Wealth Enhancement Advisory Services LLC Trims Stake in Paramount Global (NASDAQ:PARA)

Wealth Enhancement Advisory Services LLC trimmed its holdings in shares of Paramount Global (NASDAQ:PARA - Free Report) by 47.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 41,388 shares of the company's stock after selling 37,109 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in Paramount Global were worth $495,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PARA. Contrarius Group Holdings Ltd purchased a new position in Paramount Global during the fourth quarter worth about $146,230,000. Norges Bank purchased a new position in Paramount Global during the fourth quarter worth about $45,202,000. Slate Path Capital LP grew 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 worth $131,650,000 after buying an additional 3,741,000 shares in the last quarter. Two Sigma Investments LP purchased a new position in Paramount Global during the fourth quarter worth about $21,229,000. Finally, New Age Alpha Advisors LLC purchased a new position in Paramount Global during the fourth quarter worth about $20,292,000. 73.00% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on PARA. Benchmark reduced their target price on Paramount Global from $19.00 to $16.00 and set a "buy" rating for the company in a research report on Tuesday, May 6th. UBS Group cut their price objective on Paramount Global from $11.00 to $10.00 and set a "sell" rating for the company in a report on Tuesday, April 15th. Wall Street Zen initiated coverage on Paramount Global in a report on Saturday, May 17th. They issued a "hold" rating for the company. Deutsche Bank Aktiengesellschaft cut Paramount Global from a "buy" rating to a "hold" rating and set a $12.00 price objective for the company. in a report on Wednesday, April 2nd. Finally, Citigroup reiterated a "neutral" rating and issued a $12.00 price objective (down from $13.00) on shares of Paramount Global in a report on Thursday, May 29th. Five equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, Paramount Global has an average rating of "Hold" and a consensus price target of $11.50.

Paramount Global Trading Up 0.5%

Shares of PARA stock opened at $12.90 on Friday. The stock has a market capitalization of $8.70 billion, a PE ratio of -1.57, a P/E/G ratio of 3.91 and a beta of 1.19. Paramount Global has a 1-year low of $9.95 and a 1-year high of $13.29. The business has a 50-day moving average of $12.04 and a 200 day moving average of $11.40. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.29 and a quick ratio of 1.18.

Paramount Global (NASDAQ:PARA - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.02. The company 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 4.80% and a negative net margin of 19.09%. Paramount Global's quarterly revenue was down 6.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.62 EPS. As a group, sell-side analysts anticipate that Paramount Global will post 1.77 earnings per share for the current year.

Paramount Global Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Monday, June 16th were issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.55%. The ex-dividend date was Monday, June 16th. Paramount Global's dividend payout ratio is presently -2.43%.

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.

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