UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sells 246,120 Shares of Paramount Global (NASDAQ:PARA)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC trimmed its stake in shares of Paramount Global (NASDAQ:PARA - Free Report) by 8.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,586,438 shares of the company's stock after selling 246,120 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned approximately 0.39% of Paramount Global worth $27,468,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Blue Trust Inc. boosted 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 acquiring an additional 1,573 shares in the last quarter. Huntington National Bank boosted its stake in Paramount Global by 129.0% during the 3rd quarter. Huntington National Bank now owns 2,771 shares of the company's stock valued at $29,000 after purchasing an additional 1,561 shares during the last quarter. Atlas Capital Advisors LLC bought a new stake in Paramount Global during the 2nd quarter worth approximately $35,000. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Paramount Global in the second quarter worth approximately $43,000. Finally, Kennebec Savings Bank bought a new stake in Paramount Global during the third quarter worth $47,000. 73.00% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

PARA has been the subject of several recent analyst reports. JPMorgan Chase & Co. reduced their target price on Paramount Global from $12.00 to $11.00 and set an "underweight" rating for the company in a report on Thursday, August 15th. Needham & Company LLC restated a "hold" rating on shares of Paramount Global in a research note on Monday, November 11th. Wells Fargo & Company upgraded Paramount Global from an "underweight" rating to an "equal weight" rating and upped their price objective for the company from $10.00 to $11.00 in a research note on Friday, August 9th. StockNews.com raised Paramount Global from a "sell" rating to a "hold" rating in a research report on Monday, November 11th. Finally, Benchmark reaffirmed a "buy" rating and set a $19.00 price target on shares of Paramount Global in a research report on Friday, August 9th. Eight investment 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 stock currently has an average rating of "Hold" and an average target price of $12.40.

Paramount Global Price Performance

NASDAQ PARA traded down $0.12 during trading on Thursday, reaching $10.90. The company's stock had a trading volume of 2,440,388 shares, compared to its average volume of 14,733,211. The stock has a market capitalization of $7.27 billion, a PE ratio of -1.34, a P/E/G ratio of 1.32 and a beta of 1.71. 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 firm has a fifty day moving average of $10.73 and a 200 day moving average of $10.89. Paramount Global has a one year low of $9.54 and a one year high of $17.50.

Paramount Global (NASDAQ:PARA - Get Free Report) last announced its earnings results on Friday, November 8th. The company reported $0.49 earnings per share for the quarter, beating 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 business had revenue of $6.73 billion for the quarter, compared to the consensus estimate of $6.94 billion. During the same period last year, the firm posted $0.30 earnings per share. Paramount Global's quarterly revenue was down 5.6% on a year-over-year basis. Analysts expect that Paramount Global will post 1.86 EPS for the current fiscal year.

Paramount Global Dividend Announcement

The firm also recently disclosed 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. The ex-dividend date of this dividend is Monday, December 16th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.83%. 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.