Tidal Investments LLC Reduces Stock Position in Paramount Global (NASDAQ:PARA)

Tidal Investments LLC decreased its position in shares of Paramount Global (NASDAQ:PARA - Free Report) by 56.5% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 112,046 shares of the company's stock after selling 145,498 shares during the quarter. Tidal Investments LLC's holdings in Paramount Global were worth $1,190,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Virtu Financial LLC acquired a new stake in Paramount Global during the 3rd quarter worth about $196,000. Arete Wealth Advisors LLC purchased a new stake in shares of Paramount Global in the third quarter worth about $288,000. Coldstream Capital Management Inc. grew its holdings in Paramount Global by 192.0% during the third quarter. Coldstream Capital Management Inc. now owns 44,047 shares of the company's stock worth $479,000 after acquiring an additional 28,963 shares during the period. Geode Capital Management LLC raised its position in Paramount Global by 12.1% during the third quarter. Geode Capital Management LLC now owns 14,842,966 shares of the company's stock valued at $157,168,000 after acquiring an additional 1,606,779 shares in the last quarter. Finally, Vestcor Inc lifted its holdings in Paramount Global by 1,475.0% in the third quarter. Vestcor Inc now owns 144,725 shares of the company's stock valued at $1,537,000 after acquiring an additional 135,536 shares during the period. Hedge funds and other institutional investors own 73.00% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PARA. Macquarie reaffirmed an "underperform" rating and set a $10.00 price objective on shares of Paramount Global in a research note on Monday, November 11th. Guggenheim lowered their price target on shares of Paramount Global from $19.00 to $14.00 and set a "buy" rating on the stock in a report on Wednesday, September 25th. Needham & Company LLC reaffirmed a "hold" rating on shares of Paramount Global in a report on Monday, November 11th. Finally, StockNews.com upgraded shares of Paramount Global from a "sell" rating to a "hold" rating in a research report on Monday, November 11th. Seven equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $12.43.

Paramount Global Price Performance

Shares of Paramount Global stock traded up $0.08 during mid-day trading on Friday, reaching $10.66. 18,989,357 shares of the stock traded hands, compared to its average volume of 14,542,530. The stock has a market capitalization of $7.11 billion, a PE ratio of -1.30, a PEG ratio of 1.35 and a beta of 1.71. The business has a 50-day moving average of $10.83 and a 200 day moving average of $10.83. Paramount Global has a fifty-two week low of $9.54 and a fifty-two week high of $15.70. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.85.

Paramount Global (NASDAQ:PARA - Get Free Report) last posted its quarterly earnings data on Friday, November 8th. The company reported $0.49 EPS for the quarter, beating the consensus estimate of $0.24 by $0.25. Paramount Global had a positive return on equity of 5.81% and a negative net margin of 18.89%. The firm had revenue of $6.73 billion during the quarter, compared to the consensus estimate of $6.94 billion. During the same period in the prior year, the company earned $0.30 EPS. The firm's revenue was down 5.6% compared to the same quarter last year. On average, analysts predict that Paramount Global will post 1.86 EPS for the current year.

Paramount Global Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.88%. The ex-dividend date of this dividend is Monday, December 16th. Paramount Global's dividend payout ratio is currently -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.