Royal Bank of Canada Sells 99,829 Shares of Paramount Global (NASDAQ:PARA)

Royal Bank of Canada trimmed its holdings in shares of Paramount Global (NASDAQ:PARA - Free Report) by 6.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,483,041 shares of the company's stock after selling 99,829 shares during the period. Royal Bank of Canada owned approximately 0.22% of Paramount Global worth $15,513,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Allworth Financial LP increased its stake in Paramount Global by 140.1% during the 4th quarter. Allworth Financial LP now owns 2,391 shares of the company's stock valued at $25,000 after buying an additional 1,395 shares during the period. Ossiam increased its stake in shares of Paramount Global by 57.2% during the fourth quarter. Ossiam now owns 2,810 shares of the company's stock valued at $29,000 after acquiring an additional 1,022 shares during the period. Mountain Hill Investment Partners Corp. acquired a new position in shares of Paramount Global during the fourth quarter valued at approximately $31,000. Rakuten Securities Inc. increased its position in shares of Paramount Global by 187.8% during the 4th quarter. Rakuten Securities Inc. now owns 3,094 shares of the company's stock valued at $32,000 after purchasing an additional 2,019 shares during the period. Finally, Atlas Capital Advisors Inc. acquired a new position in shares of Paramount Global during the 4th quarter valued at $35,000. 73.00% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PARA has been the topic of a number of research analyst reports. Citigroup reaffirmed a "neutral" rating and set a $12.00 target price (down from $13.00) on shares of Paramount Global in a report on Thursday. UBS Group lowered their price objective on shares of Paramount Global from $11.00 to $10.00 and set a "sell" rating on the stock in a research note on Tuesday, April 15th. Wall Street Zen initiated coverage on shares of Paramount Global in a research note on Saturday, May 17th. They issued a "hold" rating on the stock. Needham & Company LLC restated a "hold" rating on shares of Paramount Global in a research report on Thursday, February 27th. Finally, Deutsche Bank Aktiengesellschaft lowered shares of Paramount Global from a "buy" rating to a "hold" rating and set a $12.00 price target on the stock. in a research report on Wednesday, April 2nd. Six equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $11.54.

Paramount Global Price Performance

Shares of Paramount Global stock remained flat at $12.18 on Friday. 9,096,232 shares of the stock traded hands, compared to its average volume of 10,067,721. The stock's 50-day moving average is $11.50 and its 200-day moving average is $11.17. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.10 and a current ratio of 1.27. Paramount Global has a fifty-two week low of $9.54 and a fifty-two week high of $13.05. The company has a market cap of $8.17 billion, a P/E ratio of -1.48, a PEG ratio of 1.68 and a beta of 1.25.

Paramount Global (NASDAQ:PARA - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.27 by $0.02. The business 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 firm's quarterly revenue was down 6.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.62 EPS. Equities research analysts anticipate that Paramount Global will post 1.77 EPS for the current year.

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.