Creative Planning Reduces Stock Position in Paramount Global (NASDAQ:PARA)

Creative Planning lowered its stake in shares of Paramount Global (NASDAQ:PARA) by 20.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 138,033 shares of the company’s stock after selling 34,904 shares during the quarter. Creative Planning’s holdings in Paramount Global were worth $1,466,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. increased its position in shares of Paramount Global by 6.5% in the 1st quarter. Vanguard Group Inc. now owns 62,090,467 shares of the company’s stock worth $730,805,000 after purchasing an additional 3,803,928 shares during the last quarter. Lingotto Investment Management LLP raised its stake in Paramount Global by 628.8% during the second quarter. Lingotto Investment Management LLP now owns 29,937,007 shares of the company’s stock valued at $311,046,000 after buying an additional 25,829,185 shares in the last quarter. Ariel Investments LLC grew its position in shares of Paramount Global by 16.5% in the 2nd quarter. Ariel Investments LLC now owns 14,042,265 shares of the company’s stock worth $145,899,000 after acquiring an additional 1,992,576 shares in the last quarter. Kodai Capital Management LP increased its holdings in shares of Paramount Global by 9.2% in the 1st quarter. Kodai Capital Management LP now owns 6,264,374 shares of the company’s stock valued at $73,732,000 after acquiring an additional 527,897 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Paramount Global by 6.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,724,532 shares of the company’s stock valued at $38,698,000 after acquiring an additional 225,191 shares in the last quarter. Institutional investors own 73.00% of the company’s stock.

Paramount Global Stock Performance

PARA stock opened at $10.47 on Wednesday. The company has a 50-day simple moving average of $10.49 and a 200 day simple moving average of $11.13. The company has a market capitalization of $6.98 billion, a P/E ratio of -1.34, a PEG ratio of 0.56 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 has a fifty-two week low of $9.54 and a fifty-two week high of $17.50.

Paramount Global (NASDAQ:PARA) last issued its quarterly earnings results on Thursday, August 8th. The company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.40. Paramount Global had a negative net margin of 17.62% and a positive return on equity of 4.88%. The company had revenue of $6.81 billion during the quarter, compared to analyst estimates of $7.21 billion. Sell-side analysts predict that Paramount Global will post 1.6 earnings per share for the current fiscal year.

Paramount Global Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 1.91%. The ex-dividend date of this dividend is Monday, December 16th. Paramount Global’s payout ratio is currently -2.57%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on PARA shares. Wolfe Research lowered shares of Paramount Global from a “peer perform” rating to an “underperform” rating and set a $10.00 target price for the company. in a research note on Tuesday, July 9th. JPMorgan Chase & Co. cut their target price on shares of Paramount Global from $12.00 to $11.00 and set an “underweight” rating on the stock in a report on Thursday, August 15th. Evercore ISI decreased their target price on Paramount Global from $13.00 to $11.50 and set an “in-line” rating for the company in a research note on Tuesday, July 9th. Needham & Company LLC reiterated a “hold” rating on shares of Paramount Global in a research report on Friday, August 9th. Finally, Guggenheim reduced their price objective on Paramount Global from $19.00 to $14.00 and set a “buy” rating for the company in a research report on Wednesday, September 25th. Nine investment analysts have rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Paramount Global currently has a consensus rating of “Hold” and a consensus price target of $12.33.

Paramount Global 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.