Allspring Global Investments Holdings LLC Sells 942 Shares of Paramount Global (NASDAQ:PARA)

Allspring Global Investments Holdings LLC lessened its holdings in shares of Paramount Global (NASDAQ:PARA) by 3.8% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 23,748 shares of the company’s stock after selling 942 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Paramount Global were worth $351,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PARA. SG Americas Securities LLC boosted its position in Paramount Global by 433.6% during the third quarter. SG Americas Securities LLC now owns 146,642 shares of the company’s stock worth $1,892,000 after purchasing an additional 119,159 shares during the period. Caprock Group LLC purchased a new stake in shares of Paramount Global in the third quarter worth about $633,000. Oak Thistle LLC purchased a new stake in shares of Paramount Global in the third quarter worth about $253,000. Czech National Bank lifted its holdings in shares of Paramount Global by 40.4% in the third quarter. Czech National Bank now owns 84,282 shares of the company’s stock worth $1,087,000 after buying an additional 24,263 shares in the last quarter. Finally, SOL Capital Management CO lifted its holdings in shares of Paramount Global by 29.6% in the third quarter. SOL Capital Management CO now owns 57,074 shares of the company’s stock worth $736,000 after buying an additional 13,025 shares in the last quarter. Institutional investors own 73.00% of the company’s stock.

Paramount Global Stock Down 2.2 %

Shares of NASDAQ PARA opened at $11.91 on Friday. The company has a quick ratio of 1.17, a current ratio of 1.32 and a debt-to-equity ratio of 0.63. Paramount Global has a 52 week low of $10.12 and a 52 week high of $24.00. The firm’s fifty day moving average is $11.48 and its 200 day moving average is $12.87. The company has a market cap of $7.77 billion, a price-to-earnings ratio of -11.68, a PEG ratio of 0.45 and a beta of 1.77.

Paramount Global (NASDAQ:PARA) last issued its earnings results on Wednesday, February 28th. The company reported $0.04 EPS for the quarter, topping the consensus estimate of ($0.05) by $0.09. Paramount Global had a negative net margin of 2.05% and a positive return on equity of 1.78%. The company had revenue of $7.64 billion for the quarter, compared to the consensus estimate of $7.80 billion. During the same period in the previous year, the firm earned $0.08 earnings per share. The firm’s revenue for the quarter was down 6.1% on a year-over-year basis. On average, equities research analysts expect that Paramount Global will post 1.2 earnings per share for the current year.

Paramount Global Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 17th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.68%. The ex-dividend date of this dividend is Monday, June 17th. Paramount Global’s payout ratio is -19.61%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on PARA shares. Wolfe Research raised shares of Paramount Global from an “underperform” rating to a “peer perform” rating in a report on Thursday, April 4th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Paramount Global from $20.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, February 28th. JPMorgan Chase & Co. lowered their target price on shares of Paramount Global from $13.00 to $12.00 and set an “underweight” rating on the stock in a research note on Thursday, April 4th. Benchmark lowered their target price on shares of Paramount Global from $30.00 to $19.00 and set a “buy” rating on the stock in a research note on Thursday, February 29th. Finally, Redburn Atlantic downgraded shares of Paramount Global from a “neutral” rating to a “sell” rating and lowered their target price for the company from $17.00 to $11.00 in a research note on Thursday, January 11th. Eight investment analysts have rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $13.79.

Paramount Global Company Profile

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.