Kentucky Retirement Systems Insurance Trust Fund Lowers Stock Position in Paramount Global (NASDAQ:PARA)

Kentucky Retirement Systems Insurance Trust Fund lessened its holdings in Paramount Global (NASDAQ:PARA) by 7.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 15,921 shares of the company’s stock after selling 1,267 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Paramount Global were worth $187,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in PARA. Archer Investment Corp acquired a new stake in shares of Paramount Global during the 4th quarter valued at approximately $30,000. Friedenthal Financial acquired a new stake in shares of Paramount Global during the 4th quarter valued at approximately $39,000. Newbridge Financial Services Group Inc. acquired a new stake in shares of Paramount Global during the 4th quarter valued at approximately $44,000. Harvest Fund Management Co. Ltd acquired a new stake in shares of Paramount Global during the 4th quarter valued at approximately $59,000. Finally, Lindbrook Capital LLC lifted its position in shares of Paramount Global by 102.1% during the 4th quarter. Lindbrook Capital LLC now owns 4,308 shares of the company’s stock valued at $64,000 after acquiring an additional 2,176 shares during the period. Hedge funds and other institutional investors own 73.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Evercore ISI reduced their price target on shares of Paramount Global from $13.00 to $11.50 and set an “in-line” rating for the company in a research report on Tuesday, July 9th. Wolfe Research downgraded Paramount Global from a “peer perform” rating to an “underperform” rating and set a $10.00 price objective for the company. in a research report on Tuesday, July 9th. Wells Fargo & Company downgraded Paramount Global from an “equal weight” rating to an “underweight” rating and cut their price objective for the stock from $14.00 to $9.00 in a research report on Wednesday, June 12th. Argus downgraded Paramount Global from a “hold” rating to a “sell” rating in a research report on Friday, May 3rd. Finally, Needham & Company LLC downgraded Paramount Global from a “buy” rating to a “hold” rating in a research report on Tuesday, April 30th. Eleven investment analysts have rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $12.83.

Paramount Global Stock Performance

Shares of NASDAQ PARA traded up $0.03 during trading on Monday, hitting $11.22. 2,032,989 shares of the company traded hands, compared to its average volume of 18,146,227. Paramount Global has a 1 year low of $9.54 and a 1 year high of $17.50. The company has a 50-day moving average price of $11.30 and a 200-day moving average price of $11.92. The company has a quick ratio of 1.19, a current ratio of 1.29 and a debt-to-equity ratio of 0.65.

Paramount Global (NASDAQ:PARA) last announced its quarterly earnings data on Monday, April 29th. The company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.28. Paramount Global had a negative net margin of 0.15% and a positive return on equity of 3.35%. The company had revenue of $7.69 billion during the quarter, compared to analysts’ expectations of $7.73 billion. During the same period in the previous year, the company earned $0.09 EPS. The business’s quarterly revenue was up 5.8% compared to the same quarter last year. On average, analysts predict that Paramount Global will post 1.34 earnings per share for the current fiscal year.

About Paramount Global

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.