Gabelli Funds LLC Sells 31,300 Shares of Paramount Global (NASDAQ:PARAA)

Gabelli Funds LLC cut its position in Paramount Global (NASDAQ:PARAA) by 1.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,832,391 shares of the company’s stock after selling 31,300 shares during the period. Gabelli Funds LLC owned 0.28% of Paramount Global worth $33,679,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. GAMMA Investing LLC raised its holdings in Paramount Global by 708.2% during the first quarter. GAMMA Investing LLC now owns 1,285 shares of the company’s stock worth $28,000 after buying an additional 1,126 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Paramount Global by 416.3% in the 1st quarter. Russell Investments Group Ltd. now owns 2,592 shares of the company’s stock worth $57,000 after acquiring an additional 2,090 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in Paramount Global by 5.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 10,953 shares of the company’s stock valued at $239,000 after acquiring an additional 537 shares in the last quarter. SageView Advisory Group LLC bought a new stake in Paramount Global during the 4th quarter worth approximately $284,000. Finally, Welch Group LLC purchased a new stake in shares of Paramount Global in the second quarter worth approximately $298,000. 5.98% of the stock is owned by institutional investors.

Paramount Global Stock Up 1.6 %

Shares of NASDAQ:PARAA opened at $22.24 on Friday. The stock has a market cap of $14.51 billion, a price-to-earnings ratio of -148.27 and a beta of 1.66. The business’s 50 day moving average is $22.44 and its 200 day moving average is $21.57. Paramount Global has a 12-month low of $13.40 and a 12-month high of $26.34. 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:PARAA) last posted its earnings results on Thursday, August 8th. The company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.36. Paramount Global had a negative net margin of 17.62% and a positive return on equity of 4.88%. The firm had revenue of $6.81 billion during the quarter, compared to analyst estimates of $7.55 billion. On average, sell-side analysts forecast that Paramount Global will post 1.91 earnings per share for the current fiscal year.

Paramount Global Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th will be paid a $0.05 dividend. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.20 annualized dividend and a yield of 0.90%. Paramount Global’s dividend payout ratio (DPR) 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.