Raymond James Trust N.A. Lowers Stock Holdings in Paramount Global (NASDAQ:PARA)

Posted by Defense World Staff on Apr 26th, 2023

Raymond James Trust N.A. cut its holdings in shares of Paramount Global (NASDAQ:PARA – Get Rating) by 6.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 14,409 shares of the company’s stock after selling 941 shares during the quarter. Raymond James Trust N.A.’s holdings in Paramount Global were worth $243,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Nisa Investment Advisors LLC raised its stake in Paramount Global by 24.6% during the 4th quarter. Nisa Investment Advisors LLC now owns 228,625 shares of the company’s stock valued at $3,859,000 after purchasing an additional 45,137 shares during the period. Forsta AP Fonden lifted its holdings in shares of Paramount Global by 7.7% in the fourth quarter. Forsta AP Fonden now owns 207,200 shares of the company’s stock worth $3,498,000 after buying an additional 14,900 shares in the last quarter. Penobscot Wealth Management boosted its position in shares of Paramount Global by 3.5% during the fourth quarter. Penobscot Wealth Management now owns 18,803 shares of the company’s stock worth $318,000 after acquiring an additional 640 shares during the last quarter. Altfest L J & Co. Inc. purchased a new position in Paramount Global during the fourth quarter valued at $213,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Paramount Global by 45.7% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 247,492 shares of the company’s stock valued at $4,178,000 after acquiring an additional 77,658 shares during the last quarter. 74.13% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PARA has been the subject of several research reports. Needham & Company LLC reissued a “buy” rating and set a $28.00 price objective on shares of Paramount Global in a report on Friday, April 14th. Credit Suisse Group lifted their price objective on Paramount Global from $20.00 to $23.00 and gave the stock a “neutral” rating in a research note on Friday, February 17th. Benchmark reiterated a “buy” rating and set a $31.00 target price on shares of Paramount Global in a research report on Wednesday, February 15th. Guggenheim boosted their price target on shares of Paramount Global from $20.00 to $22.00 in a research report on Thursday, January 12th. Finally, Macquarie lowered shares of Paramount Global from a “neutral” rating to an “underperform” rating and set a $15.00 price objective for the company. in a research report on Tuesday, January 31st. Eleven research analysts have rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $22.45.

Paramount Global Trading Down 2.7 %

NASDAQ PARA opened at $21.97 on Wednesday. Paramount Global has a 12 month low of $15.29 and a 12 month high of $34.50. The company’s 50-day moving average price is $21.75 and its 200-day moving average price is $20.17. The stock has a market cap of $14.29 billion, a PE ratio of 13.73, a PEG ratio of 3.00 and a beta of 1.64. The company has a current ratio of 1.23, a quick ratio of 1.11 and a debt-to-equity ratio of 0.66.

Paramount Global (NASDAQ:PARA – Get Rating) last issued its earnings results 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 analysts’ expectations 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 was up 1.6% compared to the same quarter last year. During the same period last year, the business posted $0.26 earnings per share. Equities research analysts forecast that Paramount Global will post 0.86 earnings per share for the current year.

Paramount Global Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 3rd. Shareholders of record on Monday, March 20th were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 4.37%. The ex-dividend date of this dividend was Friday, March 17th. Paramount Global’s dividend payout ratio is 60.00%.

Paramount Global Company Profile

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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.