Mackenzie Financial Corp Sells 112,160 Shares of Paramount Global (NASDAQ:PARA)

Mackenzie Financial Corp cut its holdings in Paramount Global (NASDAQ:PARA) by 88.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund 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 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Highlander Capital Management LLC raised its position in Paramount Global by 13.4% during the fourth quarter. Highlander Capital Management LLC now owns 7,210 shares of the company’s stock valued at $107,000 after purchasing an additional 850 shares during the period. Arizona State Retirement System increased its position in shares of Paramount Global by 0.7% during the fourth quarter. Arizona State Retirement System now owns 134,210 shares of the company’s stock worth $1,985,000 after acquiring an additional 887 shares during the period. Van ECK Associates Corp raised its stake in shares of Paramount Global by 2.1% during the third quarter. Van ECK Associates Corp now owns 49,536 shares of the company’s stock valued at $639,000 after acquiring an additional 996 shares in the last quarter. Forum Financial Management LP grew its stake in Paramount Global by 6.8% in the third quarter. Forum Financial Management LP now owns 15,610 shares of the company’s stock worth $201,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Cornerstone Planning Group LLC increased its holdings in Paramount Global by 55.1% during the 3rd quarter. Cornerstone Planning Group LLC now owns 2,972 shares of the company’s stock worth $38,000 after purchasing an additional 1,056 shares during the period. 73.00% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PARA has been the topic of a number of recent research reports. Redburn Atlantic downgraded Paramount Global from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $17.00 to $11.00 in a research report on Thursday, January 11th. Benchmark cut their target price 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. Needham & Company LLC reaffirmed a “buy” rating and issued a $15.00 price target on shares of Paramount Global in a research report on Thursday, February 29th. JPMorgan Chase & Co. cut their price objective on shares of Paramount Global from $13.00 to $12.00 and set an “underweight” rating on the stock in a report on Thursday, April 4th. Finally, Wolfe Research raised Paramount Global from an “underperform” rating to a “peer perform” rating in a research report on Thursday, April 4th. Eight equities research 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, the company presently has a consensus rating of “Hold” and a consensus target price of $13.79.

Paramount Global Price Performance

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

Paramount Global (NASDAQ:PARA) last issued its earnings results on Wednesday, February 28th. The company reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.09. The firm had revenue of $7.64 billion for the quarter, compared to the consensus estimate of $7.80 billion. Paramount Global had a positive return on equity of 1.78% and a negative net margin of 2.05%. The company’s revenue was down 6.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.08 earnings per share. Research analysts expect that Paramount Global will post 1.19 EPS for the current year.

Paramount Global Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Monday, June 17th will be given a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.68%. The ex-dividend date is Monday, June 17th. Paramount Global’s dividend payout ratio (DPR) is presently -19.61%.

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.