Paramount Global (NASDAQ:PARA) Shares Sold by Oak Thistle LLC

Oak Thistle LLC cut its stake in shares of Paramount Global (NASDAQ:PARA) by 27.2% in the fourth quarter, HoldingsChannel.com reports. The fund owned 19,995 shares of the company’s stock after selling 7,478 shares during the period. Oak Thistle LLC’s holdings in Paramount Global were worth $209,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. lifted its stake in Paramount Global by 16.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,394,825 shares of the company’s stock valued at $78,533,000 after buying an additional 1,030,592 shares in the last quarter. Bridgewater Associates LP raised its holdings in shares of Paramount Global by 50.7% during the third quarter. Bridgewater Associates LP now owns 328,099 shares of the company’s stock valued at $3,484,000 after acquiring an additional 110,357 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of Paramount Global by 824.1% during the third quarter. Franklin Resources Inc. now owns 195,690 shares of the company’s stock valued at $2,029,000 after acquiring an additional 174,514 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of Paramount Global by 22.3% in the third quarter. Principal Financial Group Inc. now owns 683,401 shares of the company’s stock valued at $7,258,000 after acquiring an additional 124,740 shares in the last quarter. Finally, HBK Investments L P purchased a new stake in shares of Paramount Global during the third quarter worth approximately $5,098,000. 73.00% of the stock is owned by hedge funds and other institutional investors.

Paramount Global Price Performance

NASDAQ:PARA opened at $10.27 on Friday. The company has a market capitalization of $6.85 billion, a P/E ratio of -1.25, a P/E/G ratio of 1.48 and a beta of 1.70. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.85. Paramount Global has a 52 week low of $9.54 and a 52 week high of $15.70. The stock’s fifty day moving average is $10.78 and its two-hundred day moving average is $10.79.

Paramount Global (NASDAQ:PARA) last issued its quarterly earnings data 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. The firm had revenue of $6.73 billion for the quarter, compared to analyst estimates of $6.94 billion. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. Paramount Global’s revenue was down 5.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.30 EPS. Equities analysts expect that Paramount Global will post 1.78 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PARA. Macquarie restated an “underperform” rating and issued a $10.00 price objective on shares of Paramount Global in a report on Monday, November 11th. Guggenheim decreased their price target on shares of Paramount Global from $19.00 to $14.00 and set a “buy” rating on the stock in a research note on Wednesday, September 25th. Needham & Company LLC restated a “hold” rating on shares of Paramount Global in a research report on Monday, November 11th. Finally, StockNews.com upgraded shares of Paramount Global from a “sell” rating to a “hold” rating in a report on Monday, November 11th. Six investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $12.50.

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.