Paramount Global (NASDAQ:PARA) Shares Sold by Private Advisor Group LLC

Key Points

• Private Advisor Group LLC reduced its holdings in Paramount Global (NASDAQ:PARA) by 53.8%, now owning 24,884 shares valued at $298,000.
• Institutional investors currently hold 73.00% of Paramount Global's stock, with notable increases in holdings from firms like Hoertkorn Richard Charles and American Century Companies Inc.
• Paramount Global's recent earnings report showed an EPS of $0.46, beating estimates, but their revenue of $6.85 billion fell short of the expected $6.88 billion.

Private Advisor Group LLC lessened its holdings in shares of Paramount Global (NASDAQ:PARA - Free Report) by 53.8% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 24,884 shares of the company's stock after selling 28,938 shares during the period. Private Advisor Group LLC's holdings in Paramount Global were worth $298,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of PARA. Hoertkorn Richard Charles boosted its position in Paramount Global by 10.2% during the 1st quarter. Hoertkorn Richard Charles now owns 252,485 shares of the company's stock valued at $3,020,000 after purchasing an additional 23,419 shares during the period. Teacher Retirement System of Texas bought a new stake in Paramount Global in the first quarter valued at $1,040,000. American Century Companies Inc. boosted its holdings in shares of Paramount Global by 29.2% during the fourth quarter. American Century Companies Inc. now owns 174,995 shares of the company's stock valued at $1,830,000 after acquiring an additional 39,572 shares during the period. Yakira Capital Management Inc. bought a new position in shares of Paramount Global during the fourth quarter worth about $1,315,000. Finally, Invesco Ltd. increased its holdings in shares of Paramount Global by 5.7% in the 4th quarter. Invesco Ltd. now owns 20,593,954 shares of the company's stock worth $215,413,000 after acquiring an additional 1,119,314 shares during the period. Institutional investors and hedge funds own 73.00% of the company's stock.

Analyst Ratings Changes

A number of research firms have issued reports on PARA. Citigroup reissued a "neutral" rating and set a $12.00 target price (down from $13.00) on shares of Paramount Global in a research note on Thursday, May 29th. Seaport Res Ptn lowered Paramount Global from a "hold" rating to a "strong sell" rating in a report on Monday, July 28th. JPMorgan Chase & Co. lowered 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 Wednesday, May 21st. Wall Street Zen assumed coverage on Paramount Global in a research report on Saturday, May 17th. They set a "hold" rating for the company. Finally, Loop Capital increased their price target on Paramount Global from $10.00 to $11.00 and gave the stock a "sell" rating in a research note on Friday, July 25th. Seven equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $11.70.

Paramount Global Trading Up 3.5%

Shares of PARA stock opened at $13.01 on Friday. The stock has a 50-day simple moving average of $12.52 and a 200 day simple moving average of $11.73. The stock has a market capitalization of $8.77 billion, a P/E ratio of -433.52, a P/E/G ratio of 3.86 and a beta of 1.19. Paramount Global has a fifty-two week low of $9.95 and a fifty-two week high of $13.59. 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 posted its quarterly earnings data on Thursday, July 31st. The company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.09. The company had revenue of $6.85 billion during the quarter, compared to analyst estimates of $6.88 billion. Paramount Global had a negative net margin of 0.05% and a positive return on equity of 4.53%. The business's revenue for the quarter was up .5% on a year-over-year basis. During the same quarter last year, the firm posted $0.54 EPS. On average, sell-side analysts expect that Paramount Global will post 1.77 earnings per share for the current fiscal year.

Paramount Global Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Monday, June 16th were issued a $0.05 dividend. The ex-dividend date of this dividend was Monday, June 16th. This represents a $0.20 annualized dividend and a dividend yield of 1.5%. Paramount Global's dividend payout ratio is currently -666.67%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.