hold" rating and set a $12.00 price target for the company. in a research report on Wednesday, April 2nd. StockNews.com initiated coverage on Paramount Global in a research report on Tuesday. They set a "hold" rating for the company. Benchmark restated a "buy" rating and set a $19.00 price target on shares of Paramount Global in a research report on Thursday, February 27th. Finally, UBS Group dropped their target price on shares of Paramount Global from $11.00 to $10.00 and set a "sell" rating on the stock in a research note on Tuesday. Seven equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company presently has an average 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.