Cerity Partners LLC Sells 83,160 Shares of Paramount Global (NASDAQ:PARA)

Cerity Partners LLC cut its holdings in shares of Paramount Global (NASDAQ:PARA) by 40.7% during the 3rd quarter, Holdings Channel reports. The firm owned 120,970 shares of the company’s stock after selling 83,160 shares during the period. Cerity Partners LLC’s holdings in Paramount Global were worth $1,285,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in PARA. Great Valley Advisor Group Inc. increased its stake in Paramount Global by 5.3% in the second quarter. Great Valley Advisor Group Inc. now owns 19,940 shares of the company’s stock valued at $207,000 after acquiring an additional 1,002 shares during the last quarter. Carson Advisory Inc. boosted its position in Paramount Global by 1.9% in the third quarter. Carson Advisory Inc. now owns 54,364 shares of the company’s stock valued at $577,000 after buying an additional 1,004 shares in the last quarter. Prestige Wealth Management Group LLC boosted its position in Paramount Global by 13.2% in the second quarter. Prestige Wealth Management Group LLC now owns 8,648 shares of the company’s stock valued at $90,000 after buying an additional 1,011 shares in the last quarter. GAMMA Investing LLC boosted its position in Paramount Global by 22.8% in the second quarter. GAMMA Investing LLC now owns 5,742 shares of the company’s stock valued at $60,000 after buying an additional 1,067 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. boosted its position in Paramount Global by 8.4% in the second quarter. B. Riley Wealth Advisors Inc. now owns 17,411 shares of the company’s stock valued at $181,000 after buying an additional 1,356 shares in the last quarter. 73.00% of the stock is owned by institutional investors.

Paramount Global Stock Down 0.5 %

PARA opened at $10.92 on Wednesday. Paramount Global has a 1-year low of $9.54 and a 1-year high of $17.50. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.85. The company has a fifty day moving average price of $10.71 and a two-hundred day moving average price of $10.90.

Paramount Global (NASDAQ:PARA) last posted its earnings results on Friday, November 8th. The company reported $0.49 EPS for the quarter, topping the consensus estimate of $0.24 by $0.25. The company had revenue of $6.73 billion during the quarter, compared to the consensus estimate of $6.94 billion. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. The firm’s revenue for the quarter was down 5.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.30 earnings per share. Analysts expect that Paramount Global will post 1.86 earnings per share for the current year.

Paramount Global Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be given a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.83%. The ex-dividend date is Monday, December 16th. Paramount Global’s payout ratio is -2.43%.

Analysts Set New Price Targets

A number of brokerages have weighed in on PARA. Wells Fargo & Company upgraded shares of Paramount Global from an “underweight” rating to an “equal weight” rating and raised their target price for the company from $10.00 to $11.00 in a research report on Friday, August 9th. Macquarie reiterated an “underperform” rating and set a $10.00 price target on shares of Paramount Global in a report on Monday, November 11th. Guggenheim cut their price target on shares of Paramount Global from $19.00 to $14.00 and set a “buy” rating on the stock in a report on Wednesday, September 25th. Benchmark reiterated a “buy” rating and set a $19.00 price target on shares of Paramount Global in a report on Friday, August 9th. Finally, JPMorgan Chase & Co. cut their price target 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. Eight research analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Paramount Global presently has a consensus rating of “Hold” and a consensus target price of $12.40.

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.