Paramount Global (NASDAQ:PARA) Shares Sold by Bank of America Corp DE

Bank of America Corp DE lessened its position in Paramount Global (NASDAQ:PARA - Free Report) by 66.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). 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 about 0.32% of Paramount Global worth $22,353,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in PARA. Allworth Financial LP lifted its position in shares of Paramount Global by 140.1% in the fourth quarter. Allworth Financial LP now owns 2,391 shares of the company's stock valued at $25,000 after acquiring an additional 1,395 shares in the last quarter. Ossiam lifted its position in shares of Paramount Global by 57.2% in the fourth quarter. Ossiam now owns 2,810 shares of the company's stock valued at $29,000 after acquiring an additional 1,022 shares in the last quarter. Mountain Hill Investment Partners Corp. purchased a new position in shares of Paramount Global in the fourth quarter valued at approximately $31,000. Rakuten Securities Inc. lifted its position in shares of Paramount Global by 187.8% in the fourth quarter. Rakuten Securities Inc. now owns 3,094 shares of the company's stock valued at $32,000 after acquiring an additional 2,019 shares in the last quarter. Finally, Atlas Capital Advisors Inc. purchased a new position in shares of Paramount Global in the fourth quarter valued at approximately $35,000. Hedge funds and other institutional investors own 73.00% of the company's stock.

Paramount Global Stock Up 0.9%

Shares of NASDAQ:PARA traded up $0.11 during trading on Friday, hitting $11.97. The company's stock had a trading volume of 4,858,421 shares, compared to its average volume of 10,206,176. Paramount Global has a fifty-two week low of $9.54 and a fifty-two week high of $13.05. The company has a market capitalization of $8.03 billion, a PE ratio of -1.46, a P/E/G ratio of 1.68 and a beta of 1.25. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.10 and a current ratio of 1.27. The business has a 50 day moving average price of $11.47 and a two-hundred day moving average price of $11.15.

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

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Guggenheim restated a "buy" rating and issued a $14.00 target price on shares of Paramount Global in a research report on Thursday, February 27th. Wall Street Zen started coverage on Paramount Global in a research report on Saturday, May 17th. They set a "hold" rating on the stock. Morgan Stanley reduced their price objective on Paramount Global from $11.00 to $10.00 and set an "underweight" rating on the stock in a research report on Tuesday, May 6th. UBS Group reduced their price objective on Paramount Global from $11.00 to $10.00 and set a "sell" rating on the stock in a research report on Tuesday, April 15th. Finally, JPMorgan Chase & Co. cut 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 Wednesday. Six analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $11.50.

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.