State of Michigan Retirement System Sells 55,736 Shares of Paramount Global (NASDAQ:PARA)

State of Michigan Retirement System lessened its holdings in shares of Paramount Global (NASDAQ:PARA) by 25.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 161,512 shares of the company’s stock after selling 55,736 shares during the quarter. State of Michigan Retirement System’s holdings in Paramount Global were worth $1,689,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. Charles Schwab Investment Management Inc. increased its position in shares of Paramount Global by 16.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 7,394,825 shares of the company’s stock worth $78,533,000 after acquiring an additional 1,030,592 shares in the last quarter. Bridgewater Associates LP boosted its stake in Paramount Global by 50.7% during the 3rd quarter. Bridgewater Associates LP now owns 328,099 shares of the company’s stock valued at $3,484,000 after purchasing an additional 110,357 shares during the last quarter. Franklin Resources Inc. increased its holdings in Paramount Global by 824.1% during the 3rd quarter. Franklin Resources Inc. now owns 195,690 shares of the company’s stock worth $2,029,000 after purchasing an additional 174,514 shares in the last quarter. Wilsey Asset Management Inc. raised its stake in shares of Paramount Global by 16.2% in the fourth quarter. Wilsey Asset Management Inc. now owns 1,902,332 shares of the company’s stock worth $19,898,000 after purchasing an additional 265,408 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in shares of Paramount Global by 22.3% in the third quarter. Principal Financial Group Inc. now owns 683,401 shares of the company’s stock valued at $7,258,000 after purchasing an additional 124,740 shares in the last quarter. Institutional investors and hedge funds own 73.00% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Morgan Stanley upped their price target on Paramount Global from $10.00 to $11.00 and gave the stock an “underweight” rating in a report on Tuesday, February 4th. Guggenheim reiterated a “buy” rating and issued a $14.00 target price on shares of Paramount Global in a research note on Thursday, February 27th. Benchmark reissued a “buy” rating and set a $19.00 price target on shares of Paramount Global in a research report on Thursday, February 27th. Macquarie reaffirmed an “underperform” rating and issued a $10.00 price objective on shares of Paramount Global in a research report on Monday, November 11th. Finally, StockNews.com raised shares of Paramount Global from a “sell” rating to a “hold” rating in a research report on Monday, November 11th. Six 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 company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $12.10.

Paramount Global Price Performance

Paramount Global stock opened at $12.14 on Friday. The company has a current ratio of 1.27, a quick ratio of 1.10 and a debt-to-equity ratio of 0.85. The business’s 50 day simple moving average is $10.94 and its 200 day simple moving average is $10.78. Paramount Global has a 12 month low of $9.54 and a 12 month high of $14.54. The company has a market cap of $8.10 billion, a price-to-earnings ratio of -1.48, a PEG ratio of 1.68 and a beta of 1.60.

Paramount Global (NASDAQ:PARA) last posted 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). Paramount Global had a positive return on equity of 5.81% and a negative net margin of 18.89%. The firm had revenue of $7.98 billion for the quarter, compared to the consensus estimate of $8.07 billion. Sell-side analysts forecast that Paramount Global will post 1.77 EPS for the current year.

Paramount Global Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Monday, March 17th will be given a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.65%. The ex-dividend date of this dividend is Monday, March 17th. Paramount Global’s dividend payout ratio (DPR) is currently -2.15%.

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.