Mackenzie Financial Corp Trims Stock Holdings in Paramount Global (NASDAQ:PARA)

Mackenzie Financial Corp cut its holdings in shares of Paramount Global (NASDAQ:PARA) by 88.3% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 14,827 shares of the company’s stock after selling 112,160 shares during the period. Mackenzie Financial Corp’s holdings in Paramount Global were worth $219,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in PARA. Charles Schwab Investment Management Inc. boosted its position in Paramount Global by 15.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 13,299,798 shares of the company’s stock worth $171,567,000 after acquiring an additional 1,767,173 shares during the period. Ariel Investments LLC raised its stake in shares of Paramount Global by 18.0% during the third quarter. Ariel Investments LLC now owns 11,330,850 shares of the company’s stock valued at $146,168,000 after purchasing an additional 1,731,714 shares in the last quarter. Invesco Ltd. lifted its holdings in Paramount Global by 9.4% in the third quarter. Invesco Ltd. now owns 14,832,568 shares of the company’s stock worth $191,340,000 after purchasing an additional 1,272,851 shares during the period. Jacobs Levy Equity Management Inc. bought a new position in Paramount Global in the 3rd quarter valued at about $8,850,000. Finally, International Assets Investment Management LLC increased its stake in Paramount Global by 541.7% during the 4th quarter. International Assets Investment Management LLC now owns 708,662 shares of the company’s stock valued at $10,481,000 after buying an additional 598,235 shares during the period. 73.00% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Rosenblatt Securities reiterated a “neutral” rating and issued a $13.00 price objective on shares of Paramount Global in a report on Tuesday, April 9th. Raymond James reiterated a “market perform” rating on shares of Paramount Global in a research report on Tuesday, March 26th. StockNews.com upgraded Paramount Global from a “sell” rating to a “hold” rating in a report on Wednesday, April 10th. Wolfe Research upgraded shares of Paramount Global from an “underperform” rating to a “peer perform” rating in a research report on Thursday, April 4th. Finally, Benchmark cut their price target on shares of Paramount Global from $30.00 to $19.00 and set a “buy” rating for the company in a report on Thursday, February 29th. Eight analysts have rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, Paramount Global has a consensus rating of “Hold” and an average target price of $13.79.

Paramount Global Price Performance

Shares of NASDAQ:PARA opened at $11.91 on Monday. The company’s fifty day moving average is $11.48 and its two-hundred day moving average is $12.88. The company has a market cap of $7.77 billion, a P/E ratio of -11.68, a price-to-earnings-growth ratio of 0.42 and a beta of 1.77. Paramount Global has a 12-month low of $10.12 and a 12-month high of $24.00. The company has a quick ratio of 1.17, a current ratio of 1.32 and a debt-to-equity ratio of 0.63.

Paramount Global (NASDAQ:PARA) last posted its quarterly 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 positive return on equity of 1.78% and a negative net margin of 2.05%. The firm had revenue of $7.64 billion for the quarter, compared to analyst estimates of $7.80 billion. During the same period in the previous year, the firm earned $0.08 earnings per share. Paramount Global’s quarterly revenue was down 6.1% on a year-over-year basis. Equities analysts expect that Paramount Global will post 1.19 earnings per share for the current fiscal year.

Paramount Global Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 17th will be issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.68%. The ex-dividend date of this dividend is Monday, June 17th. Paramount Global’s dividend payout ratio is currently -19.61%.

Paramount Global Profile

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.