Murchinson Ltd. Cuts Stock Position in Paramount Global (NASDAQ:PARA)

Murchinson Ltd. cut its holdings in shares of Paramount Global (NASDAQ:PARA) by 50.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 50,000 shares of the company’s stock after selling 50,000 shares during the quarter. Murchinson Ltd.’s holdings in Paramount Global were worth $520,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in PARA. Atlas Capital Advisors LLC bought a new position in Paramount Global during the second quarter valued at about $35,000. Ashton Thomas Private Wealth LLC bought a new position in shares of Paramount Global during the 2nd quarter valued at approximately $43,000. Newbridge Financial Services Group Inc. purchased a new stake in shares of Paramount Global during the 4th quarter worth approximately $44,000. SageView Advisory Group LLC bought a new stake in shares of Paramount Global in the 1st quarter worth approximately $56,000. Finally, GAMMA Investing LLC lifted its stake in Paramount Global by 22.8% in the second quarter. GAMMA Investing LLC now owns 5,742 shares of the company’s stock valued at $60,000 after purchasing an additional 1,067 shares during the last quarter. 73.00% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have issued reports on PARA. StockNews.com downgraded Paramount Global from a “hold” rating to a “sell” rating in a research report on Saturday, September 14th. Wolfe Research cut Paramount Global from a “peer perform” rating to an “underperform” rating and set a $10.00 price objective on the stock. in a research note on Tuesday, July 9th. Rosenblatt Securities reiterated a “neutral” rating and set a $14.00 target price on shares of Paramount Global in a research report on Tuesday, June 4th. Wells Fargo & Company upgraded shares of Paramount Global from an “underweight” rating to an “equal weight” rating and lifted their price objective for the company from $10.00 to $11.00 in a research note on Friday, August 9th. Finally, The Goldman Sachs Group started coverage on Paramount Global in a report on Tuesday, June 25th. They set a “sell” rating and a $9.50 price objective on the stock. Eleven equities research analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $12.47.

Paramount Global Stock Performance

Paramount Global stock opened at $10.38 on Tuesday. The firm has a fifty day simple moving average of $10.80 and a two-hundred day simple moving average of $11.33. Paramount Global has a twelve month low of $9.54 and a twelve month high of $17.50. The company has a market capitalization of $6.92 billion, a PE ratio of -69.20, a P/E/G ratio of 0.57 and a beta of 1.75. The company has a quick ratio of 1.15, a current ratio of 1.30 and a debt-to-equity ratio of 0.85.

Paramount Global (NASDAQ:PARA) last released its earnings results on Thursday, August 8th. The company reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.40. Paramount Global had a positive return on equity of 4.88% and a negative net margin of 17.62%. The company had revenue of $6.81 billion during the quarter, compared to analyst estimates of $7.21 billion. Research analysts expect that Paramount Global will post 1.57 EPS for the current year.

Paramount Global Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 16th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.93%. The ex-dividend date is Monday, September 16th. Paramount Global’s payout ratio is -133.33%.

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.