Sumitomo Mitsui Trust Group Inc. Sells 53,191 Shares of Paramount Global (NASDAQ:PARA)

Sumitomo Mitsui Trust Group Inc. lessened its holdings in shares of Paramount Global (NASDAQ:PARA - Free Report) by 4.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,042,760 shares of the company's stock after selling 53,191 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.16% of Paramount Global worth $11,074,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Blue Trust Inc. increased its stake in Paramount Global by 162.8% during the 3rd quarter. Blue Trust Inc. now owns 2,539 shares of the company's stock valued at $26,000 after purchasing an additional 1,573 shares in the last quarter. Atlas Capital Advisors LLC bought a new stake in Paramount Global during the 2nd quarter valued at $35,000. Ashton Thomas Private Wealth LLC bought a new stake in Paramount Global during the 2nd quarter valued at $43,000. Kennebec Savings Bank bought a new stake in Paramount Global during the 3rd quarter valued at $47,000. Finally, Livforsakringsbolaget Skandia Omsesidigt increased its stake in Paramount Global by 518.3% during the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 4,891 shares of the company's stock valued at $52,000 after purchasing an additional 4,100 shares in the last quarter. Institutional investors own 73.00% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Needham & Company LLC restated a "hold" rating on shares of Paramount Global in a research note on Monday, November 11th. Benchmark reiterated a "buy" rating and issued a $19.00 target price on shares of Paramount Global in a research note on Friday, August 9th. Guggenheim reduced their target price on shares of Paramount Global from $19.00 to $14.00 and set a "buy" rating for the company in a research note on Wednesday, September 25th. Macquarie reiterated an "underperform" rating and issued a $10.00 target price on shares of Paramount Global in a research note on Monday, November 11th. Finally, Wells Fargo & Company upgraded shares of Paramount Global from an "underweight" rating to an "equal weight" rating and upped their target price for the stock from $10.00 to $11.00 in a research note on Friday, August 9th. Eight investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat.com, Paramount Global presently has an average rating of "Hold" and an average target price of $12.40.

Paramount Global Stock Performance

NASDAQ PARA traded down $0.23 during trading on Monday, hitting $10.61. 12,238,898 shares of the company's stock traded hands, compared to its average volume of 14,839,509. The stock has a market capitalization of $7.08 billion, a price-to-earnings ratio of -1.29, a PEG ratio of 1.31 and a beta of 1.74. Paramount Global has a 12-month low of $9.54 and a 12-month high of $17.50. 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 business has a 50 day moving average of $10.62 and a 200-day moving average of $11.04.

Paramount Global (NASDAQ:PARA - Get Free Report) last announced its quarterly earnings results on Friday, November 8th. The company reported $0.49 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.24 by $0.25. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. The firm had revenue of $6.73 billion for the quarter, compared to the consensus estimate of $6.94 billion. During the same period in the prior year, the firm posted $0.30 earnings per share. The company's revenue for the quarter was down 5.6% on a year-over-year basis. As a group, equities research analysts anticipate that Paramount Global will post 1.86 earnings per share for the current fiscal 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 issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date of this dividend is Monday, December 16th. Paramount Global's payout ratio is -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.