State of Alaska Department of Revenue Sells 6,160 Shares of Paramount Global (NASDAQ:PARA)

Posted by on Mar 25th, 2023

State of Alaska Department of Revenue lessened its stake in Paramount Global (NASDAQ:PARA – Get Rating) by 3.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 188,619 shares of the company’s stock after selling 6,160 shares during the period. State of Alaska Department of Revenue’s holdings in Paramount Global were worth $3,183,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in PARA. North Star Investment Management Corp. lifted its stake in shares of Paramount Global by 28.9% in the fourth quarter. North Star Investment Management Corp. now owns 219,695 shares of the company’s stock worth $3,708,000 after acquiring an additional 49,284 shares during the period. Accurate Wealth Management LLC acquired a new position in shares of Paramount Global in the 4th quarter worth approximately $41,000. Coldstream Capital Management Inc. bought a new stake in shares of Paramount Global in the 4th quarter valued at $250,000. Grandview Asset Management LLC increased its position in shares of Paramount Global by 63.7% during the fourth quarter. Grandview Asset Management LLC now owns 45,990 shares of the company’s stock worth $776,000 after buying an additional 17,900 shares during the period. Finally, Yousif Capital Management LLC increased its position in shares of Paramount Global by 13.2% during the fourth quarter. Yousif Capital Management LLC now owns 95,362 shares of the company’s stock worth $1,610,000 after buying an additional 11,097 shares during the period. Institutional investors and hedge funds own 74.13% of the company’s stock.

Paramount Global Trading Down 2.5 %

NASDAQ:PARA opened at $20.23 on Friday. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.23 and a quick ratio of 1.11. Paramount Global has a one year low of $15.29 and a one year high of $39.21. The company has a market cap of $13.13 billion, a PE ratio of 12.64, a PEG ratio of 3.71 and a beta of 1.63. The firm has a 50-day moving average of $21.86 and a 200-day moving average of $20.07.

Paramount Global (NASDAQ:PARA – Get Rating) last issued its quarterly earnings data on Thursday, February 16th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.10). The company had revenue of $8.13 billion for the quarter, compared to the consensus estimate of $8.16 billion. Paramount Global had a return on equity of 5.03% and a net margin of 3.66%. The business’s revenue for the quarter was up 1.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.26 earnings per share. As a group, equities research analysts expect that Paramount Global will post 0.65 EPS for the current fiscal year.

Paramount Global Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 3rd. Investors of record on Monday, March 20th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 4.75%. The ex-dividend date of this dividend is Friday, March 17th. Paramount Global’s payout ratio is currently 60.00%.

Analysts Set New Price Targets

A number of analysts have commented on PARA shares. Needham & Company LLC upped their price target on shares of Paramount Global from $23.00 to $28.00 and gave the company a “buy” rating in a research report on Friday, February 17th. Benchmark restated a “buy” rating and set a $31.00 target price on shares of Paramount Global in a research report on Wednesday, February 15th. Rosenblatt Securities reiterated a “sell” rating and issued a $13.00 target price on shares of Paramount Global in a report on Wednesday. Loop Capital lowered Paramount Global from a “hold” rating to a “sell” rating and dropped their price target for the company from $30.00 to $14.00 in a research note on Friday, December 23rd. Finally, StockNews.com initiated coverage on shares of Paramount Global in a research report on Thursday, March 16th. They set a “sell” rating for the company. Eleven investment analysts have rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $21.86.

About Paramount Global

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Paramount Global operates as a mass media company, which creates and distributes content across a variety of platforms to audiences around the world. It operates its business through the following segments: Entertainment, Cable Networks, Publishing, and Local Media. The Entertainment segment is composed of the CBS Television Network, CBS Television Studios, CBS Studios International, CBS Television Distribution, CBS Interactive, and CBS Films, as well as the company’s digital streaming services, CBS All Access and CBSN.

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Institutional Ownership by Quarter for Paramount Global (NASDAQ:PARA)

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