Sumitomo Mitsui DS Asset Management Company Ltd Cuts Stake in Paramount Global (NASDAQ:PARA)

Sumitomo Mitsui DS Asset Management Company Ltd cut its position in shares of Paramount Global (NASDAQ:PARA - Free Report) by 79.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,352 shares of the company's stock after selling 42,655 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Paramount Global were worth $119,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Blue Trust Inc. raised its stake in Paramount Global by 162.8% during the third quarter. Blue Trust Inc. now owns 2,539 shares of the company's stock worth $26,000 after purchasing an additional 1,573 shares during the period. Huntington National Bank raised its stake in shares of Paramount Global by 129.0% in the 3rd quarter. Huntington National Bank now owns 2,771 shares of the company's stock valued at $29,000 after acquiring an additional 1,561 shares during the period. Kennebec Savings Bank purchased a new stake in shares of Paramount Global in the 3rd quarter valued at approximately $47,000. Livforsakringsbolaget Skandia Omsesidigt raised its stake in shares of Paramount Global by 518.3% in the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 4,891 shares of the company's stock valued at $52,000 after acquiring an additional 4,100 shares during the period. Finally, FNY Investment Advisers LLC raised its stake in shares of Paramount Global by 102.4% in the 4th quarter. FNY Investment Advisers LLC now owns 7,224 shares of the company's stock valued at $75,000 after acquiring an additional 3,654 shares during the period. 73.00% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on PARA shares. Morgan Stanley boosted their price target 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. Needham & Company LLC restated a "hold" rating on shares of Paramount Global in a report on Monday, November 11th. StockNews.com upgraded shares of Paramount Global from a "sell" rating to a "hold" rating in a report on Monday, November 11th. Finally, Macquarie restated an "underperform" rating and issued a $10.00 target price on shares of Paramount Global in a report on Monday, November 11th. Six investment analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $12.58.

Paramount Global Stock Performance

PARA stock traded up $0.49 on Friday, hitting $11.30. The company's stock had a trading volume of 15,194,052 shares, compared to its average volume of 8,717,945. The firm has a 50 day moving average of $10.73 and a two-hundred day moving average of $10.69. Paramount Global has a 1 year low of $9.54 and a 1 year high of $14.54. The stock has a market cap of $7.54 billion, a price-to-earnings ratio of -1.37, a price-to-earnings-growth ratio of 1.59 and a beta of 1.69. 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 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.