Truist Financial Corp Trims Stake in Paramount Global (NASDAQ:PARA)

Truist Financial Corp decreased its holdings in shares of Paramount Global (NASDAQ:PARA - Free Report) by 48.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 30,057 shares of the company's stock after selling 28,098 shares during the period. Truist Financial Corp's holdings in Paramount Global were worth $314,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. State Street Corp raised its holdings in shares of Paramount Global by 18.4% in the 3rd quarter. State Street Corp now owns 44,154,027 shares of the company's stock worth $470,695,000 after acquiring an additional 6,848,037 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Paramount Global by 12.1% in the third quarter. Geode Capital Management LLC now owns 14,842,966 shares of the company's stock worth $157,168,000 after purchasing an additional 1,606,779 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Paramount Global by 16.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 7,394,825 shares of the company's stock valued at $78,533,000 after purchasing an additional 1,030,592 shares in the last quarter. Wilsey Asset Management Inc. boosted its position in shares of Paramount Global by 16.2% during the fourth quarter. Wilsey Asset Management Inc. now owns 1,902,332 shares of the company's stock valued at $19,898,000 after buying an additional 265,408 shares during the last quarter. Finally, Swiss National Bank grew its holdings in Paramount Global by 12.6% during the third quarter. Swiss National Bank now owns 1,765,188 shares of the company's stock worth $18,746,000 after buying an additional 197,300 shares in the last quarter. 73.00% of the stock is currently owned by institutional investors and hedge funds.

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Paramount Global Stock Performance

Shares of PARA traded up $0.38 during trading hours on Friday, hitting $12.14. The company's stock had a trading volume of 23,487,711 shares, compared to its average volume of 9,486,248. The business has a 50 day simple moving average of $10.90 and a two-hundred day simple moving average of $10.77. Paramount Global has a 52-week low of $9.54 and a 52-week high of $14.54. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.27 and a quick ratio of 1.10. The company has a market cap of $8.10 billion, a price-to-earnings ratio of -1.48, a PEG ratio of 1.68 and a beta of 1.60.

Paramount Global (NASDAQ:PARA - Get Free Report) last released its quarterly earnings data on Wednesday, February 26th. The company reported ($0.11) earnings per share for the quarter, missing analysts' consensus estimates of $0.18 by ($0.29). The business had revenue of $7.98 billion during the quarter, compared to analysts' expectations of $8.07 billion. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. On average, equities analysts expect that Paramount Global will post 1.77 earnings per share for the current fiscal year.

Paramount Global Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Monday, March 17th will be issued a dividend of $0.05 per share. The ex-dividend date is Monday, March 17th. This represents a $0.20 dividend on an annualized basis and a yield of 1.65%. Paramount Global's dividend payout ratio (DPR) is -2.15%.

Analyst Ratings Changes

PARA has been the topic of several recent analyst reports. Needham & Company LLC restated a "hold" rating on shares of Paramount Global in a research note on Thursday, February 27th. Macquarie reissued an "underperform" rating and set a $10.00 price target on shares of Paramount Global in a research report on Monday, November 11th. Morgan Stanley upped their price objective on shares of Paramount Global from $10.00 to $11.00 and gave the stock an "underweight" rating in a research report on Tuesday, February 4th. Benchmark reissued a "buy" rating and set a $19.00 target price on shares of Paramount Global in a research report on Thursday, February 27th. Finally, StockNews.com raised Paramount Global from a "sell" rating to a "hold" rating in a report on Monday, November 11th. Six equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $12.10.

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.