Paramount Global (NASDAQ:PARAA) Stock Price Down 3.7% – Here’s What Happened

Paramount Global (NASDAQ:PARAA)’s share price dropped 3.7% on Friday . The company traded as low as $22.43 and last traded at $22.43. Approximately 13,260 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 68,456 shares. The stock had previously closed at $23.30.

Paramount Global Stock Down 3.8 %

The company’s 50 day moving average is $21.99 and its 200 day moving average is $21.56. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.85.

Paramount Global Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 16th will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 0.89%. The ex-dividend date of this dividend is Monday, December 16th. Paramount Global’s dividend payout ratio is presently -2.43%.

Hedge Funds Weigh In On Paramount Global

Institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC grew its holdings in shares of Paramount Global by 16.7% during the 3rd quarter. Geode Capital Management LLC now owns 247,015 shares of the company’s stock worth $5,400,000 after purchasing an additional 35,305 shares during the period. State Street Corp lifted its position in Paramount Global by 20.2% during the third quarter. State Street Corp now owns 49,366 shares of the company’s stock valued at $1,082,000 after buying an additional 8,287 shares in the last quarter. Atom Investors LP purchased a new stake in Paramount Global during the third quarter worth approximately $244,000. Slotnik Capital LLC acquired a new stake in shares of Paramount Global in the third quarter worth $1,401,000. Finally, Quest Partners LLC purchased a new position in shares of Paramount Global in the 3rd quarter valued at $106,000. 5.98% of the stock is currently owned by institutional investors and hedge funds.

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.