Paramount Global (NASDAQ:PARA) Shares Sold by Raymond James & Associates

Raymond James & Associates cut its position in Paramount Global (NASDAQ:PARA) by 3.6% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 373,867 shares of the company’s stock after selling 13,776 shares during the period. Raymond James & Associates’ holdings in Paramount Global were worth $3,970,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. ProShare Advisors LLC raised its position in Paramount Global by 146.5% during the first quarter. ProShare Advisors LLC now owns 151,864 shares of the company’s stock valued at $1,787,000 after acquiring an additional 90,262 shares in the last quarter. State Board of Administration of Florida Retirement System raised its position in Paramount Global by 5.4% during the first quarter. State Board of Administration of Florida Retirement System now owns 679,519 shares of the company’s stock valued at $7,998,000 after acquiring an additional 34,541 shares in the last quarter. Financial Counselors Inc. raised its position in Paramount Global by 6.9% during the second quarter. Financial Counselors Inc. now owns 864,287 shares of the company’s stock valued at $8,980,000 after acquiring an additional 56,021 shares in the last quarter. CANADA LIFE ASSURANCE Co raised its position in Paramount Global by 33.9% during the first quarter. CANADA LIFE ASSURANCE Co now owns 406,895 shares of the company’s stock valued at $4,790,000 after acquiring an additional 103,103 shares in the last quarter. Finally, Canada Pension Plan Investment Board raised its position in Paramount Global by 798.0% during the second quarter. Canada Pension Plan Investment Board now owns 684,300 shares of the company’s stock valued at $7,110,000 after acquiring an additional 608,100 shares in the last quarter. 73.00% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently weighed in on PARA shares. JPMorgan Chase & Co. reduced 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. Evercore ISI reduced their price target on Paramount Global from $13.00 to $11.50 and set an “in-line” rating for the company in a research report on Tuesday, July 9th. Needham & Company LLC restated a “hold” rating on shares of Paramount Global in a research report on Friday, August 9th. Guggenheim cut their price objective on Paramount Global from $19.00 to $14.00 and set a “buy” rating for the company in a research report on Wednesday, September 25th. Finally, Wolfe Research cut Paramount Global from a “peer perform” rating to an “underperform” rating and set a $10.00 price objective for the company. in a research report on Tuesday, July 9th. Nine analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $12.33.

Paramount Global Stock Performance

Shares of NASDAQ:PARA opened at $10.98 on Monday. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.30 and a quick ratio of 1.15. The business’s 50 day moving average price is $10.47 and its 200-day moving average price is $11.13. The firm has a market capitalization of $7.32 billion, a PE ratio of -1.41, a P/E/G ratio of 1.64 and a beta of 1.74. Paramount Global has a 1 year low of $9.54 and a 1 year high of $17.50.

Paramount Global (NASDAQ:PARA) last issued its quarterly earnings results on Thursday, August 8th. The company reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.40. The firm had revenue of $6.81 billion for 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 research analysts expect that Paramount Global will post 1.61 earnings per share for the current fiscal year.

Paramount Global Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis 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%.

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.