NewEdge Advisors LLC Cuts Stock Holdings in Paramount Global (NASDAQ:PARA)

NewEdge Advisors LLC cut its stake in Paramount Global (NASDAQ:PARA) by 10.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 18,990 shares of the company’s stock after selling 2,144 shares during the period. NewEdge Advisors LLC’s holdings in Paramount Global were worth $199,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Allworth Financial LP boosted its stake in shares of Paramount Global by 140.1% in the 4th quarter. Allworth Financial LP now owns 2,391 shares of the company’s stock valued at $25,000 after buying an additional 1,395 shares during the period. Mountain Hill Investment Partners Corp. acquired a new stake in Paramount Global in the fourth quarter valued at approximately $31,000. Rakuten Securities Inc. lifted its stake in Paramount Global by 187.8% in the fourth quarter. Rakuten Securities Inc. now owns 3,094 shares of the company’s stock worth $32,000 after acquiring an additional 2,019 shares during the last quarter. Atlas Capital Advisors Inc. acquired a new position in Paramount Global during the 4th quarter worth approximately $35,000. Finally, Resona Asset Management Co. Ltd. purchased a new stake in shares of Paramount Global in the 4th quarter valued at approximately $36,000. 73.00% of the stock is owned by institutional investors and hedge funds.

Paramount Global Stock Performance

NASDAQ PARA opened at $11.65 on Friday. The business’s 50-day moving average price is $11.41 and its 200 day moving average price is $11.02. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.85. The firm has a market cap of $7.77 billion, a P/E ratio of -1.42, a P/E/G ratio of 1.68 and a beta of 1.31. Paramount Global has a 52-week low of $9.54 and a 52-week high of $14.54.

Paramount Global (NASDAQ:PARA) last released its quarterly earnings results on Wednesday, February 26th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of $0.18 by ($0.29). Paramount Global had a positive return on equity of 5.81% and a negative net margin of 18.89%. The company had revenue of $7.98 billion for the quarter, compared to analysts’ expectations of $8.07 billion. On average, equities research analysts expect that Paramount Global will post 1.77 earnings per share for the current year.

Paramount Global Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Monday, March 17th were paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.72%. The ex-dividend date was Monday, March 17th. Paramount Global’s dividend payout ratio (DPR) is -2.15%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on PARA. StockNews.com assumed coverage on shares of Paramount Global in a research note on Thursday. They set a “hold” rating for the company. Deutsche Bank Aktiengesellschaft cut Paramount Global from a “buy” rating to a “hold” rating and set a $12.00 target price for the company. in a research note on Wednesday, April 2nd. Benchmark reiterated a “buy” rating and issued a $19.00 price target on shares of Paramount Global in a research note on Thursday, February 27th. UBS Group reduced their price objective on shares of Paramount Global from $11.00 to $10.00 and set a “sell” rating for the company in a research report on Tuesday, April 15th. Finally, Morgan Stanley lifted their price target on shares of Paramount Global from $10.00 to $11.00 and gave the stock an “underweight” rating in a research note on Tuesday, February 4th. Seven equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Paramount Global presently has an average rating of “Hold” and an average target price of $11.92.

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.