Kingswood Wealth Advisors LLC Sells 12,859 Shares of Paramount Global (NASDAQ:PARA)

Kingswood Wealth Advisors LLC cut its stake in shares of Paramount Global (NASDAQ:PARA) by 33.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 25,954 shares of the company’s stock after selling 12,859 shares during the quarter. Kingswood Wealth Advisors LLC’s holdings in Paramount Global were worth $305,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PARA. Vanguard Group Inc. increased its stake in shares of Paramount Global by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 58,286,539 shares of the company’s stock valued at $862,058,000 after buying an additional 626,256 shares in the last quarter. Ariel Investments LLC increased its stake in shares of Paramount Global by 18.0% in the third quarter. Ariel Investments LLC now owns 11,330,850 shares of the company’s stock valued at $146,168,000 after buying an additional 1,731,714 shares in the last quarter. Kodai Capital Management LP acquired a new stake in shares of Paramount Global in the fourth quarter valued at $84,842,000. Northern Trust Corp increased its stake in shares of Paramount Global by 1.9% in the third quarter. Northern Trust Corp now owns 5,304,103 shares of the company’s stock valued at $68,423,000 after buying an additional 96,952 shares in the last quarter. Finally, Lingotto Investment Management LLP increased its stake in shares of Paramount Global by 375.8% in the fourth quarter. Lingotto Investment Management LLP now owns 3,263,978 shares of the company’s stock valued at $48,388,000 after buying an additional 2,577,978 shares in the last quarter. 73.00% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on PARA. JPMorgan Chase & Co. lowered their target price on Paramount Global from $13.00 to $12.00 and set an “underweight” rating for the company in a research note on Thursday, April 4th. StockNews.com upgraded Paramount Global from a “sell” rating to a “hold” rating in a research report on Wednesday, May 8th. Benchmark reiterated a “buy” rating and issued a $19.00 price objective on shares of Paramount Global in a research report on Tuesday, April 30th. Raymond James reiterated a “market perform” rating on shares of Paramount Global in a research report on Tuesday, March 26th. Finally, Wells Fargo & Company lowered Paramount Global from an “equal weight” rating to an “underweight” rating and lowered their price objective for the stock from $14.00 to $9.00 in a research report on Wednesday, June 12th. Ten analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $13.29.

Paramount Global Trading Up 1.3 %

NASDAQ:PARA opened at $10.39 on Friday. Paramount Global has a fifty-two week low of $9.54 and a fifty-two week high of $17.50. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.29 and a quick ratio of 1.19. The stock has a market capitalization of $6.92 billion, a PE ratio of -69.27, a price-to-earnings-growth ratio of 0.30 and a beta of 1.78. The business’s 50-day simple moving average is $11.75 and its 200-day simple moving average is $12.46.

Paramount Global (NASDAQ:PARA) last released its quarterly earnings data on Monday, April 29th. The company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.28. The business had revenue of $7.69 billion for the quarter, compared to analysts’ expectations of $7.73 billion. Paramount Global had a positive return on equity of 3.35% and a negative net margin of 0.15%. Paramount Global’s revenue for the quarter was up 5.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.09 EPS. Sell-side analysts expect that Paramount Global will post 1.32 earnings per share for the current fiscal year.

Paramount Global Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 17th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.92%. The ex-dividend date of this dividend is Monday, June 17th. Paramount Global’s payout ratio is -133.33%.

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.