Paramount Global (NASDAQ:PARA) Position Reduced by Vestcor Inc

Vestcor Inc reduced its position in Paramount Global (NASDAQ:PARA) by 76.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 33,418 shares of the company’s stock after selling 111,307 shares during the period. Vestcor Inc’s holdings in Paramount Global were worth $350,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Charles Schwab Investment Management Inc. grew its position in Paramount Global by 4.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,743,123 shares of the company’s stock worth $80,993,000 after purchasing an additional 348,298 shares in the last quarter. Bridgewater Associates LP boosted its position in shares of Paramount Global by 50.7% in the third quarter. Bridgewater Associates LP now owns 328,099 shares of the company’s stock worth $3,484,000 after buying an additional 110,357 shares during the period. Franklin Resources Inc. grew its holdings in shares of Paramount Global by 824.1% during the third quarter. Franklin Resources Inc. now owns 195,690 shares of the company’s stock valued at $2,029,000 after buying an additional 174,514 shares in the last quarter. Wilsey Asset Management Inc. raised its position in Paramount Global by 16.2% during the fourth quarter. Wilsey Asset Management Inc. now owns 1,902,332 shares of the company’s stock valued at $19,898,000 after buying an additional 265,408 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in Paramount Global by 24.7% in the 4th quarter. Bank of New York Mellon Corp now owns 4,586,288 shares of the company’s stock worth $47,973,000 after acquiring an additional 908,515 shares in the last quarter. Institutional investors and hedge funds own 73.00% of the company’s stock.

Paramount Global Price Performance

NASDAQ PARA opened at $11.68 on Tuesday. Paramount Global has a fifty-two week low of $9.54 and a fifty-two week high of $14.54. The stock’s 50-day moving average is $11.07 and its two-hundred day moving average is $10.80. The firm has a market cap of $7.79 billion, a P/E ratio of -1.42, a price-to-earnings-growth ratio of 1.68 and a beta of 1.60. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.27 and a quick ratio of 1.10.

Paramount Global (NASDAQ:PARA) last issued its quarterly earnings data on Wednesday, February 26th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.29). Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. The company had revenue of $7.98 billion during the quarter, compared to the consensus estimate of $8.07 billion. On average, analysts anticipate that Paramount Global will post 1.77 earnings per share for the current fiscal year.

Paramount Global Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Monday, March 17th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.71%. The ex-dividend date of this dividend is Monday, March 17th. Paramount Global’s payout ratio is -2.15%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on PARA. Guggenheim reiterated a “buy” rating and issued a $14.00 target price on shares of Paramount Global in a report on Thursday, February 27th. Morgan Stanley upped their price objective on shares of Paramount Global from $10.00 to $11.00 and gave the company an “underweight” rating in a research note on Tuesday, February 4th. Needham & Company LLC reissued a “hold” rating on shares of Paramount Global in a research note on Thursday, February 27th. Finally, Benchmark reaffirmed a “buy” rating and issued a $19.00 price target on shares of Paramount Global in a research note on Thursday, February 27th. Six analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $12.10.

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.