Wealth Advisory Solutions LLC Cuts Stake in Paramount Global (NASDAQ:PARA)

Wealth Advisory Solutions LLC lessened its stake in Paramount Global (NASDAQ:PARA - Free Report) by 42.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 321,267 shares of the company's stock after selling 238,125 shares during the quarter. Paramount Global accounts for approximately 1.7% of Wealth Advisory Solutions LLC's holdings, making the stock its 20th biggest position. Wealth Advisory Solutions LLC's holdings in Paramount Global were worth $4,752,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. raised its position in Paramount Global by 15.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 13,299,798 shares of the company's stock worth $171,567,000 after buying an additional 1,767,173 shares during the last quarter. Ariel Investments LLC boosted its holdings in Paramount Global by 18.0% in the third quarter. Ariel Investments LLC now owns 11,330,850 shares of the company's stock worth $146,168,000 after purchasing an additional 1,731,714 shares during the last quarter. Simplex Trading LLC grew its position in Paramount Global by 200.3% in the 4th quarter. Simplex Trading LLC now owns 781,676 shares of the company's stock worth $11,560,000 after purchasing an additional 1,561,007 shares during the period. Invesco Ltd. raised its stake in Paramount Global by 9.4% during the 3rd quarter. Invesco Ltd. now owns 14,832,568 shares of the company's stock valued at $191,340,000 after buying an additional 1,272,851 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. purchased a new position in shares of Paramount Global in the 3rd quarter worth $8,850,000. Institutional investors own 73.00% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on PARA. Rosenblatt Securities reissued a "neutral" rating and issued a $13.00 target price on shares of Paramount Global in a research report on Tuesday, April 9th. Argus cut Paramount Global from a "hold" rating to a "sell" rating in a research report on Friday, May 3rd. Wolfe Research raised Paramount Global from an "underperform" rating to a "peer perform" rating in a research report on Thursday, April 4th. Needham & Company LLC downgraded shares of Paramount Global from a "buy" rating to a "hold" rating in a report on Tuesday, April 30th. Finally, Wells Fargo & Company dropped their price objective on Paramount Global from $15.00 to $14.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 30th. Nine equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $13.58.

Paramount Global Price Performance

NASDAQ PARA traded down $0.62 on Friday, hitting $12.02. 17,075,506 shares of the stock were exchanged, compared to its average volume of 19,704,715. Paramount Global has a 52-week low of $10.12 and a 52-week high of $17.50. The company has a quick ratio of 1.19, a current ratio of 1.29 and a debt-to-equity ratio of 0.65. The stock has a fifty day moving average price of $11.92 and a two-hundred day moving average price of $12.97.

Paramount Global (NASDAQ:PARA - Get Free Report) last released its quarterly earnings results on Monday, April 29th. The company reported $0.62 EPS for the quarter, topping analysts' consensus estimates of $0.34 by $0.28. The firm had revenue of $7.69 billion during the quarter, compared to analysts' expectations of $7.73 billion. Paramount Global had a negative net margin of 0.15% and a positive return on equity of 3.35%. The firm's revenue for the quarter was up 5.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.09 EPS. On average, sell-side analysts forecast that Paramount Global will post 1.32 earnings per share for the current year.

Paramount Global Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 17th will be issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 1.66%. The ex-dividend date is Monday, June 17th. Paramount Global's payout ratio is currently -133.32%.

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.

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