Paramount Global (NASDAQ:PARA) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. trimmed its position in Paramount Global (NASDAQ:PARA) by 6.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 601,107 shares of the company’s stock after selling 41,454 shares during the quarter. Principal Financial Group Inc. owned approximately 0.09% of Paramount Global worth $9,564,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. raised its holdings in shares of Paramount Global by 30.4% in the 1st quarter. BlackRock Inc. now owns 54,882,034 shares of the company’s stock valued at $1,224,418,000 after purchasing an additional 12,783,448 shares in the last quarter. State Street Corp raised its stake in Paramount Global by 7.3% during the 1st quarter. State Street Corp now owns 35,333,056 shares of the company’s stock worth $796,459,000 after acquiring an additional 2,402,874 shares in the last quarter. Geode Capital Management LLC raised its stake in Paramount Global by 1.7% during the 1st quarter. Geode Capital Management LLC now owns 11,450,500 shares of the company’s stock worth $255,814,000 after acquiring an additional 192,826 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in Paramount Global by 0.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 10,827,484 shares of the company’s stock worth $182,767,000 after acquiring an additional 79,641 shares in the last quarter. Finally, Contrarius Investment Management Ltd raised its stake in Paramount Global by 33.2% during the 2nd quarter. Contrarius Investment Management Ltd now owns 10,351,771 shares of the company’s stock worth $164,697,000 after acquiring an additional 2,579,501 shares in the last quarter. 72.39% of the stock is currently owned by institutional investors and hedge funds.

Paramount Global Stock Up 5.6 %

Shares of NASDAQ:PARA opened at $13.93 on Tuesday. The company has a market cap of $9.07 billion, a price-to-earnings ratio of -7.83, a PEG ratio of 3.30 and a beta of 1.76. The firm’s 50-day simple moving average is $12.35 and its 200-day simple moving average is $14.37. The company has a quick ratio of 1.09, a current ratio of 1.26 and a debt-to-equity ratio of 0.70. Paramount Global has a fifty-two week low of $10.51 and a fifty-two week high of $25.93.

Paramount Global Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Friday, December 15th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.44%. The ex-dividend date is Thursday, December 14th. Paramount Global’s dividend payout ratio (DPR) is -11.24%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on PARA shares. StockNews.com lowered shares of Paramount Global from a “hold” rating to a “sell” rating in a research note on Friday. Morgan Stanley cut their price target on shares of Paramount Global from $15.00 to $9.00 and set an “underweight” rating on the stock in a research note on Wednesday, November 1st. Needham & Company LLC cut their price target on shares of Paramount Global from $28.00 to $15.00 and set a “buy” rating on the stock in a research note on Monday, October 9th. Citigroup lowered their price objective on shares of Paramount Global from $22.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday, August 15th. Finally, Guggenheim lowered their price objective on shares of Paramount Global from $21.00 to $19.00 and set a “buy” rating on the stock in a research report on Monday, October 2nd. Ten equities research analysts have rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $15.72.

Paramount Global Profile

Paramount Global operates as a media and entertainment company worldwide. The company operates through TV Media, Direct-to-Consumer, and Filmed Entertainment segments. Its TV Media segment operates domestic and international broadcast networks, including CBS Television Network, Network 10, Channel 5, Telefe, and Chilevisión; and cable networks comprising Paramount Media Networks, Nickelodeon, BET Media Group, and CBS Sports.