Paramount Global (NASDAQ:PARA) Stake Reduced by Victory Capital Management Inc.

Victory Capital Management Inc. cut its holdings in Paramount Global (NASDAQ:PARA) by 5.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 131,866 shares of the company’s stock after selling 7,866 shares during the quarter. Victory Capital Management Inc.’s holdings in Paramount Global were worth $1,370,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Atlas Capital Advisors LLC acquired a new stake in Paramount Global during the 2nd quarter worth about $35,000. Newbridge Financial Services Group Inc. acquired a new stake in Paramount Global during the 4th quarter worth about $44,000. SageView Advisory Group LLC acquired a new stake in Paramount Global during the 1st quarter worth about $56,000. GAMMA Investing LLC raised its holdings in Paramount Global by 22.8% during the 2nd quarter. GAMMA Investing LLC now owns 5,742 shares of the company’s stock worth $60,000 after buying an additional 1,067 shares during the period. Finally, Innealta Capital LLC acquired a new stake in Paramount Global during the 2nd quarter worth about $65,000. 73.00% of the stock is currently owned by institutional investors.

Paramount Global Stock Performance

PARA opened at $10.46 on Friday. The company has a market cap of $6.97 billion, a PE ratio of -69.73, a price-to-earnings-growth ratio of 0.57 and a beta of 1.75. The stock has a 50-day moving average of $10.87 and a 200-day moving average of $11.32. Paramount Global has a 52-week low of $9.54 and a 52-week high of $17.50. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.15 and a current ratio of 1.30.

Paramount Global (NASDAQ:PARA) last announced its earnings results on Thursday, August 8th. The company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.40. Paramount Global had a positive return on equity of 4.88% and a negative net margin of 17.62%. The firm had revenue of $6.81 billion during the quarter, compared to the consensus estimate of $7.21 billion. As a group, equities research analysts forecast that Paramount Global will post 1.57 earnings per share for the current fiscal year.

Paramount Global Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 16th will be paid a dividend of $0.05 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.20 annualized dividend and a yield of 1.91%. Paramount Global’s payout ratio is -133.32%.

Analysts Set New Price Targets

PARA has been the topic of several recent analyst reports. Benchmark restated a “buy” rating and set a $19.00 price objective on shares of Paramount Global in a report on Friday, August 9th. JPMorgan Chase & Co. lowered their target price on Paramount Global from $12.00 to $11.00 and set an “underweight” rating on the stock in a research note on Thursday, August 15th. Wells Fargo & Company raised Paramount Global from an “underweight” rating to an “equal weight” rating and lifted their target price for the company from $10.00 to $11.00 in a research note on Friday, August 9th. The Goldman Sachs Group assumed coverage on Paramount Global in a research note on Tuesday, June 25th. They set a “sell” rating and a $9.50 target price on the stock. Finally, Wolfe Research cut Paramount Global from a “peer perform” rating to an “underperform” rating and set a $10.00 target price on the stock. in a research note on Tuesday, July 9th. Eleven research analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $12.47.

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.