New York State Common Retirement Fund Trims Stock Position in Paramount Global (NASDAQ:PARA)

New York State Common Retirement Fund lowered its position in shares of Paramount Global (NASDAQ:PARA) by 5.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 300,366 shares of the company’s stock after selling 19,000 shares during the period. New York State Common Retirement Fund’s holdings in Paramount Global were worth $3,142,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the company. Carson Advisory Inc. grew its stake in Paramount Global by 1.9% during the third quarter. Carson Advisory Inc. now owns 54,364 shares of the company’s stock valued at $577,000 after acquiring an additional 1,004 shares in the last quarter. Allworth Financial LP grew its stake in Paramount Global by 140.1% during the fourth quarter. Allworth Financial LP now owns 2,391 shares of the company’s stock valued at $25,000 after acquiring an additional 1,395 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in Paramount Global by 1.6% during the third quarter. PNC Financial Services Group Inc. now owns 92,019 shares of the company’s stock valued at $977,000 after acquiring an additional 1,481 shares in the last quarter. Huntington National Bank grew its stake in Paramount Global by 129.0% during 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 in the last quarter. Finally, Blue Trust Inc. grew its stake in Paramount Global by 162.8% during the third quarter. Blue Trust Inc. now owns 2,539 shares of the company’s stock valued at $26,000 after acquiring an additional 1,573 shares in the last quarter. Hedge funds and other institutional investors own 73.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on PARA. Morgan Stanley boosted their price objective on shares of Paramount Global from $10.00 to $11.00 and gave the company an “underweight” rating in a research note on Tuesday, February 4th. StockNews.com raised shares of Paramount Global from a “sell” rating to a “hold” rating in a report on Monday, November 11th. Macquarie reissued an “underperform” rating and issued a $10.00 price target on shares of Paramount Global in a report on Monday, November 11th. Guggenheim reissued a “buy” rating and issued a $14.00 price target on shares of Paramount Global in a report on Thursday. Finally, Benchmark reissued a “buy” rating and issued a $19.00 price target on shares of Paramount Global in a report on Thursday. Six analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $12.10.

Paramount Global Price Performance

Shares of Paramount Global stock opened at $11.36 on Friday. Paramount Global has a 52-week low of $9.54 and a 52-week high of $14.54. The stock has a market capitalization of $7.58 billion, a price-to-earnings ratio of -1.38, a price-to-earnings-growth ratio of 1.68 and a beta of 1.69. The company has a fifty day moving average of $10.81 and a 200-day moving average of $10.74. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.10 and a current ratio of 1.27.

Paramount Global (NASDAQ:PARA) last announced its quarterly earnings data on Wednesday, February 26th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.29). Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. The business had revenue of $7.98 billion during the quarter, compared to analysts’ expectations of $8.07 billion. Equities research analysts expect that Paramount Global will post 1.77 EPS for the current year.

Paramount Global Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Monday, March 17th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.20 annualized dividend and a yield of 1.76%. Paramount Global’s payout ratio is currently -2.43%.

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.