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

Elevation Point Wealth Partners LLC lowered its stake in Paramount Global (NASDAQ:PARA - Free Report) by 10.5% during the 1st quarter, according to the company in its most recent filing 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 have also bought and sold shares of the stock. Yousif Capital Management LLC raised its position in Paramount Global by 7.5% in the 4th quarter. Yousif Capital Management LLC now owns 123,203 shares of the company's stock worth $1,289,000 after purchasing an additional 8,629 shares during the period. Empowered Funds LLC increased its position in shares of Paramount Global by 442.6% during the fourth quarter. Empowered Funds LLC now owns 58,253 shares of the company's stock worth $609,000 after acquiring an additional 47,518 shares during the period. Savant Capital LLC raised its stake in shares of Paramount Global by 53.0% during the fourth quarter. Savant Capital LLC now owns 58,240 shares of the company's stock valued at $609,000 after acquiring an additional 20,163 shares in the last quarter. New Mexico Educational Retirement Board boosted its stake in Paramount Global by 17.4% in the 4th quarter. New Mexico Educational Retirement Board now owns 28,399 shares of the company's stock worth $297,000 after purchasing an additional 4,200 shares in the last quarter. Finally, Allworth Financial LP grew its position in Paramount Global by 140.1% during the 4th quarter. Allworth Financial LP now owns 2,391 shares of the company's stock worth $25,000 after purchasing an additional 1,395 shares during the last quarter. Hedge funds and other institutional investors own 73.00% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Wall Street Zen initiated coverage on Paramount Global in a research note on Saturday, May 17th. 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 target price on Paramount Global from $19.00 to $16.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. Guggenheim reissued a "buy" rating and set a $14.00 target price on shares of Paramount Global in a research note on Thursday, February 27th. 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, May 21st. Six equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $11.33.

Paramount Global Price Performance

Paramount Global stock traded down $0.05 during midday trading on Friday, reaching $11.89. The company's stock had a trading volume of 5,725,066 shares, compared to its average volume of 9,493,070. Paramount Global has a fifty-two week low of $9.54 and a fifty-two week high of $12.54. 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 stock's 50 day simple moving average is $11.60 and its 200 day simple moving average is $11.25. The firm has a market capitalization of $8.02 billion, a PE ratio of -1.45, a P/E/G ratio of 1.68 and a beta of 1.19.

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, beating analysts' consensus estimates of $0.27 by $0.02. Paramount Global had a positive return on equity of 5.81% and a negative net margin of 18.89%. The company had revenue of $7.19 billion during the quarter, compared to the consensus estimate of $7.14 billion. During the same quarter last year, the company earned $0.62 earnings per share. Paramount Global's quarterly revenue was down 6.4% compared to the same quarter last year. On average, equities research analysts forecast that Paramount Global will post 1.77 earnings per share for the current year.

Paramount Global Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Monday, June 16th will be paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.68%. The ex-dividend date of this dividend is Monday, June 16th. Paramount Global's dividend payout ratio (DPR) is presently -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.