Paramount Global (NASDAQ:PARA) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. cut its stake in shares of Paramount Global (NASDAQ:PARA) by 17.5% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 75,958 shares of the company’s stock after selling 16,061 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Paramount Global were worth $795,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in PARA. Charles Schwab Investment Management Inc. boosted its position in shares of Paramount Global by 4.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,743,123 shares of the company’s stock worth $80,993,000 after acquiring an additional 348,298 shares in the last quarter. Bridgewater Associates LP raised its stake in Paramount Global by 50.7% during the 3rd quarter. Bridgewater Associates LP now owns 328,099 shares of the company’s stock worth $3,484,000 after acquiring an additional 110,357 shares in the last quarter. Franklin Resources Inc. boosted its stake in Paramount Global by 824.1% in the third quarter. Franklin Resources Inc. now owns 195,690 shares of the company’s stock valued at $2,029,000 after acquiring an additional 174,514 shares in the last quarter. Wilsey Asset Management Inc. increased its position in Paramount Global by 16.2% during the fourth quarter. Wilsey Asset Management Inc. now owns 1,902,332 shares of the company’s stock worth $19,898,000 after buying an additional 265,408 shares during the period. Finally, Bank of New York Mellon Corp grew its position in shares of Paramount Global by 24.7% during the fourth quarter. Bank of New York Mellon Corp now owns 4,586,288 shares of the company’s stock worth $47,973,000 after acquiring an additional 908,515 shares during the last quarter. 73.00% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Paramount Global Stock Down 0.1 %

NASDAQ PARA opened at $11.68 on Tuesday. The firm has a 50-day simple moving average of $11.07 and a 200 day simple moving average of $10.80. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.10 and a current ratio of 1.27. The stock has a market cap of $7.79 billion, a PE ratio of -1.42, a PEG ratio of 1.68 and a beta of 1.60. Paramount Global has a twelve month low of $9.54 and a twelve month high of $14.54.

Paramount Global (NASDAQ:PARA) last announced its quarterly earnings results on Wednesday, February 26th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of $0.18 by ($0.29). The company had revenue of $7.98 billion during the quarter, compared to analyst estimates of $8.07 billion. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. On average, research analysts forecast that Paramount Global will post 1.77 EPS for the current year.

Paramount Global Announces Dividend

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

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.