Monaco Asset Management SAM Sells 75,000 Shares of Paramount Global (NASDAQ:PARA)

Key Points

• Monaco Asset Management SAM has reduced its stake in Paramount Global by 7.7%, now owning 900,000 shares, making it the firm's 7th largest position.
• Paramount Global recently reported $0.29 EPS for the quarter, beating estimates and showing a 6.4% year-over-year decline in quarterly revenue.
• The firm announced a quarterly dividend of $0.05 per share, resulting in an annual yield of 1.50%, with a current dividend payout ratio of -2.43%.

Monaco Asset Management SAM reduced its position in Paramount Global (NASDAQ:PARA - Free Report) by 7.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 900,000 shares of the company's stock after selling 75,000 shares during the quarter. Paramount Global makes up about 2.2% of Monaco Asset Management SAM's investment portfolio, making the stock its 7th largest holding. Monaco Asset Management SAM owned approximately 0.13% of Paramount Global worth $10,764,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of PARA. Mattson Financial Services LLC bought a new stake in Paramount Global during the 4th quarter valued at $28,000. Ossiam lifted its stake in shares of Paramount Global by 57.2% during the 4th quarter. Ossiam now owns 2,810 shares of the company's stock worth $29,000 after purchasing an additional 1,022 shares during the last quarter. Atlas Capital Advisors Inc. bought a new stake in Paramount Global during the fourth quarter valued at about $35,000. Resona Asset Management Co. Ltd. purchased a new position in Paramount Global in the fourth quarter valued at about $36,000. Finally, Canada Post Corp Registered Pension Plan bought a new position in Paramount Global in the fourth quarter worth about $45,000. 73.00% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

PARA has been the subject of a number of analyst reports. Benchmark decreased their target price on shares of Paramount Global from $19.00 to $16.00 and set a "buy" rating for the company in a research report on Tuesday, May 6th. Guggenheim restated a "buy" rating and set a $14.00 price target on shares of Paramount Global in a research note on Thursday, June 26th. UBS Group decreased their price objective on shares of Paramount Global from $11.00 to $10.00 and set a "sell" rating for the company in a research note on Tuesday, April 15th. Wall Street Zen started coverage on shares of Paramount Global in a research report on Saturday, May 17th. They set a "hold" rating for the company. Finally, Seaport Res Ptn cut shares of Paramount Global from a "hold" rating to a "strong sell" rating in a research report on Monday. Seven analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $11.70.

Paramount Global Trading Up 3.5%

Shares of PARA traded up $0.44 during trading on Friday, reaching $13.01. 9,686,336 shares of the company traded hands, compared to its average volume of 8,986,391. Paramount Global has a twelve month low of $9.95 and a twelve month high of $13.59. The stock has a market cap of $8.77 billion, a PE ratio of -1.58, a price-to-earnings-growth ratio of 4.08 and a beta of 1.19. The stock has a 50-day simple moving average of $12.50 and a 200-day simple moving average of $11.71. The company has a quick ratio of 1.18, a current ratio of 1.29 and a debt-to-equity ratio of 0.84.

Paramount Global (NASDAQ:PARA - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $0.46 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.37 by $0.09. Paramount Global had a negative net margin of 19.09% and a positive return on equity of 4.80%. The company had revenue of $6.85 billion during the quarter, compared to the consensus estimate of $6.88 billion. During the same quarter in the previous year, the firm earned $0.54 earnings per share. The firm's quarterly revenue was up .5% on a year-over-year basis. On average, analysts anticipate that Paramount Global will post 1.77 earnings per share for the current year.

Paramount Global Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Monday, June 16th were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend was Monday, June 16th. Paramount Global's payout ratio is presently -2.43%.

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.