Sumitomo Mitsui Trust Group Inc. Sells 1,017,926 Shares of Paramount Global (NASDAQ:PARA)

Sumitomo Mitsui Trust Group Inc. cut its holdings in Paramount Global (NASDAQ:PARA) by 97.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,834 shares of the company’s stock after selling 1,017,926 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Paramount Global were worth $260,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of PARA. State Street Corp grew its holdings in shares of Paramount Global by 18.4% in the third quarter. State Street Corp now owns 44,154,027 shares of the company’s stock valued at $470,695,000 after acquiring an additional 6,848,037 shares in the last quarter. Geode Capital Management LLC grew its holdings in Paramount Global by 12.1% during the third quarter. Geode Capital Management LLC now owns 14,842,966 shares of the company’s stock valued at $157,168,000 after purchasing an additional 1,606,779 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Paramount Global by 16.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 7,394,825 shares of the company’s stock valued at $78,533,000 after purchasing an additional 1,030,592 shares during the period. AustralianSuper Pty Ltd bought a new position in Paramount Global during the third quarter valued at $7,222,000. Finally, Alpine Associates Management Inc. bought a new position in Paramount Global during the third quarter valued at $5,186,000. 73.00% of the stock is owned by institutional investors.

Paramount Global Trading Up 4.5 %

Shares of PARA opened at $11.30 on Friday. The business’s 50-day moving average price is $10.73 and its 200-day moving average price is $10.69. Paramount Global has a twelve month low of $9.54 and a twelve month high of $14.54. The stock has a market cap of $7.54 billion, a PE ratio of -1.37, a P/E/G ratio of 1.59 and a beta of 1.69. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.85.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on PARA. StockNews.com raised Paramount Global from a “sell” rating to a “hold” rating in a report on Monday, November 11th. Morgan Stanley increased their price objective on Paramount Global from $10.00 to $11.00 and gave the company an “underweight” rating in a report on Tuesday, February 4th. Needham & Company LLC reissued a “hold” rating on shares of Paramount Global in a report on Monday, November 11th. Finally, Macquarie reaffirmed an “underperform” rating and issued a $10.00 price target on shares of Paramount Global in a report on Monday, November 11th. Six analysts have rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $12.58.

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.