California State Teachers Retirement System Sells 428,706 Shares of Paramount Global (NASDAQ:PARA)

California State Teachers Retirement System decreased its position in shares of Paramount Global (NASDAQ:PARA - Free Report) by 43.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 556,231 shares of the company's stock after selling 428,706 shares during the quarter. California State Teachers Retirement System owned approximately 0.08% of Paramount Global worth $5,818,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Allworth Financial LP raised its position in shares of Paramount Global by 140.1% in the 4th quarter. Allworth Financial LP now owns 2,391 shares of the company's stock worth $25,000 after acquiring an additional 1,395 shares in the last quarter. Mattson Financial Services LLC bought a new stake in Paramount Global during the 4th quarter valued at $28,000. Ossiam raised its holdings in Paramount Global by 57.2% during the 4th quarter. Ossiam now owns 2,810 shares of the company's stock valued at $29,000 after acquiring an additional 1,022 shares during the period. Mountain Hill Investment Partners Corp. bought a new position in shares of Paramount Global in the fourth quarter worth $31,000. Finally, Rakuten Securities Inc. lifted its position in Paramount Global by 187.8% during the fourth quarter. Rakuten Securities Inc. now owns 3,094 shares of the company's stock valued at $32,000 after purchasing an additional 2,019 shares during the last quarter. 73.00% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on PARA shares. Needham & Company LLC reaffirmed a "hold" rating on shares of Paramount Global in a research note on Thursday, February 27th. Wall Street Zen began coverage on shares of Paramount Global in a report on Saturday, May 17th. They set a "hold" rating for the company. JPMorgan Chase & Co. dropped their target price on shares of Paramount Global from $11.00 to $10.00 and set an "underweight" rating for the company in a report on Wednesday, May 21st. Benchmark dropped their target price on shares of Paramount Global from $19.00 to $16.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. Finally, Morgan Stanley dropped their target price on shares of Paramount Global from $11.00 to $10.00 and set an "underweight" rating for the company in a report on Tuesday, May 6th. Six equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, Paramount Global currently has an average rating of "Hold" and a consensus target price of $11.33.

Paramount Global Stock Down 0.3%

Shares of PARA stock traded down $0.03 during trading hours on Thursday, hitting $11.90. 6,600,375 shares of the company's stock traded hands, compared to its average volume of 9,873,915. The stock's fifty day simple moving average is $11.51 and its two-hundred day simple moving average is $11.20. Paramount Global has a 12-month low of $9.54 and a 12-month high of $12.54. The stock has a market cap of $8.02 billion, a price-to-earnings ratio of -1.45, 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.

Paramount Global (NASDAQ:PARA - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported $0.29 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $7.19 billion during the quarter, compared to analyst estimates of $7.14 billion. During the same period last year, the business earned $0.62 earnings per share. The business's revenue was down 6.4% on a year-over-year basis. On average, 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 will be paid on Tuesday, July 1st. Investors of record on Monday, June 16th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.20 dividend on an annualized basis and a yield of 1.68%. Paramount Global's payout ratio is currently -2.43%.

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.