KLP Kapitalforvaltning AS Decreases Holdings in Paramount Global (NASDAQ:PARA)

KLP Kapitalforvaltning AS cut its stake in Paramount Global (NASDAQ:PARA) by 4.2% during the 1st quarter, HoldingsChannel reports. The firm owned 115,300 shares of the company’s stock after selling 5,100 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in Paramount Global were worth $1,384,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Norges Bank purchased a new stake in shares of Paramount Global in the fourth quarter worth about $45,202,000. Slate Path Capital LP boosted its holdings in Paramount Global by 42.3% in the 4th quarter. Slate Path Capital LP now owns 12,586,000 shares of the company’s stock worth $131,650,000 after acquiring an additional 3,741,000 shares during the period. Two Sigma Investments LP acquired a new stake in Paramount Global in the fourth quarter valued at approximately $21,229,000. SG Americas Securities LLC raised its stake in shares of Paramount Global by 435.8% during the first quarter. SG Americas Securities LLC now owns 1,428,254 shares of the company’s stock valued at $17,082,000 after purchasing an additional 1,161,696 shares during the period. Finally, Invesco Ltd. raised its stake in shares of 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 period. Institutional investors and hedge funds own 73.00% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PARA. Needham & Company LLC restated a “hold” rating on shares of Paramount Global in a research note on Tuesday, July 22nd. Deutsche Bank Aktiengesellschaft cut shares of Paramount Global from a “buy” rating to a “hold” rating and set a $12.00 price objective for the company. in a research report on Wednesday, April 2nd. Guggenheim restated a “buy” rating and set a $14.00 target price on shares of Paramount Global in a research note on Thursday, June 26th. Loop Capital boosted their price target on Paramount Global from $10.00 to $11.00 and gave the stock a “sell” rating in a research note on Friday. Finally, Wall Street Zen initiated coverage on Paramount Global in a report on Saturday, May 17th. They issued a “hold” rating for the company. Five research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Paramount Global currently has a consensus rating of “Hold” and a consensus price target of $11.60.

Paramount Global Stock Performance

Shares of PARA stock opened at $13.05 on Monday. The stock has a market capitalization of $8.80 billion, a price-to-earnings ratio of -1.59, a PEG ratio of 3.95 and a beta of 1.19. Paramount Global has a one year low of $9.95 and a one year high of $13.59. The company’s 50-day simple moving average is $12.40 and its 200-day simple moving average is $11.66. The company has a debt-to-equity ratio of 0.84, a quick ratio of 1.18 and a current ratio of 1.29.

Paramount Global (NASDAQ:PARA) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.02. The firm had revenue of $7.19 billion for 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 revenue for the quarter was down 6.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.62 earnings per share. Equities analysts anticipate that Paramount Global will post 1.77 earnings per share for the current fiscal year.

Paramount Global Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Monday, June 16th were paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.53%. The ex-dividend date was Monday, June 16th. Paramount Global’s dividend payout ratio (DPR) is presently -2.43%.

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.