Carret Asset Management LLC Reduces Holdings in Paramount Global (NASDAQ:PARA)

Carret Asset Management LLC reduced its holdings in shares of Paramount Global (NASDAQ:PARA) by 5.0% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 33,959 shares of the company’s stock after selling 1,800 shares during the period. Carret Asset Management LLC’s holdings in Paramount Global were worth $502,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of PARA. DnB Asset Management AS lifted its stake in shares of Paramount Global by 6.6% in the third quarter. DnB Asset Management AS now owns 106,114 shares of the company’s stock valued at $1,369,000 after purchasing an additional 6,526 shares during the period. SG Americas Securities LLC lifted its stake in shares of Paramount Global by 433.6% in the third quarter. SG Americas Securities LLC now owns 146,642 shares of the company’s stock valued at $1,892,000 after purchasing an additional 119,159 shares during the period. Caprock Group LLC acquired a new stake in shares of Paramount Global in the third quarter valued at about $633,000. Oak Thistle LLC acquired a new stake in shares of Paramount Global in the third quarter valued at about $253,000. Finally, Czech National Bank lifted its stake in shares of Paramount Global by 40.4% in the third quarter. Czech National Bank now owns 84,282 shares of the company’s stock valued at $1,087,000 after purchasing an additional 24,263 shares during the period. 73.00% of the stock is owned by hedge funds and other institutional investors.

Paramount Global Stock Down 2.4 %

Shares of NASDAQ PARA traded down $0.30 during trading on Thursday, reaching $12.38. 3,705,494 shares of the stock were exchanged, compared to its average volume of 18,920,672. The business’s 50-day moving average price is $11.50 and its 200 day moving average price is $12.88. Paramount Global has a twelve month low of $10.12 and a twelve month high of $24.00. The company has a quick ratio of 1.17, a current ratio of 1.32 and a debt-to-equity ratio of 0.63. The company has a market capitalization of $8.08 billion, a price-to-earnings ratio of -12.43, a price-to-earnings-growth ratio of 0.45 and a beta of 1.77.

Paramount Global (NASDAQ:PARA) last posted its earnings results on Wednesday, February 28th. The company reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.09. The business had revenue of $7.64 billion for the quarter, compared to analysts’ expectations of $7.80 billion. Paramount Global had a negative net margin of 2.05% and a positive return on equity of 1.78%. The business’s revenue for the quarter was down 6.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.08 earnings per share. As a group, equities analysts forecast that Paramount Global will post 1.2 EPS for the current fiscal year.

Paramount Global Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 17th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Monday, June 17th. This represents a $0.20 annualized dividend and a yield of 1.62%. Paramount Global’s dividend payout ratio is presently -19.61%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Redburn Atlantic downgraded shares of Paramount Global from a “neutral” rating to a “sell” rating and dropped their target price for the company from $17.00 to $11.00 in a report on Thursday, January 11th. StockNews.com upgraded shares of Paramount Global from a “sell” rating to a “hold” rating in a report on Wednesday, April 10th. Needham & Company LLC restated a “buy” rating and set a $15.00 target price on shares of Paramount Global in a report on Thursday, February 29th. Benchmark dropped their target price on shares of Paramount Global from $30.00 to $19.00 and set a “buy” rating for the company in a report on Thursday, February 29th. Finally, Moffett Nathanson upgraded shares of Paramount Global from a “sell” rating to a “neutral” rating and set a $13.00 target price for the company in a report on Tuesday, January 9th. Eight analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $13.79.

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.