Meyer Handelman Co. Cuts Position in Paramount Global (NASDAQ:PARA)

Meyer Handelman Co. reduced its holdings in shares of Paramount Global (NASDAQ:PARA) by 60.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,800 shares of the company’s stock after selling 19,650 shares during the quarter. Meyer Handelman Co.’s holdings in Paramount Global were worth $136,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. New Hampshire Trust lifted its position in Paramount Global by 6.2% during the 1st quarter. New Hampshire Trust now owns 15,767 shares of the company’s stock worth $186,000 after acquiring an additional 914 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Paramount Global by 3.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 24,682 shares of the company’s stock valued at $291,000 after purchasing an additional 934 shares during the period. Great Valley Advisor Group Inc. grew its holdings in Paramount Global by 5.3% during the 2nd quarter. Great Valley Advisor Group Inc. now owns 19,940 shares of the company’s stock valued at $207,000 after purchasing an additional 1,002 shares in the last quarter. Prestige Wealth Management Group LLC increased its stake in Paramount Global by 13.2% during the 2nd quarter. Prestige Wealth Management Group LLC now owns 8,648 shares of the company’s stock worth $90,000 after buying an additional 1,011 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in Paramount Global by 22.8% in the 2nd quarter. GAMMA Investing LLC now owns 5,742 shares of the company’s stock worth $60,000 after buying an additional 1,067 shares in the last quarter. Institutional investors and hedge funds own 73.00% of the company’s stock.

Paramount Global Stock Performance

Shares of NASDAQ PARA opened at $10.35 on Friday. Paramount Global has a 12-month low of $9.54 and a 12-month high of $17.50. The company has a market cap of $6.90 billion, a PE ratio of -1.33, a P/E/G ratio of 0.57 and a beta of 1.75. The stock has a 50 day simple moving average of $10.54 and a 200-day simple moving average of $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 released its quarterly earnings results on Thursday, August 8th. The company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.40. The company had revenue of $6.81 billion during the quarter, compared to analysts’ expectations of $7.21 billion. Paramount Global had a positive return on equity of 4.88% and a negative net margin of 17.62%. On average, equities research analysts forecast that Paramount Global will post 1.56 EPS for the current year.

Paramount Global Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date of this dividend is Monday, December 16th. Paramount Global’s dividend payout ratio is currently -2.57%.

Analyst Ratings Changes

A number of analysts have recently issued reports on PARA shares. Wells Fargo & Company raised Paramount Global from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $10.00 to $11.00 in a research report on Friday, August 9th. StockNews.com lowered Paramount Global from a “hold” rating to a “sell” rating in a research report on Thursday, October 3rd. Evercore ISI decreased their price target on shares of 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. JPMorgan Chase & Co. cut their price target on shares of Paramount Global from $12.00 to $11.00 and set an “underweight” rating on the stock in a report on Thursday, August 15th. Finally, Wolfe Research lowered shares of Paramount Global from a “peer perform” rating to an “underperform” rating and set a $10.00 price objective for the company. in a report on Tuesday, July 9th. Nine equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $12.33.

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.