Readystate Asset Management LP Sells 337,886 Shares of Paramount Global (NASDAQ:PARA)

Readystate Asset Management LP cut its position in shares of Paramount Global (NASDAQ:PARA - Free Report) by 29.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 798,220 shares of the company's stock after selling 337,886 shares during the quarter. Readystate Asset Management LP owned 0.12% of Paramount Global worth $9,547,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Paramount Global by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 67,040,366 shares of the company's stock valued at $701,242,000 after buying an additional 761,561 shares in the last quarter. Invesco Ltd. boosted its position in Paramount Global by 5.7% during the fourth quarter. Invesco Ltd. now owns 20,593,954 shares of the company's stock valued at $215,413,000 after purchasing an additional 1,119,314 shares during the last quarter. Geode Capital Management LLC boosted its position in Paramount Global by 4.9% during the fourth quarter. Geode Capital Management LLC now owns 15,567,531 shares of the company's stock valued at $162,731,000 after purchasing an additional 724,565 shares during the last quarter. Ariel Investments LLC boosted its position in Paramount Global by 3.2% during the fourth quarter. Ariel Investments LLC now owns 14,663,907 shares of the company's stock valued at $153,384,000 after purchasing an additional 460,539 shares during the last quarter. Finally, Slate Path Capital LP boosted its position in Paramount Global by 42.3% during the fourth quarter. Slate Path Capital LP now owns 12,586,000 shares of the company's stock valued at $131,650,000 after purchasing an additional 3,741,000 shares during the last quarter. 73.00% of the stock is currently owned by institutional investors and hedge funds.

Paramount Global Trading Up 0.7%

PARA traded up $0.09 during mid-day trading on Wednesday, reaching $13.20. The stock had a trading volume of 4,885,109 shares, compared to its average volume of 8,775,277. The stock has a market capitalization of $8.90 billion, a P/E ratio of -1.60, a P/E/G ratio of 3.97 and a beta of 1.19. The company has a debt-to-equity ratio of 0.84, a quick ratio of 1.18 and a current ratio of 1.29. The firm's fifty day simple moving average is $12.32 and its two-hundred day simple moving average is $11.60. Paramount Global has a 52 week low of $9.95 and a 52 week high of $13.29.

Paramount Global (NASDAQ:PARA - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.02. Paramount Global had a positive return on equity of 4.80% and a negative net margin of 19.09%. The business 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 earned $0.62 EPS. The firm's revenue was down 6.4% on a year-over-year basis. On average, equities analysts predict that Paramount Global will post 1.77 EPS for the current year.

Paramount Global Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Monday, June 16th were paid a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.52%. The ex-dividend date was Monday, June 16th. Paramount Global's payout ratio is presently -2.43%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Citigroup reaffirmed a "neutral" rating and issued 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 lowered their price target on Paramount Global from $11.00 to $10.00 and set an "underweight" rating on the stock in a research note on Tuesday, May 6th. JPMorgan Chase & Co. lowered their price target on Paramount Global from $11.00 to $10.00 and set an "underweight" rating on the stock in a research note on Wednesday, May 21st. Benchmark lowered their price objective on Paramount Global from $19.00 to $16.00 and set a "buy" rating on the stock in a research note on Tuesday, May 6th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Paramount Global in a research note on Tuesday. Four equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price 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.