PNC Financial Services Group Inc. Sells 3,620 Shares of Paramount Global (NASDAQ:PARA)

PNC Financial Services Group Inc. trimmed its position in shares of Paramount Global (NASDAQ:PARA) by 4.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 72,338 shares of the company’s stock after selling 3,620 shares during the period. PNC Financial Services Group Inc.’s holdings in Paramount Global were worth $865,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Mattson Financial Services LLC bought a new position in Paramount Global in the fourth quarter worth about $28,000. Ossiam raised its stake in Paramount Global by 57.2% in the fourth quarter. Ossiam now owns 2,810 shares of the company’s stock worth $29,000 after buying an additional 1,022 shares in the last quarter. Canada Post Corp Registered Pension Plan bought a new position in Paramount Global in the fourth quarter worth about $45,000. Curat Global LLC bought a new position in Paramount Global in the first quarter worth about $55,000. Finally, Larson Financial Group LLC raised its stake in Paramount Global by 8,991.5% in the first quarter. Larson Financial Group LLC now owns 5,364 shares of the company’s stock worth $64,000 after buying an additional 5,305 shares in the last quarter. 73.00% of the stock is owned by institutional investors.

Paramount Global Price Performance

Shares of NASDAQ PARA opened at $11.04 on Tuesday. The company has a 50 day simple moving average of $12.44 and a two-hundred day simple moving average of $11.78. Paramount Global has a fifty-two week low of $9.95 and a fifty-two week high of $13.59. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.21 and a current ratio of 1.39. The company has a market capitalization of $7.44 billion, a price-to-earnings ratio of -367.88, a P/E/G ratio of 3.07 and a beta of 1.17.

Paramount Global (NASDAQ:PARA) last posted its quarterly earnings results on Thursday, July 31st. The company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.09. Paramount Global had a negative net margin of 0.05% and a positive return on equity of 4.51%. The firm had revenue of $6.85 billion for the quarter, compared to analysts’ expectations of $6.88 billion. During the same quarter in the prior year, the company posted $0.54 earnings per share. The business’s revenue for the quarter was up .5% on a year-over-year basis. Analysts expect that Paramount Global will post 1.77 EPS for the current fiscal year.

Paramount Global Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Monday, June 16th were issued a dividend of $0.05 per share. The ex-dividend date was Monday, June 16th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.8%. Paramount Global’s dividend payout ratio is presently -666.67%.

Analyst Ratings Changes

PARA has been the subject of a number of research reports. Morgan Stanley increased their price target on shares of Paramount Global from $10.00 to $12.00 and gave the stock an “underweight” rating in a research note on Friday, August 1st. Needham & Company LLC reissued a “hold” rating on shares of Paramount Global in a research note on Tuesday, July 22nd. Citigroup reissued a “neutral” rating and issued a $12.00 price target (down from $13.00) on shares of Paramount Global in a research note on Thursday, May 29th. Seaport Res Ptn downgraded shares of Paramount Global from a “hold” rating to a “strong sell” rating in a research note on Monday, July 28th. Finally, Wells Fargo & Company decreased their target price on shares of Paramount Global from $12.00 to $10.00 and set an “underweight” rating for the company in a research note on Friday, August 1st. Seven research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $11.70.

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.