Paramount Global (NASDAQ:PARA) Shares Sold by Elevation Point Wealth Partners LLC

Elevation Point Wealth Partners LLC trimmed its holdings in Paramount Global (NASDAQ:PARA - Free Report) by 10.5% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 294,557 shares of the company's stock after selling 34,382 shares during the quarter. Elevation Point Wealth Partners LLC's holdings in Paramount Global were worth $3,523,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Ossiam boosted its position in shares of Paramount Global by 57.2% in the 4th quarter. Ossiam now owns 2,810 shares of the company's stock valued at $29,000 after purchasing an additional 1,022 shares during the period. Mitchell & Pahl Private Wealth LLC lifted its stake in Paramount Global by 2.3% in the first quarter. Mitchell & Pahl Private Wealth LLC now owns 51,913 shares of the company's stock valued at $621,000 after buying an additional 1,143 shares during the last quarter. Allworth Financial LP boosted its holdings 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 during the period. Treasurer of the State of North Carolina grew its position in shares of Paramount Global by 0.6% during the fourth quarter. Treasurer of the State of North Carolina now owns 260,198 shares of the company's stock worth $2,722,000 after acquiring an additional 1,640 shares during the last quarter. Finally, Norinchukin Bank The increased its holdings in shares of Paramount Global by 6.8% in 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. 73.00% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have issued reports on PARA shares. Guggenheim reissued a "buy" rating and set a $14.00 price objective on shares of Paramount Global in a research report on Thursday, February 27th. Needham & Company LLC reissued a "hold" rating on shares of Paramount Global in a report on Thursday, February 27th. Deutsche Bank Aktiengesellschaft downgraded Paramount Global from a "buy" rating to a "hold" rating and set a $12.00 price objective for the company. in a research note on Wednesday, April 2nd. Wall Street Zen started coverage on Paramount Global in a research note on Saturday, May 17th. They issued a "hold" rating on the stock. Finally, UBS Group dropped their target price 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 investment 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's stock. According to data from MarketBeat, Paramount Global presently has a consensus rating of "Hold" and an average price target of $11.33.

Paramount Global Price Performance

NASDAQ:PARA traded down $0.02 during trading hours on Tuesday, hitting $11.97. The company's stock had a trading volume of 10,746,300 shares, compared to its average volume of 9,457,157. Paramount Global has a 52-week low of $9.54 and a 52-week high of $12.54. The company has a debt-to-equity ratio of 0.84, a quick ratio of 1.18 and a current ratio of 1.29. The business's 50-day moving average is $11.65 and its two-hundred day moving average is $11.27. The company has a market capitalization of $8.07 billion, a PE ratio of -1.45, a PEG ratio of 3.62 and a beta of 1.19.

Paramount Global (NASDAQ:PARA - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.29 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.27 by $0.02. The business had revenue of $7.19 billion during the quarter, compared to the consensus estimate of $7.14 billion. Paramount Global had a negative net margin of 19.09% and a positive return on equity of 4.80%. The business's revenue was down 6.4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.62 EPS. As a group, research analysts anticipate that Paramount Global will post 1.77 EPS for the current fiscal year.

Paramount Global Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Monday, June 16th will be given a dividend of $0.05 per share. The ex-dividend date is Monday, June 16th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.67%. Paramount Global's payout ratio is -2.43%.

About Paramount Global

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.