Pinnacle Associates Ltd. Lowers Stock Position in Paramount Global (NASDAQ:PARA)

Pinnacle Associates Ltd. trimmed its position in Paramount Global (NASDAQ:PARAFree Report) by 28.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 171,695 shares of the company’s stock after selling 66,703 shares during the period. Pinnacle Associates Ltd.’s holdings in Paramount Global were worth $2,539,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. VisionPoint Advisory Group LLC purchased a new position in Paramount Global in the 3rd quarter valued at $25,000. Anchor Investment Management LLC purchased a new position in Paramount Global in the 4th quarter valued at $30,000. Cornerstone Planning Group LLC purchased a new position in Paramount Global in the 2nd quarter valued at $30,000. ICA Group Wealth Management LLC purchased a new position in Paramount Global in the 4th quarter valued at $32,000. Finally, WFA of San Diego LLC grew its position in Paramount Global by 635.0% in the 3rd quarter. WFA of San Diego LLC now owns 2,646 shares of the company’s stock valued at $34,000 after buying an additional 2,286 shares during the last quarter. 73.00% of the stock is currently owned by hedge funds and other institutional investors.

Paramount Global Trading Up 0.6 %

Shares of PARA stock opened at $11.77 on Monday. The firm has a 50-day moving average price of $12.22 and a 200 day moving average price of $13.02. Paramount Global has a twelve month low of $10.16 and a twelve month high of $24.00. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.32 and a quick ratio of 1.17.

Paramount Global (NASDAQ:PARAGet Free Report) last announced its earnings results on Wednesday, February 28th. The company reported $0.04 earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.09. Paramount Global had a negative net margin of 2.05% and a positive return on equity of 1.78%. The firm had revenue of $7.64 billion during the quarter, compared to the consensus estimate of $7.80 billion. During the same quarter in the previous year, the company posted $0.08 EPS. The firm’s revenue for the quarter was down 6.1% on a year-over-year basis. As a group, equities research analysts expect that Paramount Global will post 1.21 earnings per share for the current fiscal year.

Paramount Global Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 1st. Investors of record on Friday, March 15th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.70%. The ex-dividend date of this dividend is Thursday, March 14th. Paramount Global’s payout ratio is -19.61%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on PARA. Benchmark lowered their price objective on shares of Paramount Global from $30.00 to $19.00 and set a “buy” rating on the stock in a research report on Thursday, February 29th. StockNews.com downgraded Paramount Global from a “hold” rating to a “sell” rating in a report on Tuesday, March 26th. Moffett Nathanson raised Paramount Global from a “sell” rating to a “neutral” rating and set a $13.00 target price for the company in a report on Tuesday, January 9th. Morgan Stanley reduced their target price on Paramount Global from $11.00 to $10.00 and set an “underweight” rating for the company in a report on Tuesday, February 27th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $15.00 target price on shares of Paramount Global in a report on Thursday, February 29th. Ten analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, Paramount Global currently has a consensus rating of “Hold” and a consensus target price of $14.05.

Get Our Latest Stock Report on Paramount Global

Paramount Global Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Paramount Global (NASDAQ:PARA)

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