abrdn plc Has $9.04 Million Position in Paramount Global (NASDAQ:PARA)

abrdn plc cut its stake in shares of Paramount Global (NASDAQ:PARA) by 13.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 850,747 shares of the company’s stock after selling 133,212 shares during the quarter. abrdn plc owned approximately 0.13% of Paramount Global worth $9,039,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Allspring Global Investments Holdings LLC grew its stake in shares of 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. Kovack Advisors Inc. grew its stake in Paramount Global by 21.6% in the first quarter. Kovack Advisors Inc. now owns 14,118 shares of the company’s stock valued at $166,000 after acquiring an additional 2,508 shares during the period. Private Advisor Group LLC increased its holdings in shares of Paramount Global by 19.5% during the first quarter. Private Advisor Group LLC now owns 56,535 shares of the company’s stock valued at $665,000 after acquiring an additional 9,211 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. raised its position in shares of Paramount Global by 20.5% during the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 17,905 shares of the company’s stock worth $211,000 after purchasing an additional 3,050 shares during the period. Finally, Daiwa Securities Group Inc. lifted its holdings in shares of Paramount Global by 14.5% in the 1st quarter. Daiwa Securities Group Inc. now owns 48,621 shares of the company’s stock worth $572,000 after purchasing an additional 6,151 shares in the last quarter. 73.00% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PARA has been the subject of a number of recent research reports. Guggenheim decreased 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 note on Wednesday, September 25th. JPMorgan Chase & Co. lowered their target price on shares of Paramount Global from $12.00 to $11.00 and set an “underweight” rating on the stock in a report on Thursday, August 15th. Benchmark reaffirmed a “buy” rating and issued a $19.00 price target on shares of Paramount Global in a research report on Friday, August 9th. StockNews.com lowered Paramount Global from a “hold” rating to a “sell” rating in a report on Thursday, October 3rd. Finally, Needham & Company LLC restated a “hold” rating on shares of Paramount Global in a report on Friday, August 9th. Nine equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $12.33.

Paramount Global Stock Up 0.4 %

PARA opened at $10.98 on Friday. Paramount Global has a twelve month low of $9.54 and a twelve month high of $17.50. The company’s 50-day moving average price is $10.47 and its two-hundred day moving average price is $11.12. The stock has a market cap of $7.32 billion, a price-to-earnings ratio of -1.41, a PEG ratio of 1.64 and a beta of 1.74. The company has a quick ratio of 1.15, a current ratio of 1.30 and a debt-to-equity ratio of 0.85.

Paramount Global (NASDAQ:PARA) last announced its quarterly earnings data 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. The business had revenue of $6.81 billion during the quarter, compared to analyst estimates of $7.21 billion. Paramount Global had a positive return on equity of 4.88% and a negative net margin of 17.62%. As a group, equities analysts expect that Paramount Global will post 1.61 earnings per share for the current year.

Paramount Global Announces Dividend

The company also recently disclosed 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 1.82%. The ex-dividend date is Monday, December 16th. Paramount Global’s dividend payout ratio (DPR) is currently -2.57%.

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.