Pictet Asset Management Holding SA Sells 131,899 Shares of Paramount Global (NASDAQ:PARA)

Pictet Asset Management Holding SA cut its holdings in shares of Paramount Global (NASDAQ:PARA - Free Report) by 33.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 259,035 shares of the company's stock after selling 131,899 shares during the period. Pictet Asset Management Holding SA's holdings in Paramount Global were worth $2,710,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. boosted its stake in shares of Paramount Global by 4.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,743,123 shares of the company's stock valued at $80,993,000 after buying an additional 348,298 shares during the period. Franklin Resources Inc. grew its holdings in Paramount Global by 824.1% during the third quarter. Franklin Resources Inc. now owns 195,690 shares of the company's stock valued at $2,029,000 after purchasing an additional 174,514 shares during the last quarter. Wilsey Asset Management Inc. boosted its holdings in shares of Paramount Global by 16.2% during the 4th quarter. Wilsey Asset Management Inc. now owns 1,902,332 shares of the company's stock worth $19,898,000 after buying an additional 265,408 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Paramount Global by 24.7% during the 4th quarter. Bank of New York Mellon Corp now owns 4,586,288 shares of the company's stock worth $47,973,000 after buying an additional 908,515 shares during the period. Finally, Raymond James Financial Inc. bought a new position in Paramount Global in the 4th quarter worth $5,457,000. 73.00% of the stock is currently owned by institutional investors.

Paramount Global Price Performance

PARA traded up $0.49 on Wednesday, reaching $11.14. The stock had a trading volume of 13,869,222 shares, compared to its average volume of 11,831,146. 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 company has a market capitalization of $7.43 billion, a price-to-earnings ratio of -1.36, a price-to-earnings-growth ratio of 1.68 and a beta of 1.31. Paramount Global has a fifty-two week low of $9.54 and a fifty-two week high of $14.54. The firm has a 50-day moving average of $11.36 and a 200-day moving average of $10.95.

Paramount Global (NASDAQ:PARA - Get Free Report) last issued its quarterly earnings results on Wednesday, February 26th. The company reported ($0.11) EPS for the quarter, missing analysts' consensus estimates 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 analyst estimates of $8.07 billion. As a group, sell-side analysts anticipate that Paramount Global will post 1.77 EPS for the current year.

Paramount Global Announces Dividend

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 dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.80%. The ex-dividend date of this dividend was Monday, March 17th. Paramount Global's payout ratio is -2.15%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Needham & Company LLC reissued a "hold" rating on shares of Paramount Global in a research report on Thursday, February 27th. Guggenheim restated a "buy" rating and set a $14.00 price objective on shares of Paramount Global in a report on Thursday, February 27th. Morgan Stanley increased their target price on shares of Paramount Global from $10.00 to $11.00 and gave the company an "underweight" rating in a research note on Tuesday, February 4th. Deutsche Bank Aktiengesellschaft cut 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, April 2nd. Finally, Benchmark reissued a "buy" rating and set a $19.00 price objective on shares of Paramount Global in a report on Thursday, February 27th. Six research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $12.09.

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.