Matrix Asset Advisors Inc. NY Cuts Stock Holdings in Paramount Global (NASDAQ:PARA)

Matrix Asset Advisors Inc. NY cut its stake in shares of Paramount Global (NASDAQ:PARA) by 86.0% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 47,115 shares of the company’s stock after selling 288,597 shares during the period. Matrix Asset Advisors Inc. NY’s holdings in Paramount Global were worth $500,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. Livforsakringsbolaget Skandia Omsesidigt raised its stake in shares of Paramount Global by 518.3% in the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 4,891 shares of the company’s stock valued at $52,000 after acquiring an additional 4,100 shares during the period. Watts Gwilliam & Co. LLC purchased a new stake in shares of Paramount Global during the 3rd quarter valued at about $1,015,000. Czech National Bank boosted its stake in shares of Paramount Global by 28.6% in the third quarter. Czech National Bank now owns 121,149 shares of the company’s stock valued at $1,287,000 after purchasing an additional 26,944 shares during the period. Handelsbanken Fonder AB increased its position in shares of Paramount Global by 27.3% during the third quarter. Handelsbanken Fonder AB now owns 132,400 shares of the company’s stock worth $1,406,000 after acquiring an additional 28,400 shares during the last quarter. Finally, Alpha Omega Wealth Management LLC boosted its stake in shares of Paramount Global by 0.4% during the 3rd quarter. Alpha Omega Wealth Management LLC now owns 477,131 shares of the company’s stock valued at $5,067,000 after buying an additional 2,071 shares during the last quarter. 73.00% of the stock is owned by hedge funds and other institutional investors.

Paramount Global Stock Up 0.1 %

PARA stock opened at $10.35 on Friday. Paramount Global has a 52 week low of $9.54 and a 52 week high of $17.50. The company has a market capitalization of $6.90 billion, a price-to-earnings ratio of -1.33, a price-to-earnings-growth ratio of 0.57 and a beta of 1.75. The firm’s 50-day moving average is $10.54 and its two-hundred day moving average is $11.24. The company has a current ratio of 1.30, a quick ratio of 1.15 and a debt-to-equity ratio of 0.85.

Paramount Global (NASDAQ:PARA) last posted its quarterly earnings data on Thursday, August 8th. The company reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.40. Paramount Global had a positive return on equity of 4.88% and a negative net margin of 17.62%. The company had revenue of $6.81 billion for the quarter, compared to the consensus estimate of $7.21 billion. On average, analysts forecast that Paramount Global will post 1.56 earnings per share for the current fiscal 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 given a dividend of $0.05 per share. The ex-dividend date is Monday, December 16th. This represents a $0.20 annualized dividend and a dividend yield of 1.93%. Paramount Global’s dividend payout ratio (DPR) is -2.57%.

Wall Street Analyst Weigh In

PARA has been the topic of several research analyst reports. The Goldman Sachs Group began coverage on shares of Paramount Global in a research report on Tuesday, June 25th. They set a “sell” rating and a $9.50 price target on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Paramount Global from $12.00 to $11.00 and set an “underweight” rating for the company in a research report on Thursday, August 15th. Wolfe Research cut shares of Paramount Global from a “peer perform” rating to an “underperform” rating and set a $10.00 target price on the stock. in a report on Tuesday, July 9th. Wells Fargo & Company raised Paramount Global from an “underweight” rating to an “equal weight” rating and upped their target price for the company from $10.00 to $11.00 in a report on Friday, August 9th. Finally, Benchmark reissued a “buy” rating and issued a $19.00 price target on shares of Paramount Global in a 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 company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $12.33.

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.