Paramount Global (NASDAQ:PARA) Stock Holdings Lowered by Meyer Handelman Co.

Meyer Handelman Co. trimmed its holdings in shares of Paramount Global (NASDAQ:PARA) by 60.6% in the third quarter, HoldingsChannel reports. The institutional investor owned 12,800 shares of the company’s stock after selling 19,650 shares during the quarter. Meyer Handelman Co.’s holdings in Paramount Global were worth $136,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. ProShare Advisors LLC boosted its stake in shares of Paramount Global by 146.5% during the 1st quarter. ProShare Advisors LLC now owns 151,864 shares of the company’s stock worth $1,787,000 after acquiring an additional 90,262 shares in the last quarter. State Board of Administration of Florida Retirement System increased its stake in Paramount Global by 5.4% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 679,519 shares of the company’s stock worth $7,998,000 after purchasing an additional 34,541 shares in the last quarter. Financial Counselors Inc. raised its holdings in Paramount Global by 6.9% during the 2nd quarter. Financial Counselors Inc. now owns 864,287 shares of the company’s stock worth $8,980,000 after buying an additional 56,021 shares during the period. CANADA LIFE ASSURANCE Co lifted its stake in Paramount Global by 33.9% during the first quarter. CANADA LIFE ASSURANCE Co now owns 406,895 shares of the company’s stock valued at $4,790,000 after buying an additional 103,103 shares in the last quarter. Finally, Canada Pension Plan Investment Board increased its position in shares of Paramount Global by 798.0% in the second quarter. Canada Pension Plan Investment Board now owns 684,300 shares of the company’s stock worth $7,110,000 after acquiring an additional 608,100 shares in the last quarter. Institutional investors and hedge funds own 73.00% of the company’s stock.

Wall Street Analysts Forecast Growth

PARA has been the subject of several research analyst reports. Guggenheim reduced their price target on shares of Paramount Global from $19.00 to $14.00 and set a “buy” rating for the company in a research report on Wednesday, September 25th. JPMorgan Chase & Co. lowered their price target on Paramount Global from $12.00 to $11.00 and set an “underweight” rating on the stock in a report on Thursday, August 15th. The Goldman Sachs Group assumed coverage on Paramount Global in a research note on Tuesday, June 25th. They issued a “sell” rating and a $9.50 price objective for the company. StockNews.com cut shares of Paramount Global from a “hold” rating to a “sell” rating in a report on Thursday, October 3rd. Finally, Wells Fargo & Company upgraded shares of Paramount Global from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $10.00 to $11.00 in a research report on Friday, August 9th. Nine equities research analysts have rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, Paramount Global has an average rating of “Hold” and a consensus target price of $12.33.

Paramount Global Stock Up 0.1 %

Shares of PARA stock opened at $10.35 on Friday. Paramount Global has a twelve month low of $9.54 and a twelve month high of $17.50. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.15 and a current ratio of 1.30. The stock’s 50 day simple moving average is $10.54 and its 200 day simple moving average is $11.24. The company has a market capitalization of $6.90 billion, a price-to-earnings ratio of -1.33, a PEG ratio of 0.57 and a beta of 1.75.

Paramount Global (NASDAQ:PARA) last posted its quarterly earnings data on Thursday, August 8th. The company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.40. The business had revenue of $6.81 billion during the quarter, compared to the consensus estimate of $7.21 billion. Paramount Global had a negative net margin of 17.62% and a positive return on equity of 4.88%. As a group, research analysts predict that Paramount Global will post 1.56 EPS for the current year.

Paramount Global Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th will be paid a $0.05 dividend. The ex-dividend date of this dividend is Monday, December 16th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.93%. Paramount Global’s payout ratio is presently -2.57%.

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.