Lincoln National Corp Sells 1,022 Shares of Paramount Global (NASDAQ:PARA)

Posted by on May 12th, 2023

Lincoln National Corp cut its position in shares of Paramount Global (NASDAQ:PARA – Get Rating) by 9.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,144 shares of the company’s stock after selling 1,022 shares during the period. Lincoln National Corp’s holdings in Paramount Global were worth $171,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Brinker Capital Investments LLC increased its position in shares of Paramount Global by 1.6% during the fourth quarter. Brinker Capital Investments LLC now owns 29,322 shares of the company’s stock valued at $495,000 after purchasing an additional 448 shares during the period. Tokio Marine Asset Management Co. Ltd. raised its position in shares of Paramount Global by 4.6% during the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 11,034 shares of the company’s stock worth $186,000 after acquiring an additional 485 shares during the last quarter. Synovus Financial Corp raised its position in shares of Paramount Global by 4.7% during the fourth quarter. Synovus Financial Corp now owns 12,978 shares of the company’s stock worth $219,000 after acquiring an additional 588 shares during the last quarter. Penobscot Wealth Management raised 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. Finally, TD Asset Management Inc raised its position in shares of Paramount Global by 0.5% during the fourth quarter. TD Asset Management Inc now owns 181,938 shares of the company’s stock worth $3,071,000 after acquiring an additional 834 shares during the last quarter. 74.13% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

PARA has been the subject of a number of recent research reports. StockNews.com assumed coverage on Paramount Global in a research report on Thursday, March 16th. They set a “sell” rating for the company. Macquarie downgraded Paramount Global from a “neutral” rating to an “underperform” rating and set a $15.00 price objective for the company. in a report on Tuesday, January 31st. Needham & Company LLC reiterated a “buy” rating and issued a $28.00 price objective on shares of Paramount Global in a report on Friday, April 14th. Credit Suisse Group upped their price objective on Paramount Global from $20.00 to $23.00 and gave the company a “neutral” rating in a report on Friday, February 17th. Finally, Bank of America upgraded Paramount Global from a “neutral” rating to a “buy” rating and upped their price objective for the company from $24.00 to $32.00 in a report on Tuesday, March 28th. Eleven equities research analysts have rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $22.00.

Paramount Global Price Performance

Shares of NASDAQ PARA opened at $15.37 on Friday. The business’s 50 day moving average is $20.95 and its 200-day moving average is $20.20. Paramount Global has a 1-year low of $15.16 and a 1-year high of $34.50. The company has a current ratio of 1.12, a quick ratio of 1.02 and a debt-to-equity ratio of 0.70. The firm has a market cap of $10.00 billion, a P/E ratio of -19.71, a price-to-earnings-growth ratio of 3.91 and a beta of 1.64.

Paramount Global (NASDAQ:PARA – Get Rating) last issued its earnings results on Thursday, May 4th. The company reported $0.09 earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.03). Paramount Global had a negative net margin of 1.49% and a positive return on equity of 3.64%. The business had revenue of $7.27 billion during the quarter, compared to analyst estimates of $7.42 billion. During the same period in the prior year, the business posted $0.60 EPS. The company’s revenue for the quarter was down .9% compared to the same quarter last year. Equities research analysts predict that Paramount Global will post 0.76 earnings per share for the current year.

Paramount Global Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 3rd. Shareholders of record on Thursday, June 15th will be issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.30%. The ex-dividend date of this dividend is Wednesday, June 14th. Paramount Global’s payout ratio is presently -123.08%.

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.

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

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