Paramount Global (NASDAQ:PARA) Holdings Reduced by Cibc World Markets Corp

Cibc World Markets Corp cut its stake in Paramount Global (NASDAQ:PARA) by 3.5% in the 4th quarter, HoldingsChannel reports. The fund owned 454,875 shares of the company’s stock after selling 16,278 shares during the period. Cibc World Markets Corp’s holdings in Paramount Global were worth $4,758,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Allworth Financial LP boosted its holdings in shares of Paramount Global by 140.1% in the fourth quarter. Allworth Financial LP now owns 2,391 shares of the company’s stock valued at $25,000 after acquiring an additional 1,395 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Paramount Global by 1.6% in the third quarter. PNC Financial Services Group Inc. now owns 92,019 shares of the company’s stock valued at $977,000 after acquiring an additional 1,481 shares in the last quarter. Huntington National Bank boosted its holdings in shares of Paramount Global by 129.0% in the third quarter. Huntington National Bank now owns 2,771 shares of the company’s stock valued at $29,000 after acquiring an additional 1,561 shares in the last quarter. Kentucky Retirement Systems Insurance Trust Fund boosted its holdings in shares of Paramount Global by 10.4% in the third quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 17,608 shares of the company’s stock valued at $187,000 after acquiring an additional 1,663 shares in the last quarter. Finally, Insight Inv LLC boosted its holdings in shares of Paramount Global by 9.8% in the fourth quarter. Insight Inv LLC now owns 20,435 shares of the company’s stock valued at $215,000 after acquiring an additional 1,825 shares in the last quarter. 73.00% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Benchmark reiterated a “buy” rating and issued a $19.00 price objective on shares of Paramount Global in a report on Thursday, February 27th. Guggenheim reissued a “buy” rating and set a $14.00 target price 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 research note on Thursday, February 27th. Finally, Morgan Stanley increased their target price on shares of Paramount Global from $10.00 to $11.00 and gave the company an “underweight” rating in a research note on Tuesday, February 4th. Six equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $12.10.

Paramount Global Stock Up 0.7 %

Shares of NASDAQ:PARA opened at $11.74 on Thursday. 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 company has a market cap of $7.83 billion, a PE ratio of -1.43, a price-to-earnings-growth ratio of 1.68 and a beta of 1.60. Paramount Global has a 52 week low of $9.54 and a 52 week high of $14.54. The firm has a 50 day simple moving average of $11.10 and a 200 day simple moving average of $10.82.

Paramount Global (NASDAQ:PARA) last issued 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 firm had revenue of $7.98 billion during the quarter, compared to analysts’ expectations of $8.07 billion. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. As a group, research analysts expect that Paramount Global will post 1.77 earnings per share for the current year.

Paramount Global Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Monday, March 17th will be paid a $0.05 dividend. The ex-dividend date is Monday, March 17th. This represents a $0.20 annualized dividend and a yield of 1.70%. Paramount Global’s dividend payout ratio is presently -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.