State of Michigan Retirement System trimmed its position in shares of Paramount Global (NASDAQ:PARA - Free Report) by 25.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 161,512 shares of the company's stock after selling 55,736 shares during the quarter. State of Michigan Retirement System's holdings in Paramount Global were worth $1,689,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Robeco Institutional Asset Management B.V. boosted its holdings in shares of Paramount Global by 85.2% in the third quarter. Robeco Institutional Asset Management B.V. now owns 58,753 shares of the company's stock worth $624,000 after buying an additional 27,023 shares during the last quarter. Asset Management One Co. Ltd. lifted its position in Paramount Global by 1.1% during the third quarter. Asset Management One Co. Ltd. now owns 192,750 shares of the company's stock valued at $2,047,000 after purchasing an additional 2,151 shares in the last quarter. Graypoint LLC bought a new stake in Paramount Global during the third quarter valued at about $232,000. Principal Financial Group Inc. increased its position in Paramount Global by 22.3% in the third quarter. Principal Financial Group Inc. now owns 683,401 shares of the company's stock worth $7,258,000 after buying an additional 124,740 shares in the last quarter. Finally, CWA Asset Management Group LLC purchased a new stake in Paramount Global in the third quarter worth about $286,000. 73.00% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of brokerages recently issued reports on PARA. Morgan Stanley boosted their price objective on Paramount Global from $10.00 to $11.00 and gave the company an "underweight" rating in a research note on Tuesday, February 4th. Needham & Company LLC reiterated a "hold" rating on shares of Paramount Global in a research report on Thursday, February 27th. Benchmark restated a "buy" rating and set a $19.00 price objective on shares of Paramount Global in a research report on Thursday, February 27th. Finally, Guggenheim reaffirmed a "buy" rating and issued a $14.00 target price 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 given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $12.10.
Read Our Latest Stock Analysis on PARA
Paramount Global Price Performance
Shares of PARA traded up $0.10 during mid-day trading on Wednesday, hitting $11.57. 5,841,038 shares of the stock were exchanged, compared to its average volume of 9,412,958. 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 company has a market cap of $7.71 billion, a PE ratio of -1.40, a price-to-earnings-growth ratio of 1.68 and a beta of 1.60. Paramount Global has a 52-week low of $9.54 and a 52-week high of $14.54. The firm has a 50-day moving average of $10.99 and a two-hundred day moving average of $10.78.
Paramount Global (NASDAQ:PARA - Get Free Report) last released 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). Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. The business had revenue of $7.98 billion for the quarter, compared to analysts' expectations of $8.07 billion. On average, equities analysts predict that Paramount Global will post 1.77 earnings per share for the current year.
Paramount Global Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Monday, March 17th will be paid a dividend of $0.05 per share. The ex-dividend date is Monday, March 17th. This represents a $0.20 annualized dividend and a yield of 1.73%. Paramount Global's payout ratio is currently -2.15%.
Paramount Global Profile
(
Free Report)
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.
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