Invesco Ltd. Sells 2,114,753 Shares of Paramount Global (NASDAQ:PARA)

Invesco Ltd. decreased its position in Paramount Global (NASDAQ:PARA - Free Report) by 10.3% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 18,479,201 shares of the company's stock after selling 2,114,753 shares during the quarter. Invesco Ltd. owned approximately 2.76% of Paramount Global worth $221,011,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of PARA. Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in shares of Paramount Global by 8.0% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 12,259 shares of the company's stock valued at $147,000 after acquiring an additional 907 shares during the period. Ossiam grew its stake in Paramount Global by 57.2% during the 4th quarter. Ossiam now owns 2,810 shares of the company's stock worth $29,000 after buying an additional 1,022 shares during the last quarter. Mitchell & Pahl Private Wealth LLC grew its stake in Paramount Global by 2.3% during the 1st quarter. Mitchell & Pahl Private Wealth LLC now owns 51,913 shares of the company's stock worth $621,000 after buying an additional 1,143 shares during the last quarter. SOL Capital Management CO lifted its position in Paramount Global by 0.7% during the 1st quarter. SOL Capital Management CO now owns 181,874 shares of the company's stock worth $2,175,000 after acquiring an additional 1,270 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of Paramount Global by 4.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 33,372 shares of the company's stock valued at $391,000 after buying an additional 1,359 shares during the period. Hedge funds and other institutional investors own 73.00% of the company's stock.

Analyst Ratings Changes

Several brokerages recently weighed in on PARA. Citigroup restated a "neutral" rating and issued a $12.00 price target (down previously from $13.00) on shares of Paramount Global in a research note on Thursday, May 29th. Benchmark lowered their price objective on Paramount Global from $19.00 to $16.00 and set a "buy" rating for the company in a research report on Tuesday, May 6th. Needham & Company LLC reiterated a "hold" rating on shares of Paramount Global in a research report on Tuesday, July 22nd. Loop Capital increased their price objective on Paramount Global from $10.00 to $11.00 and gave the company a "sell" rating in a research note on Friday, July 25th. Finally, Wells Fargo & Company cut their price target on Paramount Global from $12.00 to $10.00 and set an "underweight" rating on the stock in a research note on Friday, August 1st. Seven analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $11.70.

Paramount Global Price Performance

PARA stock remained flat at $11.04 during trading on Friday. Paramount Global has a 1 year low of $9.95 and a 1 year high of $13.59. The company has a market capitalization of $7.44 billion, a P/E ratio of -367.88, a price-to-earnings-growth ratio of 3.07 and a beta of 1.17. The company has a 50 day moving average of $12.37 and a 200-day moving average of $11.77. The company has a current ratio of 1.39, a quick ratio of 1.21 and a debt-to-equity ratio of 0.83.

Paramount Global (NASDAQ:PARA - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.37 by $0.09. The company had revenue of $6.85 billion during the quarter, compared to analysts' expectations of $6.88 billion. Paramount Global had a negative net margin of 0.05% and a positive return on equity of 4.51%. Paramount Global's revenue was up .5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.54 EPS. On average, equities research analysts expect that Paramount Global will post 1.77 EPS for the current year.

Paramount Global Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Monday, June 16th were given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Monday, June 16th. Paramount Global's dividend payout ratio is -666.67%.

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.