Prudential Financial Inc. Has $3.37 Million Stock Position in Paramount Global (NASDAQ:PARA)

Prudential Financial Inc. lessened its stake in Paramount Global (NASDAQ:PARA) by 10.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 314,486 shares of the company’s stock after selling 36,141 shares during the quarter. Prudential Financial Inc.’s holdings in Paramount Global were worth $3,371,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of PARA. Allworth Financial LP lifted its holdings in shares of Paramount Global by 140.1% during the 4th quarter. Allworth Financial LP now owns 2,391 shares of the company’s stock worth $25,000 after acquiring an additional 1,395 shares during the period. Insight Inv LLC boosted its holdings in shares of Paramount Global by 9.8% in the 4th quarter. Insight Inv LLC now owns 20,435 shares of the company’s stock valued at $215,000 after purchasing an additional 1,825 shares in the last quarter. Rockefeller Capital Management L.P. boosted its holdings 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 valued at $225,000 after purchasing an additional 1,845 shares in the last quarter. Mitchell & Pahl Private Wealth LLC raised its holdings in shares of Paramount Global by 3.8% during the 4th quarter. Mitchell & Pahl Private Wealth LLC now owns 50,770 shares of the company’s stock worth $531,000 after buying an additional 1,848 shares in the last quarter. Finally, Perigon Wealth Management LLC raised its holdings in shares of Paramount Global by 7.0% during the 4th quarter. Perigon Wealth Management LLC now owns 28,821 shares of the company’s stock worth $293,000 after buying an additional 1,874 shares in the last quarter. Institutional investors own 73.00% of the company’s stock.

Analysts Set New Price Targets

PARA has been the topic of a number of recent analyst reports. Morgan Stanley lifted their target price on Paramount Global from $10.00 to $11.00 and gave the company an “underweight” rating in a research report on Tuesday, February 4th. Needham & Company LLC reiterated a “hold” rating on shares of Paramount Global in a research report on Thursday, February 27th. Benchmark reaffirmed a “buy” rating and set a $19.00 target price on shares of Paramount Global in a research note on Thursday, February 27th. Guggenheim reiterated a “buy” rating and issued a $14.00 price target on shares of Paramount Global in a research note on Thursday, February 27th. Finally, StockNews.com initiated coverage on Paramount Global in a research report on Sunday. They set a “hold” rating on the stock. Six equities research analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $12.10.

Paramount Global Stock Performance

PARA stock opened at $11.73 on Wednesday. The firm has a market cap of $7.82 billion, a PE ratio of -1.43, a price-to-earnings-growth ratio of 1.68 and a beta of 1.60. 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 stock has a 50-day moving average price of $11.34 and a 200-day moving average price of $10.92. Paramount Global has a 1-year low of $9.54 and a 1-year high of $14.54.

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

Paramount Global Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Monday, March 17th were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.71%. The ex-dividend date of this dividend was Monday, March 17th. Paramount Global’s payout ratio is -2.15%.

About Paramount Global

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.