Sunbelt Securities Inc. Trims Holdings in Paramount Global (NASDAQ:PARA)

Sunbelt Securities Inc. lowered its position in Paramount Global (NASDAQ:PARA) by 8.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 37,237 shares of the company’s stock after selling 3,635 shares during the period. Sunbelt Securities Inc.’s holdings in Paramount Global were worth $438,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of PARA. Tokio Marine Asset Management Co. Ltd. boosted its holdings in shares of Paramount Global by 5.5% in the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 14,855 shares of the company’s stock valued at $220,000 after acquiring an additional 769 shares during the last quarter. Highlander Capital Management LLC grew its position in Paramount Global by 13.4% during the 4th quarter. Highlander Capital Management LLC now owns 7,210 shares of the company’s stock worth $107,000 after purchasing an additional 850 shares during the period. Kestra Private Wealth Services LLC raised its stake in shares of Paramount Global by 3.1% during the 4th quarter. Kestra Private Wealth Services LLC now owns 29,171 shares of the company’s stock valued at $431,000 after buying an additional 879 shares during the last quarter. Arizona State Retirement System raised its stake in shares of Paramount Global by 0.7% during the 4th quarter. Arizona State Retirement System now owns 134,210 shares of the company’s stock valued at $1,985,000 after buying an additional 887 shares during the last quarter. Finally, Cape Investment Advisory Inc. lifted its holdings in shares of Paramount Global by 5.2% in the 4th quarter. Cape Investment Advisory Inc. now owns 18,014 shares of the company’s stock valued at $266,000 after buying an additional 889 shares during the period. Institutional investors and hedge funds own 73.00% of the company’s stock.

Paramount Global Price Performance

Shares of NASDAQ PARA opened at $9.97 on Thursday. Paramount Global has a 52 week low of $9.54 and a 52 week high of $17.50. The firm has a 50-day simple moving average of $11.81 and a 200-day simple moving average of $12.52. The company has a current ratio of 1.29, a quick ratio of 1.19 and a debt-to-equity ratio of 0.65.

Paramount Global (NASDAQ:PARA) last released its quarterly earnings data on Monday, April 29th. The company reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.28. The company had revenue of $7.69 billion during the quarter, compared to the consensus estimate of $7.73 billion. Paramount Global had a negative net margin of 0.15% and a positive return on equity of 3.35%. Paramount Global’s quarterly revenue was up 5.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.09 EPS. Equities research analysts predict that Paramount Global will post 1.32 EPS for the current year.

Paramount Global Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 17th will be issued a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 2.01%. The ex-dividend date is Monday, June 17th. Paramount Global’s payout ratio is currently -133.32%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on PARA. Argus lowered Paramount Global from a “hold” rating to a “sell” rating in a report on Friday, May 3rd. Wolfe Research upgraded shares of Paramount Global from an “underperform” rating to a “peer perform” rating in a research note on Thursday, April 4th. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Paramount Global from $20.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, February 28th. StockNews.com raised shares of Paramount Global from a “sell” rating to a “hold” rating in a report on Wednesday, May 8th. Finally, Benchmark reissued a “buy” rating and set a $19.00 target price on shares of Paramount Global in a research note on Tuesday, April 30th. Ten analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Paramount Global has an average rating of “Hold” and a consensus price target of $13.29.

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.