Centre Asset Management LLC Has $11.92 Million Holdings in Paramount Global (NASDAQ:PARA)

Centre Asset Management LLC reduced its position in shares of Paramount Global (NASDAQ:PARA - Free Report) by 6.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 996,892 shares of the company's stock after selling 72,824 shares during the period. Paramount Global comprises approximately 3.1% of Centre Asset Management LLC's holdings, making the stock its 6th largest holding. Centre Asset Management LLC owned about 0.15% of Paramount Global worth $11,923,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Wellington Management Group LLP increased its position in Paramount Global by 83.0% in the fourth quarter. Wellington Management Group LLP now owns 187,453 shares of the company's stock worth $1,961,000 after buying an additional 85,047 shares during the period. Mattson Financial Services LLC acquired a new stake in Paramount Global in the fourth quarter worth $28,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Paramount Global in the fourth quarter worth $911,000. B. Riley Wealth Advisors Inc. increased its position in Paramount Global by 24.7% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 12,695 shares of the company's stock worth $133,000 after buying an additional 2,512 shares during the period. Finally, Voloridge Investment Management LLC acquired a new stake in Paramount Global in the fourth quarter worth $5,688,000. 73.00% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have weighed in on PARA shares. 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 research report on Tuesday, April 15th. Morgan Stanley dropped their target price on Paramount Global from $11.00 to $10.00 and set an "underweight" rating on the stock in a research report on Tuesday, May 6th. Wall Street Zen began coverage on Paramount Global in a research report on Saturday, May 17th. They issued a "hold" rating on the stock. Citigroup reissued a "neutral" rating and set a $12.00 price target (down from $13.00) on shares of Paramount Global in a report on Thursday. Finally, Deutsche Bank Aktiengesellschaft lowered Paramount Global from a "buy" rating to a "hold" rating and set a $12.00 price target on the stock. in a report on Wednesday, April 2nd. Six investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Paramount Global has a consensus rating of "Hold" and a consensus price target of $11.54.

Paramount Global Stock Performance

PARA stock remained flat at $12.18 during trading hours on Friday. The company had a trading volume of 9,096,232 shares, compared to its average volume of 10,067,721. The firm has a 50 day moving average of $11.50 and a 200-day moving average of $11.17. Paramount Global has a fifty-two week low of $9.54 and a fifty-two week high of $13.05. The firm has a market capitalization of $8.21 billion, a P/E ratio of -1.48, a P/E/G 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 earnings results 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. Paramount Global had a positive return on equity of 5.81% and a negative net margin of 18.89%. The business had revenue of $7.19 billion during the quarter, compared to analysts' expectations of $7.14 billion. During the same quarter last year, the business posted $0.62 earnings per share. The company's quarterly revenue was down 6.4% on a year-over-year basis. Analysts forecast that Paramount Global will post 1.77 earnings per share for the current year.

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.