Paramount Global (NASDAQ:PARA) Shares Sold by Texas Permanent School Fund Corp

Texas Permanent School Fund Corp cut its holdings in Paramount Global (NASDAQ:PARA) by 20.0% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 79,746 shares of the company’s stock after selling 19,959 shares during the period. Texas Permanent School Fund Corp’s holdings in Paramount Global were worth $829,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the business. Cape Investment Advisory Inc. grew its position in shares of Paramount Global by 5.2% in the fourth quarter. Cape Investment Advisory Inc. now owns 18,014 shares of the company’s stock valued at $266,000 after purchasing an additional 889 shares during the period. New Hampshire Trust boosted its stake in Paramount Global by 6.2% in the 1st quarter. New Hampshire Trust now owns 15,767 shares of the company’s stock worth $186,000 after buying an additional 914 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in Paramount Global by 3.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 24,682 shares of the company’s stock valued at $291,000 after buying an additional 934 shares during the period. Great Valley Advisor Group Inc. lifted its holdings in shares of Paramount Global by 5.3% during the 2nd quarter. Great Valley Advisor Group Inc. now owns 19,940 shares of the company’s stock worth $207,000 after acquiring an additional 1,002 shares during the period. Finally, Prestige Wealth Management Group LLC boosted its position in shares of Paramount Global by 13.2% in the second quarter. Prestige Wealth Management Group LLC now owns 8,648 shares of the company’s stock worth $90,000 after acquiring an additional 1,011 shares during the last quarter. Hedge funds and other institutional investors own 73.00% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on PARA shares. Rosenblatt Securities reaffirmed a “neutral” rating and set a $14.00 price target on shares of Paramount Global in a research report on Tuesday, June 4th. Wolfe Research downgraded Paramount Global from a “peer perform” rating to an “underperform” rating and set a $10.00 price objective for the company. in a report on Tuesday, July 9th. The Goldman Sachs Group assumed coverage on Paramount Global in a research report on Tuesday, June 25th. They issued a “sell” rating and a $9.50 target price on the stock. JPMorgan Chase & Co. lowered their price target on Paramount Global from $12.00 to $11.00 and set an “underweight” rating for the company in a research report on Thursday, August 15th. Finally, Needham & Company LLC restated a “hold” rating on shares of Paramount Global in a report on Friday, August 9th. Eleven investment analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $12.47.

Paramount Global Price Performance

Shares of PARA stock opened at $10.37 on Friday. The firm has a fifty day simple moving average of $10.85 and a 200-day simple moving average of $11.32. The company has a market capitalization of $6.91 billion, a PE ratio of -69.13, a price-to-earnings-growth ratio of 0.57 and a beta of 1.75. Paramount Global has a twelve month low of $9.54 and a twelve month high of $17.50. The company has a current ratio of 1.30, a quick ratio of 1.15 and a debt-to-equity ratio of 0.85.

Paramount Global (NASDAQ:PARA) last posted its quarterly earnings data on Thursday, August 8th. The company reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.40. Paramount Global had a negative net margin of 17.62% and a positive return on equity of 4.88%. The company had revenue of $6.81 billion during the quarter, compared to analysts’ expectations of $7.21 billion. Equities research analysts anticipate that Paramount Global will post 1.57 earnings per share for the current fiscal year.

Paramount Global Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th will be paid a dividend of $0.05 per share. The ex-dividend date is Monday, September 16th. This represents a $0.20 dividend on an annualized basis and a yield of 1.93%. Paramount Global’s dividend payout ratio (DPR) is presently -133.33%.

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.