UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Decreases Stock Position in Paramount Global (NASDAQ:PARA)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lessened its stake in shares of Paramount Global (NASDAQ:PARA) by 8.7% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 2,586,438 shares of the company’s stock after selling 246,120 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Paramount Global were worth $27,468,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Great Valley Advisor Group Inc. raised its holdings in Paramount Global by 5.3% during the 2nd quarter. Great Valley Advisor Group Inc. now owns 19,940 shares of the company’s stock valued at $207,000 after buying an additional 1,002 shares during the period. Carson Advisory Inc. increased its stake in Paramount Global by 1.9% in the third quarter. Carson Advisory Inc. now owns 54,364 shares of the company’s stock worth $577,000 after purchasing an additional 1,004 shares during the period. Prestige Wealth Management Group LLC increased its stake in Paramount Global by 13.2% in the second quarter. Prestige Wealth Management Group LLC now owns 8,648 shares of the company’s stock worth $90,000 after purchasing an additional 1,011 shares during the period. GAMMA Investing LLC increased its stake in Paramount Global by 22.8% in the second quarter. GAMMA Investing LLC now owns 5,742 shares of the company’s stock worth $60,000 after purchasing an additional 1,067 shares during the period. Finally, B. Riley Wealth Advisors Inc. increased its stake in Paramount Global by 8.4% in the second quarter. B. Riley Wealth Advisors Inc. now owns 17,411 shares of the company’s stock worth $181,000 after purchasing an additional 1,356 shares during the period. Hedge funds and other institutional investors own 73.00% of the company’s stock.

Paramount Global Price Performance

Shares of PARA stock opened at $11.02 on Thursday. Paramount Global has a 1-year low of $9.54 and a 1-year high of $17.50. The stock’s 50-day moving average is $10.72 and its 200 day moving average is $10.89. The company has a market cap of $7.35 billion, a P/E ratio of -1.34, a PEG ratio of 1.33 and a beta of 1.71. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.27 and a quick ratio of 1.10.

Paramount Global (NASDAQ:PARA) last issued its quarterly earnings data on Friday, November 8th. The company reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.25. The company had revenue of $6.73 billion for the quarter, compared to the consensus estimate of $6.94 billion. Paramount Global had a positive return on equity of 5.81% and a negative net margin of 18.89%. The firm’s revenue for the quarter was down 5.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.30 earnings per share. Research analysts predict that Paramount Global will post 1.86 earnings per share for the current fiscal year.

Paramount Global Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be issued a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.81%. The ex-dividend date of this dividend is Monday, December 16th. Paramount Global’s dividend payout ratio is presently -2.43%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Benchmark reiterated a “buy” rating and issued a $19.00 target price on shares of Paramount Global in a research note on Friday, August 9th. Needham & Company LLC reiterated a “hold” rating on shares of Paramount Global in a research note on Monday, November 11th. Wells Fargo & Company upgraded 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 note on Friday, August 9th. JPMorgan Chase & Co. dropped their price target on Paramount Global from $12.00 to $11.00 and set an “underweight” rating on the stock in a research report on Thursday, August 15th. Finally, Macquarie reissued an “underperform” rating and set a $10.00 price target on shares of Paramount Global in a research report on Monday, November 11th. Eight research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $12.40.

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.