Paramount Global (NASDAQ:PARA) Shares Sold by Gabelli Funds LLC

Gabelli Funds LLC lessened its holdings in Paramount Global (NASDAQ:PARA) by 8.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 359,000 shares of the company’s stock after selling 34,500 shares during the period. Gabelli Funds LLC owned approximately 0.05% of Paramount Global worth $3,730,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of PARA. Profund Advisors LLC boosted its stake in Paramount Global by 20.9% during the second quarter. Profund Advisors LLC now owns 16,083 shares of the company’s stock worth $167,000 after buying an additional 2,783 shares during the period. Thrivent Financial for Lutherans boosted its position in shares of Paramount Global by 640.3% during the 2nd quarter. Thrivent Financial for Lutherans now owns 145,638 shares of the company’s stock worth $1,514,000 after purchasing an additional 125,965 shares during the period. Sei Investments Co. increased its holdings in Paramount Global by 2.6% in the 2nd quarter. Sei Investments Co. now owns 158,629 shares of the company’s stock valued at $1,648,000 after purchasing an additional 4,001 shares during the last quarter. Skandinaviska Enskilda Banken AB publ raised its position in Paramount Global by 5.4% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 104,904 shares of the company’s stock valued at $1,089,000 after purchasing an additional 5,400 shares during the period. Finally, Canada Pension Plan Investment Board lifted its stake in Paramount Global by 798.0% during the second quarter. Canada Pension Plan Investment Board now owns 684,300 shares of the company’s stock worth $7,110,000 after purchasing an additional 608,100 shares in the last quarter. 73.00% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on PARA. Evercore ISI dropped their price objective 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 reissued a “hold” rating on shares of Paramount Global in a research report on Friday, August 9th. StockNews.com cut shares of Paramount Global from a “hold” rating to a “sell” rating in a report on Saturday, September 14th. Wolfe Research lowered shares of Paramount Global from a “peer perform” rating to an “underperform” rating and set a $10.00 target price on the stock. in a report on Tuesday, July 9th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Paramount Global from $12.00 to $11.00 and set an “underweight” rating for the company in a research note on Thursday, August 15th. Eleven investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $12.47.

Paramount Global Price Performance

Shares of Paramount Global stock opened at $10.55 on Wednesday. The company has a current ratio of 1.30, a quick ratio of 1.15 and a debt-to-equity ratio of 0.85. Paramount Global has a 52 week low of $9.54 and a 52 week high of $17.50. The firm’s 50 day moving average is $10.77 and its two-hundred day moving average is $11.32.

Paramount Global (NASDAQ:PARA) last posted its earnings results on Thursday, August 8th. The company reported $0.54 EPS for the quarter, beating 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 firm had revenue of $6.81 billion for the quarter, compared to the consensus estimate of $7.21 billion. On average, analysts predict that Paramount Global will post 1.57 earnings per share for the current fiscal year.

Paramount Global Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th will be issued a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.90%. The ex-dividend date is Monday, September 16th. Paramount Global’s payout ratio is currently -133.32%.

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.