Paramount Global (NASDAQ:PARA) Shares Sold by Korea Investment CORP

Korea Investment CORP cut its holdings in shares of Paramount Global (NASDAQ:PARA) by 88.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 25,910 shares of the company’s stock after selling 192,617 shares during the quarter. Korea Investment CORP’s holdings in Paramount Global were worth $271,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of PARA. Intech Investment Management LLC acquired a new position in shares of Paramount Global during the 3rd quarter worth approximately $117,000. Glenmede Trust Co. NA purchased a new position in Paramount Global during the third quarter worth approximately $127,000. MetLife Investment Management LLC boosted its stake in Paramount Global by 15.7% during the third quarter. MetLife Investment Management LLC now owns 154,584 shares of the company’s stock worth $1,642,000 after buying an additional 20,984 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Paramount Global by 27.0% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 106,504 shares of the company’s stock valued at $1,131,000 after buying an additional 22,650 shares in the last quarter. Finally, Rockefeller Capital Management L.P. increased its stake in shares of Paramount Global by 9.6% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 21,146 shares of the company’s stock worth $225,000 after acquiring an additional 1,845 shares during the last quarter. Hedge funds and other institutional investors own 73.00% of the company’s stock.

Paramount Global Stock Performance

NASDAQ:PARA opened at $11.73 on Wednesday. The company has a market cap of $7.82 billion, a price-to-earnings ratio of -1.43, a price-to-earnings-growth ratio of 1.68 and a beta of 1.60. The company has a quick ratio of 1.10, a current ratio of 1.27 and a debt-to-equity ratio of 0.85. Paramount Global has a 52 week low of $9.54 and a 52 week high of $14.54. The company has a fifty day simple moving average of $11.34 and a two-hundred day simple moving average of $10.92.

Paramount Global (NASDAQ:PARA) last issued its quarterly earnings results on Wednesday, February 26th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.29). The company had revenue of $7.98 billion for the quarter, compared to analysts’ expectations of $8.07 billion. Paramount Global had a positive return on equity of 5.81% and a negative net margin of 18.89%. As a group, equities analysts anticipate that Paramount Global will post 1.77 earnings per share for the current fiscal year.

Paramount Global Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Monday, March 17th were issued a $0.05 dividend. The ex-dividend date was Monday, March 17th. This represents a $0.20 annualized dividend and a yield of 1.71%. Paramount Global’s dividend payout ratio (DPR) is -2.15%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Guggenheim reissued a “buy” rating and issued a $14.00 price objective on shares of Paramount Global in a report on Thursday, February 27th. Morgan Stanley increased their price target 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. Benchmark reaffirmed a “buy” rating and set a $19.00 price target on shares of Paramount Global in a research report on Thursday, February 27th. Needham & Company LLC reiterated a “hold” rating on shares of Paramount Global in a research report on Thursday, February 27th. Finally, StockNews.com initiated coverage on Paramount Global in a research report on Sunday. They issued a “hold” rating on the stock. Six analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, Paramount Global presently has an average rating of “Hold” and a consensus price target of $12.10.

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.