Sumitomo Mitsui Trust Group Inc. Reduces Holdings in Paramount Global (NASDAQ:PARA)

Sumitomo Mitsui Trust Group Inc. decreased its position in shares of Paramount Global (NASDAQ:PARA) by 4.9% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 1,042,760 shares of the company’s stock after selling 53,191 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Paramount Global were worth $11,074,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Paramount Global by 6.5% during the first quarter. Vanguard Group Inc. now owns 62,090,467 shares of the company’s stock worth $730,805,000 after buying an additional 3,803,928 shares during the last quarter. Lingotto Investment Management LLP grew its holdings in shares of Paramount Global by 628.8% during the second quarter. Lingotto Investment Management LLP now owns 29,937,007 shares of the company’s stock worth $311,046,000 after buying an additional 25,829,185 shares during the last quarter. Ariel Investments LLC grew its holdings in shares of Paramount Global by 16.5% during the second quarter. Ariel Investments LLC now owns 14,042,265 shares of the company’s stock worth $145,899,000 after buying an additional 1,992,576 shares during the last quarter. Kodai Capital Management LP grew its holdings in shares of Paramount Global by 9.2% during the first quarter. Kodai Capital Management LP now owns 6,264,374 shares of the company’s stock worth $73,732,000 after buying an additional 527,897 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of Paramount Global by 6.4% during the second quarter. Bank of New York Mellon Corp now owns 3,724,532 shares of the company’s stock worth $38,698,000 after buying an additional 225,191 shares during the last quarter. Hedge funds and other institutional investors own 73.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Benchmark reissued a “buy” rating and set a $19.00 price target on shares of Paramount Global in a report on Friday, August 9th. JPMorgan Chase & Co. reduced their price objective on shares of Paramount Global from $12.00 to $11.00 and set an “underweight” rating for the company in a research report on Thursday, August 15th. Macquarie restated an “underperform” rating and issued a $10.00 price objective on shares of Paramount Global in a research report on Monday, November 11th. Wells Fargo & Company upgraded shares of Paramount Global from an “underweight” rating to an “equal weight” rating and raised their price objective for the company from $10.00 to $11.00 in a research report on Friday, August 9th. Finally, StockNews.com upgraded shares of Paramount Global from a “sell” rating to a “hold” rating in a research report on Monday, November 11th. Eight investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Paramount Global currently has an average rating of “Hold” and an average price target of $12.40.

Paramount Global Trading Down 4.5 %

Shares of Paramount Global stock opened at $10.84 on Monday. Paramount Global has a 1 year low of $9.54 and a 1 year high of $17.50. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.27 and a quick ratio of 1.10. The company has a market capitalization of $7.23 billion, a P/E ratio of -1.32, a P/E/G ratio of 1.31 and a beta of 1.74. The business has a 50 day moving average price of $10.61 and a 200 day moving average price of $11.07.

Paramount Global (NASDAQ:PARA) last issued its quarterly earnings data on Friday, November 8th. The company reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.25. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. The firm had revenue of $6.73 billion for the quarter, compared to analyst estimates of $6.94 billion. During the same quarter in the previous year, the business posted $0.30 EPS. The firm’s revenue was down 5.6% compared to the same quarter last year. Sell-side analysts anticipate 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. Shareholders of record on Monday, December 16th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Monday, December 16th. This represents a $0.20 dividend on an annualized basis and a yield of 1.85%. Paramount Global’s dividend payout ratio is currently -2.43%.

About Paramount Global

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.