Paramount Global (NASDAQ:PARA) Shares Sold by ING Groep NV

ING Groep NV cut its holdings in Paramount Global (NASDAQ:PARA) by 60.1% in the 3rd quarter, HoldingsChannel reports. The fund owned 28,177 shares of the company’s stock after selling 42,490 shares during the period. ING Groep NV’s holdings in Paramount Global were worth $299,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Empowered Funds LLC increased its stake in Paramount Global by 45.1% in the first quarter. Empowered Funds LLC now owns 15,270 shares of the company’s stock valued at $180,000 after purchasing an additional 4,748 shares during the last quarter. State Board of Administration of Florida Retirement System increased its stake in shares of Paramount Global by 5.4% during the 1st 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 during the last quarter. Mitsubishi UFJ Trust & Banking Corp lifted its holdings in shares of Paramount Global by 46.1% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 388,616 shares of the company’s stock worth $4,571,000 after acquiring an additional 122,613 shares during the period. Vanguard Group Inc. boosted its position in shares of Paramount Global by 6.5% in the first quarter. Vanguard Group Inc. now owns 62,090,467 shares of the company’s stock worth $730,805,000 after acquiring an additional 3,803,928 shares during the last quarter. Finally, Edgestream Partners L.P. grew its holdings in Paramount Global by 1,185.5% in the first quarter. Edgestream Partners L.P. now owns 139,168 shares of the company’s stock valued at $1,638,000 after purchasing an additional 128,342 shares during the period. Hedge funds and other institutional investors own 73.00% of the company’s stock.

Paramount Global Price Performance

PARA opened at $10.84 on Monday. Paramount Global has a twelve month low of $9.54 and a twelve month high of $17.50. The firm has a market cap of $7.23 billion, a price-to-earnings ratio of -1.32, a PEG ratio of 1.31 and a beta of 1.74. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.85. The company has a fifty day simple moving average of $10.61 and a 200 day simple moving average of $11.07.

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

Paramount Global Announces Dividend

The firm also recently announced 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 dividend yield of 1.85%. The ex-dividend date of this dividend is Monday, December 16th. Paramount Global’s payout ratio is -2.43%.

Analyst Upgrades and Downgrades

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