Corrado Advisors LLC Trims Position in Paramount Global (NASDAQ:PARA)

Corrado Advisors LLC cut its holdings in shares of Paramount Global (NASDAQ:PARA) by 1.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 49,494 shares of the company’s stock after selling 807 shares during the quarter. Corrado Advisors LLC’s holdings in Paramount Global were worth $732,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the business. Highlander Capital Management LLC raised its position in Paramount Global by 13.4% during the 4th quarter. Highlander Capital Management LLC now owns 7,210 shares of the company’s stock worth $107,000 after buying an additional 850 shares during the last quarter. Arizona State Retirement System increased its holdings in shares of Paramount Global by 0.7% during the 4th quarter. Arizona State Retirement System now owns 134,210 shares of the company’s stock valued at $1,985,000 after purchasing an additional 887 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in shares of Paramount Global by 1.9% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 48,971 shares of the company’s stock valued at $724,000 after purchasing an additional 897 shares in the last quarter. Van ECK Associates Corp increased its holdings in shares of Paramount Global by 2.1% during the 3rd quarter. Van ECK Associates Corp now owns 49,536 shares of the company’s stock valued at $639,000 after purchasing an additional 996 shares in the last quarter. Finally, Forum Financial Management LP increased its holdings in shares of Paramount Global by 6.8% during the 3rd quarter. Forum Financial Management LP now owns 15,610 shares of the company’s stock valued at $201,000 after purchasing an additional 1,000 shares in the last quarter. 73.00% of the stock is owned by hedge funds and other institutional investors.

Paramount Global Price Performance

PARA traded up $0.36 on Tuesday, hitting $12.74. 14,522,407 shares of the company’s stock were exchanged, compared to its average volume of 19,237,572. Paramount Global has a fifty-two week low of $10.12 and a fifty-two week high of $24.00. The company has a current ratio of 1.32, a quick ratio of 1.17 and a debt-to-equity ratio of 0.63. The firm has a 50-day moving average price of $11.50 and a 200-day moving average price of $12.88. The stock has a market cap of $8.31 billion, a price-to-earnings ratio of -12.49, a P/E/G ratio of 0.44 and a beta of 1.77.

Paramount Global (NASDAQ:PARA) last posted its quarterly earnings results on Wednesday, February 28th. The company reported $0.04 EPS for the quarter, topping the consensus estimate of ($0.05) by $0.09. Paramount Global had a positive return on equity of 1.78% and a negative net margin of 2.05%. The business had revenue of $7.64 billion for the quarter, compared to analyst estimates of $7.80 billion. During the same quarter in the previous year, the firm earned $0.08 EPS. The company’s quarterly revenue was down 6.1% compared to the same quarter last year. As a group, equities analysts anticipate that Paramount Global will post 1.2 earnings per share for the current year.

Paramount Global Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Monday, June 17th will be issued a dividend of $0.05 per share. The ex-dividend date is Monday, June 17th. This represents a $0.20 annualized dividend and a dividend yield of 1.57%. Paramount Global’s dividend payout ratio is presently -19.61%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on PARA shares. JPMorgan Chase & Co. cut their target price on shares of Paramount Global from $13.00 to $12.00 and set an “underweight” rating for the company in a report on Thursday, April 4th. StockNews.com raised shares of Paramount Global from a “sell” rating to a “hold” rating in a report on Wednesday, April 10th. Deutsche Bank Aktiengesellschaft cut their target price on shares of Paramount Global from $20.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, February 28th. Benchmark dropped their price target on shares of Paramount Global from $30.00 to $19.00 and set a “buy” rating on the stock in a research note on Thursday, February 29th. Finally, Moffett Nathanson raised shares of Paramount Global from a “sell” rating to a “neutral” rating and set a $13.00 price target on the stock in a research note on Tuesday, January 9th. Eight analysts have rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Paramount Global presently has a consensus rating of “Hold” and an average price target of $13.79.

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.