Wilsey Asset Management Inc. Reduces Holdings in Paramount Global (NASDAQ:PARA)

Wilsey Asset Management Inc. reduced its holdings in shares of Paramount Global (NASDAQ:PARA - Free Report) by 80.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 363,783 shares of the company's stock after selling 1,538,549 shares during the quarter. Paramount Global makes up 0.9% of Wilsey Asset Management Inc.'s investment portfolio, making the stock its 17th largest position. Wilsey Asset Management Inc. owned approximately 0.05% of Paramount Global worth $4,351,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PARA. Empowered Funds LLC lifted its position in shares of Paramount Global by 442.6% in the fourth quarter. Empowered Funds LLC now owns 58,253 shares of the company's stock valued at $609,000 after acquiring an additional 47,518 shares in the last quarter. Savant Capital LLC lifted its holdings in Paramount Global by 53.0% in the 4th quarter. Savant Capital LLC now owns 58,240 shares of the company's stock valued at $609,000 after purchasing an additional 20,163 shares in the last quarter. New Mexico Educational Retirement Board boosted its stake in shares of Paramount Global by 17.4% during the 4th quarter. New Mexico Educational Retirement Board now owns 28,399 shares of the company's stock worth $297,000 after purchasing an additional 4,200 shares during the last quarter. Allworth Financial LP boosted its stake in shares of Paramount Global by 140.1% during the 4th quarter. Allworth Financial LP now owns 2,391 shares of the company's stock worth $25,000 after purchasing an additional 1,395 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D grew its holdings in shares of Paramount Global by 3.0% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 237,966 shares of the company's stock worth $2,489,000 after buying an additional 6,839 shares in the last quarter. Institutional investors and hedge funds own 73.00% of the company's stock.

Paramount Global Trading Up 1.0%

PARA stock traded up $0.12 during midday trading on Monday, reaching $11.96. 877,989 shares of the company's stock traded hands, compared to its average volume of 9,458,990. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.27 and a quick ratio of 1.10. Paramount Global has a fifty-two week low of $9.54 and a fifty-two week high of $12.54. The business has a 50-day moving average price of $11.60 and a two-hundred day moving average price of $11.26. The company has a market capitalization of $8.06 billion, a P/E ratio of -1.45, a PEG ratio of 1.68 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 EPS 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 company had revenue of $7.19 billion for the quarter, compared to analyst estimates of $7.14 billion. During the same period last year, the company posted $0.62 earnings per share. The firm's revenue was down 6.4% compared to the same quarter last year. Equities research analysts forecast that Paramount Global will post 1.77 EPS for the current fiscal year.

Paramount Global Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Monday, June 16th will be given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.67%. The ex-dividend date is Monday, June 16th. Paramount Global's dividend payout ratio (DPR) is presently -2.43%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Guggenheim restated a "buy" rating and set a $14.00 target price on shares of Paramount Global in a research report on Thursday, February 27th. UBS Group lowered their price objective on Paramount Global from $11.00 to $10.00 and set a "sell" rating for the company in a research report on Tuesday, April 15th. JPMorgan Chase & Co. dropped 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 Wednesday, May 21st. Wall Street Zen assumed coverage on Paramount Global in a research note on Saturday, May 17th. They issued a "hold" rating on the stock. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Paramount Global in a research note on Thursday, February 27th. Six equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $11.33.

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.