Alliancebernstein L.P. Has $6.69 Million Stock Holdings in Paramount Global (NASDAQ:PARA)

Alliancebernstein L.P. reduced its position in Paramount Global (NASDAQ:PARA) by 8.9% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 639,786 shares of the company’s stock after selling 62,657 shares during the period. Alliancebernstein L.P. owned 0.10% of Paramount Global worth $6,692,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in PARA. Allworth Financial LP increased its position in Paramount Global by 140.1% in the fourth quarter. Allworth Financial LP now owns 2,391 shares of the company’s stock worth $25,000 after purchasing an additional 1,395 shares during the period. Mountain Hill Investment Partners Corp. bought a new position in shares of Paramount Global in the 4th quarter valued at about $31,000. Rakuten Securities Inc. grew its position in shares of Paramount Global by 187.8% during the 4th quarter. Rakuten Securities Inc. now owns 3,094 shares of the company’s stock worth $32,000 after buying an additional 2,019 shares during the period. SBI Securities Co. Ltd. bought a new stake in shares of Paramount Global during the fourth quarter worth approximately $57,000. Finally, FNY Investment Advisers LLC lifted its holdings in Paramount Global by 102.4% in the fourth quarter. FNY Investment Advisers LLC now owns 7,224 shares of the company’s stock valued at $75,000 after buying an additional 3,654 shares during the period. Institutional investors own 73.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on PARA shares. Benchmark reiterated a “buy” rating and set a $19.00 target price on shares of Paramount Global in a research report on Thursday, February 27th. Deutsche Bank Aktiengesellschaft downgraded Paramount Global from a “buy” rating to a “hold” rating and set a $12.00 price objective for the company. in a report on Wednesday, April 2nd. Guggenheim restated a “buy” rating and set a $14.00 target price on shares of Paramount Global in a report on Thursday, February 27th. StockNews.com assumed coverage on Paramount Global in a research note on Monday, April 7th. They issued a “hold” rating for the company. Finally, Needham & Company LLC reissued a “hold” rating on shares of Paramount Global in a research note on Thursday, February 27th. Six analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $12.09.

Paramount Global Stock Performance

Shares of PARA opened at $10.69 on Friday. The firm has a market cap of $7.13 billion, a P/E ratio of -1.30, a PEG ratio of 1.68 and a beta of 1.31. Paramount Global has a twelve month low of $9.54 and a twelve month high of $14.54. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.10 and a current ratio of 1.27. The firm’s 50 day moving average price is $11.36 and its two-hundred day moving average price is $10.95.

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

Paramount Global Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Monday, March 17th were issued a dividend of $0.05 per share. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.87%. Paramount Global’s payout ratio is presently -2.15%.

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.