Bank of America Corp DE Decreases Position in Paramount Global (NASDAQ:PARA)

Bank of America Corp DE lowered its position in Paramount Global (NASDAQ:PARA - Free Report) by 66.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,137,008 shares of the company's stock after selling 4,142,827 shares during the quarter. Bank of America Corp DE owned 0.32% of Paramount Global worth $22,353,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in PARA. Allworth Financial LP raised 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 last quarter. Ossiam increased its stake 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 in the last quarter. Mountain Hill Investment Partners Corp. acquired a new position in shares of Paramount Global during the 4th quarter worth approximately $31,000. Rakuten Securities Inc. lifted its stake in Paramount Global by 187.8% in the 4th quarter. Rakuten Securities Inc. now owns 3,094 shares of the company's stock valued at $32,000 after buying an additional 2,019 shares in the last quarter. Finally, Atlas Capital Advisors Inc. acquired a new stake in Paramount Global during the 4th quarter valued at $35,000. 73.00% of the stock is currently owned by hedge funds and other institutional investors.

Paramount Global Trading Down 1.7%

PARA stock opened at $11.70 on Monday. Paramount Global has a 52 week low of $9.54 and a 52 week high of $13.05. The company has a market cap of $7.85 billion, a price-to-earnings ratio of -1.42, a PEG ratio of 1.68 and a beta of 1.25. 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 business has a fifty day simple moving average of $11.44 and a 200-day simple moving average of $11.12.

Paramount Global (NASDAQ:PARA - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported $0.29 earnings per share (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 company had revenue of $7.19 billion during the quarter, compared to the consensus estimate of $7.14 billion. During the same period in the previous year, the firm earned $0.62 earnings per share. Paramount Global's revenue for the quarter was down 6.4% on a year-over-year basis. On average, equities research analysts expect that Paramount Global will post 1.77 EPS for the current year.

Paramount Global Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Monday, March 17th were paid a dividend of $0.05 per share. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.71%. Paramount Global's dividend payout ratio is currently -2.43%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Deutsche Bank Aktiengesellschaft cut Paramount Global from a "buy" rating to a "hold" rating and set a $12.00 price objective for the company. in a research report on Wednesday, April 2nd. StockNews.com started coverage on shares of Paramount Global in a research report on Saturday. They issued a "hold" rating for the company. Needham & Company LLC restated a "hold" rating on shares of Paramount Global in a research report on Thursday, February 27th. Benchmark cut their price target on Paramount Global from $19.00 to $16.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. Finally, UBS Group decreased their price objective on Paramount Global from $11.00 to $10.00 and set a "sell" rating on the stock in a report on Tuesday, April 15th. Six analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $11.58.

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.

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