Victory Capital Management Inc. Trims Holdings in Paramount Global (NASDAQ:PARA)

Victory Capital Management Inc. decreased its holdings in Paramount Global (NASDAQ:PARA) by 26.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 96,465 shares of the company’s stock after selling 35,401 shares during the period. Victory Capital Management Inc.’s holdings in Paramount Global were worth $1,024,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Financial Counselors Inc. increased its stake in Paramount Global by 6.9% in the second quarter. Financial Counselors Inc. now owns 864,287 shares of the company’s stock worth $8,980,000 after purchasing an additional 56,021 shares during the period. Hoertkorn Richard Charles grew its position in shares of Paramount Global by 38.1% during the 3rd quarter. Hoertkorn Richard Charles now owns 221,696 shares of the company’s stock worth $2,354,000 after buying an additional 61,191 shares in the last quarter. AustralianSuper Pty Ltd bought a new position in shares of Paramount Global during the 3rd quarter worth $7,222,000. Canada Pension Plan Investment Board grew its position in shares of Paramount Global by 798.0% during the 2nd quarter. Canada Pension Plan Investment Board now owns 684,300 shares of the company’s stock worth $7,110,000 after buying an additional 608,100 shares in the last quarter. Finally, Principal Financial Group Inc. grew its position in shares of Paramount Global by 22.3% during the 3rd quarter. Principal Financial Group Inc. now owns 683,401 shares of the company’s stock worth $7,258,000 after buying an additional 124,740 shares in the last quarter. Hedge funds and other institutional investors own 73.00% of the company’s stock.

Analysts Set New Price Targets

PARA has been the topic of a number of recent research reports. Wells Fargo & Company raised Paramount Global from an “underweight” rating to an “equal weight” rating and increased their price target for the stock from $10.00 to $11.00 in a research report 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. Guggenheim dropped their price target on Paramount Global from $19.00 to $14.00 and set a “buy” rating on the stock in a research report on Wednesday, September 25th. Needham & Company LLC reaffirmed a “hold” rating on shares of Paramount Global in a research report on Monday, November 11th. Finally, Benchmark reaffirmed a “buy” rating and set a $19.00 price objective on shares of Paramount Global in a research report on Friday, August 9th. Eight research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $12.40.

Paramount Global Price Performance

Shares of NASDAQ PARA opened at $10.77 on Thursday. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.10 and a current ratio of 1.27. The company has a market cap of $7.18 billion, a PE ratio of -1.31, a P/E/G ratio of 1.34 and a beta of 1.74. The business has a 50-day simple moving average of $10.68 and a two-hundred day simple moving average of $10.95. Paramount Global has a fifty-two week low of $9.54 and a fifty-two week high of $17.50.

Paramount Global (NASDAQ:PARA) last issued its quarterly earnings results on Friday, November 8th. The company reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.25. The business had revenue of $6.73 billion during the quarter, compared to the consensus estimate of $6.94 billion. Paramount Global had a positive return on equity of 5.81% and a negative net margin of 18.89%. During the same quarter last year, the company earned $0.30 earnings per share. The company’s quarterly revenue was down 5.6% on a year-over-year basis. As a group, equities analysts expect that Paramount Global will post 1.86 EPS for the current fiscal year.

Paramount Global Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.86%. The ex-dividend date of this dividend is Monday, December 16th. Paramount Global’s payout ratio is -2.43%.

Paramount Global Company 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.