Claret Asset Management Corp Reduces Stock Position in Paramount Global (NASDAQ:PARA)

Claret Asset Management Corp lessened its stake in shares of Paramount Global (NASDAQ:PARA) by 58.1% during the 4th quarter, Holdings Channel reports. The fund owned 172,813 shares of the company’s stock after selling 240,023 shares during the quarter. Claret Asset Management Corp’s holdings in Paramount Global were worth $1,808,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of Paramount Global by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 67,040,366 shares of the company’s stock worth $701,242,000 after buying an additional 761,561 shares during the last quarter. Lingotto Investment Management LLP raised its position in Paramount Global by 3.7% in the fourth quarter. Lingotto Investment Management LLP now owns 44,753,299 shares of the company’s stock valued at $468,120,000 after purchasing an additional 1,593,579 shares during the period. Invesco Ltd. grew its holdings in shares of Paramount Global by 5.7% during the 4th quarter. Invesco Ltd. now owns 20,593,954 shares of the company’s stock worth $215,413,000 after purchasing an additional 1,119,314 shares during the period. Geode Capital Management LLC lifted its position in Paramount Global by 4.9% in the fourth quarter. Geode Capital Management LLC now owns 15,567,531 shares of the company’s stock valued at $162,731,000 after buying an additional 724,565 shares during the last quarter. Finally, Contrarius Group Holdings Ltd purchased a new stake in shares of Paramount Global in the 4th quarter valued at approximately $146,230,000. 73.00% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Guggenheim reiterated a “buy” rating and issued a $14.00 price objective on shares of Paramount Global in a report on Thursday, February 27th. Deutsche Bank Aktiengesellschaft cut Paramount Global from a “buy” rating to a “hold” rating and set a $12.00 price target on the stock. in a research note on Wednesday, April 2nd. UBS Group lowered their target price on shares of Paramount Global from $11.00 to $10.00 and set a “sell” rating for the company in a report on Tuesday. Needham & Company LLC reaffirmed a “hold” rating on shares of Paramount Global in a research report on Thursday, February 27th. Finally, Morgan Stanley lifted their target price on Paramount Global from $10.00 to $11.00 and gave the company an “underweight” rating in a research note on Tuesday, February 4th. Seven 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 company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $11.92.

Paramount Global Price Performance

Shares of PARA opened at $10.94 on Friday. Paramount Global has a 12 month low of $9.54 and a 12 month high of $14.54. The company has a market cap of $7.30 billion, a P/E ratio of -1.33, a PEG ratio of 1.68 and a beta of 1.31. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.27 and a quick ratio of 1.10. The stock has a fifty day moving average price of $11.38 and a 200 day moving average price of $10.95.

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

Paramount Global Announces Dividend

The company also recently announced 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. This represents a $0.20 dividend on an annualized basis and a yield of 1.83%. The ex-dividend date of this dividend was Monday, March 17th. Paramount Global’s payout ratio is currently -2.15%.

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.