Paramount Global (NASDAQ:PARA) Shares Sold by Greatmark Investment Partners Inc.

Greatmark Investment Partners Inc. reduced its stake in Paramount Global (NASDAQ:PARA - Free Report) by 74.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 31,975 shares of the company's stock after selling 95,435 shares during the period. Greatmark Investment Partners Inc.'s holdings in Paramount Global were worth $382,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in PARA. Contrarius Group Holdings Ltd purchased a new stake in Paramount Global during the 4th quarter worth $146,230,000. Norges Bank acquired a new stake in shares of Paramount Global during the fourth quarter valued at about $45,202,000. Slate Path Capital LP increased its position in shares of Paramount Global by 42.3% during the fourth quarter. Slate Path Capital LP now owns 12,586,000 shares of the company's stock worth $131,650,000 after acquiring an additional 3,741,000 shares during the last quarter. Two Sigma Investments LP acquired a new position in shares of Paramount Global in the fourth quarter worth about $21,229,000. Finally, New Age Alpha Advisors LLC purchased a new position in Paramount Global in the fourth quarter valued at about $20,292,000. 73.00% of the stock is owned by hedge funds and other institutional investors.

Paramount Global Stock Performance

NASDAQ PARA traded down $0.02 during trading hours on Friday, reaching $12.75. The company's stock had a trading volume of 4,082,526 shares, compared to its average volume of 8,835,811. The company has a current ratio of 1.29, a quick ratio of 1.18 and a debt-to-equity ratio of 0.84. The business has a 50-day simple moving average of $12.14 and a 200 day simple moving average of $11.48. Paramount Global has a 52 week low of $9.95 and a 52 week high of $13.29. The stock has a market cap of $8.60 billion, a PE ratio of -1.55, a PEG ratio of 3.86 and a beta of 1.19.

Paramount Global (NASDAQ:PARA - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported $0.29 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.27 by $0.02. The business had revenue of $7.19 billion during the quarter, compared to analyst estimates of $7.14 billion. Paramount Global had a positive return on equity of 4.80% and a negative net margin of 19.09%. The business's revenue for the quarter was down 6.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.62 EPS. Equities research analysts predict that Paramount Global will post 1.77 earnings per share for the current fiscal year.

Paramount Global Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Monday, June 16th were given a dividend of $0.05 per share. The ex-dividend date was Monday, June 16th. This represents a $0.20 annualized dividend and a dividend yield of 1.57%. Paramount Global's dividend payout ratio is currently -2.43%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft downgraded Paramount Global from a "buy" rating to a "hold" rating and set a $12.00 price objective on the stock. in a report on Wednesday, April 2nd. Benchmark decreased their price objective on shares of Paramount Global from $19.00 to $16.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. Citigroup reaffirmed a "neutral" rating and set a $12.00 price target (down previously from $13.00) on shares of Paramount Global in a research report on Thursday, May 29th. Morgan Stanley decreased their price target 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. Finally, Wall Street Zen initiated coverage on Paramount Global in a report on Saturday, May 17th. They issued a "hold" rating for the company. Four investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $11.67.

Paramount Global 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.