Carret Asset Management LLC Sells 5,995 Shares of Paramount Global (NASDAQ:PARA)

Carret Asset Management LLC trimmed its holdings in Paramount Global (NASDAQ:PARA) by 20.4% in the third quarter, Holdings Channel reports. The fund owned 23,384 shares of the company’s stock after selling 5,995 shares during the period. Carret Asset Management LLC’s holdings in Paramount Global were worth $248,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of PARA. Vanguard Group Inc. increased its stake in Paramount Global by 6.5% during the 1st quarter. Vanguard Group Inc. now owns 62,090,467 shares of the company’s stock worth $730,805,000 after purchasing an additional 3,803,928 shares in the last quarter. Lingotto Investment Management LLP raised its holdings in shares of Paramount Global by 628.8% during the second quarter. Lingotto Investment Management LLP now owns 29,937,007 shares of the company’s stock worth $311,046,000 after acquiring an additional 25,829,185 shares during the period. Ariel Investments LLC lifted its position in Paramount Global by 16.5% in the 2nd quarter. Ariel Investments LLC now owns 14,042,265 shares of the company’s stock valued at $145,899,000 after acquiring an additional 1,992,576 shares in the last quarter. Kodai Capital Management LP boosted its stake in Paramount Global by 9.2% in the 1st quarter. Kodai Capital Management LP now owns 6,264,374 shares of the company’s stock worth $73,732,000 after purchasing an additional 527,897 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in Paramount Global by 6.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,724,532 shares of the company’s stock worth $38,698,000 after purchasing an additional 225,191 shares in the last quarter. 73.00% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently commented on PARA shares. Guggenheim cut their price target on Paramount Global from $19.00 to $14.00 and set a “buy” rating on the stock in a report on Wednesday, September 25th. StockNews.com cut Paramount Global from a “hold” rating to a “sell” rating in a research note on Thursday, October 3rd. Benchmark reaffirmed a “buy” rating and set a $19.00 price target on shares of Paramount Global in a research note on Friday, August 9th. Needham & Company LLC reissued a “hold” rating on shares of Paramount Global in a research report on Friday, August 9th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Paramount Global from $12.00 to $11.00 and set an “underweight” rating for the company in a report on Thursday, August 15th. Nine 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. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $12.33.

Paramount Global Trading Down 0.3 %

Shares of NASDAQ:PARA opened at $10.27 on Monday. Paramount Global has a 52-week low of $9.54 and a 52-week high of $17.50. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.15 and a current ratio of 1.30. The company has a market capitalization of $6.85 billion, a P/E ratio of -1.32, a price-to-earnings-growth ratio of 0.56 and a beta of 1.75. The company has a 50-day simple moving average of $10.52 and a 200 day simple moving average of $11.14.

Paramount Global (NASDAQ:PARA) last released its quarterly earnings data on Thursday, August 8th. The company reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.40. Paramount Global had a positive return on equity of 4.88% and a negative net margin of 17.62%. The company had revenue of $6.81 billion during the quarter, compared to analysts’ expectations of $7.21 billion. Sell-side analysts forecast that Paramount Global will post 1.6 earnings per share for the current year.

Paramount Global Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Monday, December 16th. This represents a $0.20 dividend on an annualized basis and a yield of 1.95%. Paramount Global’s dividend payout ratio (DPR) is -2.57%.

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.