Wellington Management Group LLP Lowers Stock Holdings in Paramount Global (NASDAQ:PARA)

Wellington Management Group LLP lowered its stake in Paramount Global (NASDAQ:PARA) by 16.6% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 102,406 shares of the company’s stock after selling 20,361 shares during the quarter. Wellington Management Group LLP’s holdings in Paramount Global were worth $1,088,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Blue Trust Inc. boosted its holdings in Paramount Global by 162.8% in the third quarter. Blue Trust Inc. now owns 2,539 shares of the company’s stock worth $26,000 after acquiring an additional 1,573 shares in the last quarter. Huntington National Bank boosted its stake in Paramount Global by 129.0% in the 3rd quarter. Huntington National Bank now owns 2,771 shares of the company’s stock worth $29,000 after purchasing an additional 1,561 shares in the last quarter. Atlas Capital Advisors LLC purchased a new stake in Paramount Global during the 2nd quarter valued at about $35,000. Ashton Thomas Private Wealth LLC bought a new stake in Paramount Global during the 2nd quarter valued at about $43,000. Finally, Kennebec Savings Bank purchased a new position in Paramount Global in the third quarter worth about $47,000. Institutional investors own 73.00% of the company’s stock.

Paramount Global Trading Down 0.9 %

Shares of Paramount Global stock opened at $10.58 on Friday. 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 stock has a market capitalization of $7.06 billion, a PE ratio of -1.29, a P/E/G ratio of 1.35 and a beta of 1.71. Paramount Global has a 1-year low of $9.54 and a 1-year high of $16.28. The company’s fifty day simple moving average is $10.83 and its 200-day simple moving average is $10.83.

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

Paramount Global Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 16th will be issued a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.89%. The ex-dividend date of this dividend is Monday, December 16th. Paramount Global’s dividend payout ratio is -2.43%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Guggenheim reduced their price target on shares of Paramount Global from $19.00 to $14.00 and set a “buy” rating for the company in a research report on Wednesday, September 25th. Needham & Company LLC reissued a “hold” rating on shares of Paramount Global in a report on Monday, November 11th. Macquarie reaffirmed an “underperform” rating and set a $10.00 price target on shares of Paramount Global in a report on Monday, November 11th. Finally, StockNews.com raised Paramount Global from a “sell” rating to a “hold” rating in a research report on Monday, November 11th. Seven research analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $12.43.

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.