Ameriprise Financial Inc. Sells 111,594 Shares of Paramount Global (NASDAQ:PARA)

Ameriprise Financial Inc. lowered its stake in Paramount Global (NASDAQ:PARA - Free Report) by 26.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 304,709 shares of the company's stock after selling 111,594 shares during the quarter. Ameriprise Financial Inc.'s holdings in Paramount Global were worth $3,187,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in PARA. Ossiam increased its position in shares of Paramount Global by 57.2% during the 4th quarter. Ossiam now owns 2,810 shares of the company's stock worth $29,000 after purchasing an additional 1,022 shares during the last quarter. Allworth Financial LP increased its position in Paramount Global by 140.1% during the fourth quarter. Allworth Financial LP now owns 2,391 shares of the company's stock worth $25,000 after acquiring an additional 1,395 shares during the period. Treasurer of the State of North Carolina raised its position in shares of Paramount Global by 0.6% in the fourth quarter. Treasurer of the State of North Carolina now owns 260,198 shares of the company's stock valued at $2,722,000 after buying an additional 1,640 shares in the last quarter. Norinchukin Bank The lifted its position in shares of Paramount Global by 6.8% during the 4th quarter. Norinchukin Bank The now owns 25,793 shares of the company's stock valued at $270,000 after acquiring an additional 1,640 shares during the period. Finally, Perigon Wealth Management LLC grew its stake in Paramount Global by 7.0% during the fourth quarter. Perigon Wealth Management LLC now owns 28,821 shares of the company's stock worth $293,000 after buying an additional 1,874 shares in the last quarter. Institutional investors and hedge funds own 73.00% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on PARA shares. Guggenheim restated a "buy" rating and set a $14.00 target price on shares of Paramount Global in a research note on Thursday, February 27th. UBS Group dropped their price objective on Paramount Global from $11.00 to $10.00 and set a "sell" rating for the company in a research report on Tuesday, April 15th. Benchmark decreased their target price on Paramount Global from $19.00 to $16.00 and set a "buy" rating on the stock in a research report on Tuesday, May 6th. Morgan Stanley lowered their target price on Paramount Global from $11.00 to $10.00 and set an "underweight" rating for the company in a research note on Tuesday, May 6th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Paramount Global in a report on Thursday, February 27th. Six equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $11.54.

Paramount Global Stock Up 0.7%

PARA stock traded up $0.09 during mid-day trading on Thursday, reaching $12.18. 6,922,378 shares of the company traded hands, compared to its average volume of 10,171,224. The stock has a market cap of $8.17 billion, a price-to-earnings ratio of -1.48, a P/E/G ratio of 1.68 and a beta of 1.25. Paramount Global has a fifty-two week low of $9.54 and a fifty-two week high of $13.05. The firm's 50 day moving average price is $11.48 and its 200 day moving average price is $11.16. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.85.

Paramount Global (NASDAQ:PARA - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.27 by $0.02. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. The business had revenue of $7.19 billion for the quarter, compared to analyst estimates of $7.14 billion. During the same quarter in the previous year, the firm posted $0.62 earnings per share. The company's revenue for the quarter was down 6.4% on a year-over-year basis. As a group, equities research analysts predict that Paramount Global will post 1.77 EPS for the current fiscal year.

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.