Carret Asset Management LLC Sells 7,135 Shares of Paramount Global (NASDAQ:PARA)

Carret Asset Management LLC cut its stake in shares of Paramount Global (NASDAQ:PARA) by 30.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 16,249 shares of the company’s stock after selling 7,135 shares during the quarter. Carret Asset Management LLC’s holdings in Paramount Global were worth $170,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in PARA. State Street Corp grew its stake in shares of Paramount Global by 18.4% during the 3rd quarter. State Street Corp now owns 44,154,027 shares of the company’s stock valued at $470,695,000 after acquiring an additional 6,848,037 shares during the period. Geode Capital Management LLC boosted its position in shares of Paramount Global by 12.1% during the 3rd quarter. Geode Capital Management LLC now owns 14,842,966 shares of the company’s stock valued at $157,168,000 after acquiring an additional 1,606,779 shares during the last quarter. Lingotto Investment Management LLP boosted its position in shares of Paramount Global by 3.7% during the 4th quarter. Lingotto Investment Management LLP now owns 44,753,299 shares of the company’s stock valued at $468,120,000 after acquiring an additional 1,593,579 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Paramount Global by 16.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,394,825 shares of the company’s stock valued at $78,533,000 after acquiring an additional 1,030,592 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Paramount Global by 24.7% during the 4th quarter. Bank of New York Mellon Corp now owns 4,586,288 shares of the company’s stock valued at $47,973,000 after acquiring an additional 908,515 shares during the last quarter. 73.00% of the stock is currently owned by institutional investors.

Paramount Global Price Performance

PARA opened at $11.69 on Friday. Paramount Global has a 12-month low of $9.54 and a 12-month high of $14.54. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.85. The business’s fifty day simple moving average is $11.03 and its 200-day simple moving average is $10.79. The company has a market capitalization of $7.80 billion, a price-to-earnings ratio of -1.42, a PEG ratio of 1.68 and a beta of 1.60.

Paramount Global (NASDAQ:PARA) last posted its quarterly earnings results 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 positive return on equity of 5.81% and a negative net margin of 18.89%. The firm had revenue of $7.98 billion for the quarter, compared to the consensus estimate of $8.07 billion. On average, equities research analysts anticipate that Paramount Global will post 1.77 earnings per share for the current fiscal year.

Paramount Global Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Monday, March 17th will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.71%. The ex-dividend date of this dividend is Monday, March 17th. Paramount Global’s payout ratio is -2.15%.

Wall Street Analysts Forecast Growth

PARA has been the subject of a number of research reports. Guggenheim reiterated a “buy” rating and set a $14.00 target price on shares of Paramount Global in a research report on Thursday, February 27th. Needham & Company LLC restated a “hold” rating on shares of Paramount Global in a report on Thursday, February 27th. Benchmark restated a “buy” rating and set a $19.00 price target on shares of Paramount Global in a report on Thursday, February 27th. Finally, Morgan Stanley increased their price target on Paramount Global from $10.00 to $11.00 and gave the company an “underweight” rating in a report on Tuesday, February 4th. Six analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $12.10.

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.