WealthTrust Axiom LLC Sells 13,950 Shares of Paramount Global (NASDAQ:PARA)

WealthTrust Axiom LLC cut its holdings in Paramount Global (NASDAQ:PARA) by 30.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 31,760 shares of the company’s stock after selling 13,950 shares during the quarter. WealthTrust Axiom LLC’s holdings in Paramount Global were worth $470,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PARA. Charles Schwab Investment Management Inc. lifted its position in Paramount Global by 15.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 13,299,798 shares of the company’s stock valued at $171,567,000 after acquiring an additional 1,767,173 shares in the last quarter. Ariel Investments LLC lifted its holdings in shares of Paramount Global by 18.0% during the 3rd quarter. Ariel Investments LLC now owns 11,330,850 shares of the company’s stock valued at $146,168,000 after buying an additional 1,731,714 shares during the period. Simplex Trading LLC lifted its holdings in shares of Paramount Global by 200.3% during the 4th quarter. Simplex Trading LLC now owns 781,676 shares of the company’s stock valued at $11,560,000 after buying an additional 1,561,007 shares during the period. Invesco Ltd. lifted its holdings in shares of Paramount Global by 9.4% during the 3rd quarter. Invesco Ltd. now owns 14,832,568 shares of the company’s stock valued at $191,340,000 after buying an additional 1,272,851 shares during the period. Finally, Jacobs Levy Equity Management Inc. bought a new position in shares of Paramount Global during the 3rd quarter valued at $8,850,000. 73.00% of the stock is owned by institutional investors.

Paramount Global Stock Down 7.0 %

Shares of PARA stock opened at $11.39 on Wednesday. The company’s 50 day moving average is $11.48 and its 200 day moving average is $12.88. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.32 and a quick ratio of 1.17. Paramount Global has a 52-week low of $10.12 and a 52-week high of $24.00.

Paramount Global (NASDAQ:PARA) last released its quarterly earnings results on Monday, April 29th. The company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.28. Paramount Global had a negative net margin of 0.15% and a positive return on equity of 3.34%. The business had revenue of $7.69 billion for the quarter, compared to analyst estimates of $7.73 billion. During the same period in the previous year, the company earned $0.09 earnings per share. The business’s revenue for the quarter was up 5.8% on a year-over-year basis. As a group, analysts predict that Paramount Global will post 1.19 earnings per share for the current fiscal year.

Paramount Global Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Monday, June 17th will be paid a dividend of $0.05 per share. The ex-dividend date is Monday, June 17th. This represents a $0.20 annualized dividend and a dividend yield of 1.76%. Paramount Global’s payout ratio is currently -133.32%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Morgan Stanley lowered their price target on Paramount Global from $11.00 to $10.00 and set an “underweight” rating on the stock in a report on Tuesday, February 27th. Needham & Company LLC lowered Paramount Global from a “buy” rating to a “hold” rating in a research note on Tuesday. Wells Fargo & Company cut their price target on Paramount Global from $15.00 to $14.00 and set an “equal weight” rating for the company in a research note on Tuesday. Moffett Nathanson upgraded Paramount Global from a “sell” rating to a “neutral” rating and set a $13.00 price objective for the company in a research report on Tuesday, January 9th. Finally, Rosenblatt Securities reissued a “neutral” rating and issued a $13.00 price objective on shares of Paramount Global in a research note on Tuesday, April 9th. Nine equities research analysts have rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Paramount Global has a consensus rating of “Hold” and an average price target of $13.58.

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.