Readystate Asset Management LP Trims Stock Position in Paramount Global (NASDAQ:PARA)

Readystate Asset Management LP cut its holdings in Paramount Global (NASDAQ:PARA - Free Report) by 29.7% during the first quarter, according to the company in its most recent Form 13F 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 about 0.12% of Paramount Global worth $9,547,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank purchased a new stake in shares of Paramount Global in the fourth quarter valued at about $45,202,000. Slate Path Capital LP raised its stake 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 worth $131,650,000 after purchasing an additional 3,741,000 shares during the period. Two Sigma Investments LP purchased a new position in Paramount Global during the fourth quarter worth approximately $21,229,000. New Age Alpha Advisors LLC acquired a new stake in shares of Paramount Global in the fourth quarter worth $20,292,000. Finally, SG Americas Securities LLC increased its position in shares of Paramount Global by 435.8% in the first quarter. SG Americas Securities LLC now owns 1,428,254 shares of the company's stock worth $17,082,000 after acquiring an additional 1,161,696 shares in the last quarter. 73.00% of the stock is currently owned by institutional investors and hedge funds.

Paramount Global Price Performance

NASDAQ PARA traded up $0.06 on Tuesday, hitting $13.09. 759,803 shares of the company were exchanged, compared to its average volume of 8,766,898. The company has a current ratio of 1.29, a quick ratio of 1.18 and a debt-to-equity ratio of 0.84. Paramount Global has a 1-year low of $9.95 and a 1-year high of $13.29. The company has a market cap of $8.82 billion, a P/E ratio of -1.59, a P/E/G ratio of 3.93 and a beta of 1.19. The firm has a 50 day moving average of $12.28 and a two-hundred day moving average of $11.57.

Paramount Global (NASDAQ:PARA - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $7.14 billion. During the same period in the prior year, the business earned $0.62 EPS. Paramount Global's revenue for the quarter was down 6.4% compared to the same quarter last year. 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 disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Monday, June 16th were given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.53%. The ex-dividend date of this dividend was Monday, June 16th. Paramount Global's payout ratio is -2.43%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Morgan Stanley reduced their price target on shares of Paramount Global from $11.00 to $10.00 and set an "underweight" rating on the stock in a research report on Tuesday, May 6th. Deutsche Bank Aktiengesellschaft cut shares of Paramount Global from a "buy" rating to a "hold" rating and set a $12.00 price objective on the stock. in a research note on Wednesday, April 2nd. Guggenheim reissued a "buy" rating and issued a $14.00 target price on shares of Paramount Global in a research report on Thursday, June 26th. UBS Group decreased their price target on shares of Paramount Global from $11.00 to $10.00 and set a "sell" rating for the company in a report on Tuesday, April 15th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Paramount Global from $11.00 to $10.00 and set an "underweight" rating for the company in a research note on Wednesday, May 21st. Four investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $11.67.

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.

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