Pictet Asset Management Holding SA Sells 131,899 Shares of Paramount Global (NASDAQ:PARA)

Pictet Asset Management Holding SA decreased its position in Paramount Global (NASDAQ:PARA) by 33.7% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 259,035 shares of the company’s stock after selling 131,899 shares during the period. Pictet Asset Management Holding SA’s holdings in Paramount Global were worth $2,710,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Paramount Global by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 67,040,366 shares of the company’s stock valued at $701,242,000 after purchasing an additional 761,561 shares during the period. Lingotto Investment Management LLP grew its position in shares of Paramount Global by 3.7% in the 4th quarter. Lingotto Investment Management LLP now owns 44,753,299 shares of the company’s stock worth $468,120,000 after buying an additional 1,593,579 shares during the last quarter. State Street Corp increased its stake in shares of Paramount Global by 18.4% during the third quarter. State Street Corp now owns 44,154,027 shares of the company’s stock valued at $470,695,000 after buying an additional 6,848,037 shares during the period. Geode Capital Management LLC raised its holdings in shares of Paramount Global by 12.1% during the third quarter. Geode Capital Management LLC now owns 14,842,966 shares of the company’s stock valued at $157,168,000 after acquiring an additional 1,606,779 shares in the last quarter. Finally, Contrarius Group Holdings Ltd purchased a new stake in Paramount Global in the fourth quarter worth $146,230,000. 73.00% of the stock is owned by hedge funds and other institutional investors.

Paramount Global Stock Down 3.6 %

NASDAQ:PARA opened at $11.07 on Friday. The firm has a market cap of $7.38 billion, a P/E ratio of -1.35, a P/E/G ratio of 1.68 and a beta of 1.60. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.10 and a current ratio of 1.27. Paramount Global has a fifty-two week low of $9.54 and a fifty-two week high of $14.54. The firm has a 50-day simple moving average of $11.38 and a two-hundred day simple moving average of $10.93.

Paramount Global (NASDAQ:PARA) last posted its quarterly earnings results on Wednesday, February 26th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.29). Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. The firm had revenue of $7.98 billion for the quarter, compared to analysts’ expectations of $8.07 billion. Analysts predict that Paramount Global will post 1.77 earnings per share for the current fiscal year.

Paramount Global Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Monday, March 17th were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.20 annualized dividend and a dividend yield of 1.81%. Paramount Global’s dividend payout ratio (DPR) is presently -2.15%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on PARA shares. Deutsche Bank Aktiengesellschaft downgraded shares of Paramount Global from a “buy” rating to a “hold” rating and set a $12.00 price objective on the stock. in a research report on Wednesday. Morgan Stanley increased their price target on shares of Paramount Global from $10.00 to $11.00 and gave the stock an “underweight” rating in a research note on Tuesday, February 4th. StockNews.com assumed coverage on Paramount Global in a research report on Sunday, March 30th. They set a “hold” rating on the stock. Needham & Company LLC reissued a “hold” rating on shares of Paramount Global in a research report on Thursday, February 27th. Finally, Guggenheim restated a “buy” rating and set a $14.00 price target on shares of Paramount Global in a research report on Thursday, February 27th. Six investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $12.09.

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.