DoubleLine ETF Adviser LP Sells 13,104 Shares of Paramount Global (NASDAQ:PARA)

DoubleLine ETF Adviser LP cut its stake in shares of Paramount Global (NASDAQ:PARA) by 12.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 93,603 shares of the company’s stock after selling 13,104 shares during the quarter. DoubleLine ETF Adviser LP’s holdings in Paramount Global were worth $979,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently added to or reduced their stakes in PARA. Charles Schwab Investment Management Inc. lifted its stake in shares of Paramount Global by 4.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,743,123 shares of the company’s stock valued at $80,993,000 after acquiring an additional 348,298 shares during the period. Franklin Resources Inc. boosted its holdings in shares of Paramount Global by 824.1% in the third quarter. Franklin Resources Inc. now owns 195,690 shares of the company’s stock valued at $2,029,000 after buying an additional 174,514 shares during the period. Wilsey Asset Management Inc. increased its holdings in Paramount Global by 16.2% during the 4th quarter. Wilsey Asset Management Inc. now owns 1,902,332 shares of the company’s stock worth $19,898,000 after purchasing an additional 265,408 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Paramount Global by 24.7% during the fourth quarter. Bank of New York Mellon Corp now owns 4,586,288 shares of the company’s stock worth $47,973,000 after buying an additional 908,515 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of Paramount Global in the fourth quarter valued at approximately $5,457,000. 73.00% of the stock is owned by institutional investors.

Paramount Global Trading Down 0.8 %

Shares of PARA stock opened at $11.65 on Friday. The firm has a fifty day moving average price of $11.41 and a 200-day moving average price of $11.02. Paramount Global has a 1 year low of $9.54 and a 1 year high of $14.54. 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 company has a market cap of $7.77 billion, a price-to-earnings ratio of -1.42, a PEG ratio of 1.68 and a beta of 1.31.

Paramount Global (NASDAQ:PARA) last announced its quarterly earnings results on Wednesday, February 26th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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%. As a group, equities analysts predict that Paramount Global will post 1.77 earnings per share for the current year.

Paramount Global Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Monday, March 17th were paid 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 1.72%. Paramount Global’s dividend payout ratio is presently -2.15%.

Analysts Set New Price Targets

Several brokerages have issued reports on PARA. Deutsche Bank Aktiengesellschaft downgraded Paramount Global from a “buy” rating to a “hold” rating and set a $12.00 price target for the company. in a report on Wednesday, April 2nd. Guggenheim reissued a “buy” rating and issued a $14.00 price objective on shares of Paramount Global in a report on Thursday, February 27th. Benchmark reaffirmed a “buy” rating and set a $19.00 price target on shares of Paramount Global in a report on Thursday, February 27th. StockNews.com initiated coverage on shares of Paramount Global in a report on Thursday. They set a “hold” rating for the company. Finally, Morgan Stanley upped their price objective on shares of Paramount Global from $10.00 to $11.00 and gave the stock an “underweight” rating in a research report on Tuesday, February 4th. Seven equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $11.92.

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.