New York State Common Retirement Fund Decreases Stock Holdings in Paramount Global (NASDAQ:PARA)

New York State Common Retirement Fund lowered its stake in Paramount Global (NASDAQ:PARA) by 12.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 421,403 shares of the company’s stock after selling 62,616 shares during the quarter. New York State Common Retirement Fund’s holdings in Paramount Global were worth $6,233,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in PARA. Duality Advisers LP purchased a new position in shares of Paramount Global in the 4th quarter worth $622,000. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of Paramount Global by 1.9% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 48,971 shares of the company’s stock valued at $724,000 after purchasing an additional 897 shares during the period. OVERSEA CHINESE BANKING Corp Ltd purchased a new stake in shares of Paramount Global during the 4th quarter valued at about $201,000. Lindbrook Capital LLC boosted its holdings in shares of Paramount Global by 102.1% in the fourth quarter. Lindbrook Capital LLC now owns 4,308 shares of the company’s stock worth $64,000 after buying an additional 2,176 shares during the last quarter. Finally, abrdn plc grew its position in Paramount Global by 20.2% during the fourth quarter. abrdn plc now owns 889,923 shares of the company’s stock valued at $13,162,000 after buying an additional 149,672 shares during the period. Institutional investors own 73.00% of the company’s stock.

Paramount Global Trading Down 7.0 %

NASDAQ PARA opened at $12.89 on Friday. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.17 and a current ratio of 1.29. Paramount Global has a 1-year low of $10.12 and a 1-year high of $19.04. The business has a 50 day simple moving average of $11.52 and a two-hundred day simple moving average of $12.88.

Paramount Global (NASDAQ:PARA) last posted its earnings results on Monday, April 29th. The company reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.28. The firm had revenue of $7.69 billion during the quarter, compared to analyst estimates of $7.73 billion. Paramount Global had a negative net margin of 0.15% and a positive return on equity of 3.35%. Paramount Global’s revenue for the quarter was up 5.8% compared to the same quarter last year. During the same period last year, the firm posted $0.09 earnings per share. On average, sell-side analysts anticipate that Paramount Global will post 1.32 earnings per share for the current fiscal year.

Paramount Global Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Monday, June 17th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Monday, June 17th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.55%. Paramount Global’s dividend payout ratio (DPR) is presently -133.32%.

Analyst Ratings Changes

Several research analysts have weighed in on PARA shares. JPMorgan Chase & Co. decreased their price target on shares of Paramount Global from $13.00 to $12.00 and set an “underweight” rating on the stock in a research report on Thursday, April 4th. Raymond James reiterated a “market perform” rating on shares of Paramount Global in a research report on Tuesday, March 26th. Moffett Nathanson upgraded Paramount Global from a “sell” rating to a “neutral” rating and set a $13.00 price target for the company in a research report on Tuesday, January 9th. Argus cut Paramount Global from a “hold” rating to a “sell” rating in a research report on Friday. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on shares of Paramount Global from $20.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, February 28th. Ten analysts have rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Paramount Global has an average rating of “Hold” and an average target price of $13.58.

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.