Neo Ivy Capital Management Sells 199,324 Shares of Paramount Global (NASDAQ:PARA)

Neo Ivy Capital Management lessened its stake in shares of Paramount Global (NASDAQ:PARA - Free Report) by 85.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 34,416 shares of the company's stock after selling 199,324 shares during the quarter. Neo Ivy Capital Management's holdings in Paramount Global were worth $359,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Charles Schwab Investment Management Inc. grew its holdings in Paramount Global by 4.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,743,123 shares of the company's stock worth $80,993,000 after acquiring an additional 348,298 shares in the last quarter. Wilsey Asset Management Inc. increased its stake in Paramount Global by 16.2% during the 4th quarter. Wilsey Asset Management Inc. now owns 1,902,332 shares of the company's stock valued at $19,898,000 after buying an additional 265,408 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Paramount Global by 24.7% in the fourth quarter. Bank of New York Mellon Corp now owns 4,586,288 shares of the company's stock valued at $47,973,000 after buying an additional 908,515 shares during the period. Raymond James Financial Inc. purchased a new stake in Paramount Global in the 4th quarter worth about $5,457,000. Finally, Amundi increased its stake in Paramount Global by 10.1% in the 4th quarter. Amundi now owns 1,655,784 shares of the company's stock valued at $17,618,000 after buying an additional 152,026 shares during the period. Hedge funds and other institutional investors own 73.00% of the company's stock.

Paramount Global Stock Performance

Shares of NASDAQ:PARA traded down $0.05 on Thursday, reaching $12.05. 2,455,824 shares of the company's stock were exchanged, compared to its average volume of 10,145,087. Paramount Global has a twelve month low of $9.54 and a twelve month high of $13.05. The company has a fifty day moving average of $11.48 and a 200-day moving average of $11.16. The company has a market capitalization of $8.08 billion, a price-to-earnings ratio of -1.46, a PEG ratio of 1.68 and a beta of 1.25. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.85.

Paramount Global (NASDAQ:PARA - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.02. The firm had revenue of $7.19 billion during the quarter, compared to analysts' expectations of $7.14 billion. Paramount Global had a positive return on equity of 5.81% and a negative net margin of 18.89%. The company's quarterly revenue was down 6.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.62 EPS. On average, research analysts predict that Paramount Global will post 1.77 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on PARA shares. Citigroup reiterated a "neutral" rating and issued a $12.00 price objective (down from $13.00) on shares of Paramount Global in a report on Thursday. Wall Street Zen started coverage on shares of Paramount Global in a research report on Saturday, May 17th. They issued a "hold" rating on the stock. Needham & Company LLC reissued a "hold" rating on shares of Paramount Global in a report on Thursday, February 27th. Guggenheim reissued a "buy" rating and issued a $14.00 price target on shares of Paramount Global in a research note on Thursday, February 27th. Finally, Morgan Stanley decreased 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 Tuesday, May 6th. Six analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $11.54.

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.