Paramount Global (NASDAQ:PARA) Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans reduced its stake in shares of Paramount Global (NASDAQ:PARA) by 84.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,335 shares of the company’s stock after selling 122,303 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Paramount Global were worth $248,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PARA. Blue Trust Inc. lifted its holdings in shares of Paramount Global by 162.8% in the 3rd quarter. Blue Trust Inc. now owns 2,539 shares of the company’s stock valued at $26,000 after purchasing an additional 1,573 shares during the last quarter. Huntington National Bank boosted its holdings in shares of Paramount Global by 129.0% in the third quarter. Huntington National Bank now owns 2,771 shares of the company’s stock valued at $29,000 after acquiring an additional 1,561 shares during the period. Atlas Capital Advisors LLC acquired a new position in shares of Paramount Global in the 2nd quarter valued at $35,000. Ashton Thomas Private Wealth LLC purchased a new stake in Paramount Global in the 2nd quarter valued at $43,000. Finally, Kennebec Savings Bank purchased a new position in Paramount Global during the 3rd quarter worth $47,000. 73.00% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Guggenheim reduced their target price on shares of Paramount Global from $19.00 to $14.00 and set a “buy” rating for the company in a report on Wednesday, September 25th. JPMorgan Chase & Co. lowered their target price on Paramount Global from $12.00 to $11.00 and set an “underweight” rating on the stock in a research note on Thursday, August 15th. Benchmark restated a “buy” rating and set a $19.00 price target on shares of Paramount Global in a research note on Friday, August 9th. StockNews.com upgraded shares of Paramount Global from a “sell” rating to a “hold” rating in a research report on Monday, November 11th. Finally, Macquarie reissued an “underperform” rating and issued a $10.00 price objective on shares of Paramount Global in a research note on Monday, November 11th. Eight equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Paramount Global presently has an average rating of “Hold” and an average price target of $12.40.

Paramount Global Stock Performance

Shares of PARA opened at $10.99 on Friday. The firm has a market cap of $7.33 billion, a price-to-earnings ratio of -1.34, a PEG ratio of 1.32 and a beta of 1.71. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.85. The business’s 50 day moving average is $10.73 and its two-hundred day moving average is $10.89. Paramount Global has a 52-week low of $9.54 and a 52-week high of $17.50.

Paramount Global (NASDAQ:PARA) last posted its quarterly earnings data on Friday, November 8th. The company reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.25. The firm had revenue of $6.73 billion for the quarter, compared to the consensus estimate of $6.94 billion. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. The firm’s revenue was down 5.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.30 EPS. Analysts forecast that Paramount Global will post 1.86 EPS 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. Investors of record on Monday, December 16th will be paid a $0.05 dividend. The ex-dividend date of this dividend is Monday, December 16th. This represents a $0.20 dividend on an annualized basis and a yield of 1.82%. Paramount Global’s dividend payout ratio (DPR) is -2.43%.

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.