Gabelli Funds LLC Sells 18,000 Shares of Paramount Global (NASDAQ:PARA)

Gabelli Funds LLC trimmed its position in shares of Paramount Global (NASDAQ:PARA) by 4.4% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 393,500 shares of the company’s stock after selling 18,000 shares during the period. Gabelli Funds LLC’s holdings in Paramount Global were worth $4,631,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Archer Investment Corp purchased a new position in Paramount Global during the 4th quarter worth approximately $30,000. Friedenthal Financial purchased a new position in shares of Paramount Global during the 4th quarter worth $39,000. Newbridge Financial Services Group Inc. purchased a new position in shares of Paramount Global during the 4th quarter worth $44,000. SageView Advisory Group LLC purchased a new position in shares of Paramount Global during the 1st quarter worth $56,000. Finally, Harvest Fund Management Co. Ltd purchased a new position in shares of Paramount Global during the 4th quarter worth $59,000. 73.00% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Argus lowered shares of Paramount Global from a “hold” rating to a “sell” rating in a report on Friday, May 3rd. Evercore ISI dropped their target price on Paramount Global from $13.00 to $11.50 and set an “in-line” rating for the company in a research report on Tuesday, July 9th. Benchmark reissued a “buy” rating and set a $19.00 price objective on shares of Paramount Global in a research report on Tuesday, July 9th. Needham & Company LLC downgraded Paramount Global from a “buy” rating to a “hold” rating in a research report on Tuesday, April 30th. Finally, StockNews.com raised Paramount Global from a “sell” rating to a “hold” rating in a research report on Wednesday, May 8th. Eleven investment analysts have rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $12.83.

Paramount Global Stock Performance

Shares of Paramount Global stock traded down $0.27 during trading hours on Friday, hitting $11.19. 9,816,133 shares of the company were exchanged, compared to its average volume of 13,756,763. Paramount Global has a 1 year low of $9.54 and a 1 year high of $17.50. The company has a current ratio of 1.29, a quick ratio of 1.19 and a debt-to-equity ratio of 0.65. The business has a 50-day moving average of $11.30 and a 200-day moving average of $11.93. The stock has a market capitalization of $7.46 billion, a price-to-earnings ratio of -74.60, a P/E/G ratio of 0.84 and a beta of 1.78.

Paramount Global (NASDAQ:PARA) last released its quarterly earnings results on Monday, April 29th. The company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.34 by $0.28. Paramount Global had a positive return on equity of 3.35% and a negative net margin of 0.15%. The business had revenue of $7.69 billion during the quarter, compared to analysts’ expectations of $7.73 billion. During the same quarter in the prior year, the business earned $0.09 earnings per share. The company’s quarterly revenue was up 5.8% compared to the same quarter last year. As a group, analysts expect that Paramount Global will post 1.34 EPS for the current fiscal year.

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.