Gabelli Funds LLC Sells 31,300 Shares of Paramount Global (NASDAQ:PARAA)

Gabelli Funds LLC trimmed its stake in Paramount Global (NASDAQ:PARAA) by 1.7% during the second quarter, Holdings Channel reports. The fund owned 1,832,391 shares of the company’s stock after selling 31,300 shares during the period. Gabelli Funds LLC’s holdings in Paramount Global were worth $33,679,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Dimensional Fund Advisors LP lifted its stake in Paramount Global by 4.6% in the second quarter. Dimensional Fund Advisors LP now owns 143,261 shares of the company’s stock valued at $2,633,000 after purchasing an additional 6,309 shares during the last quarter. Poehling Capital Management INC. lifted its position in shares of Paramount Global by 10.2% during the 2nd quarter. Poehling Capital Management INC. now owns 433,435 shares of the company’s stock valued at $7,967,000 after buying an additional 40,142 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Paramount Global by 13.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 28,315 shares of the company’s stock worth $520,000 after acquiring an additional 3,281 shares during the period. Welch Group LLC bought a new position in Paramount Global during the second quarter worth about $298,000. Finally, B. Riley Wealth Advisors Inc. lifted its holdings in Paramount Global by 27.0% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 35,160 shares of the company’s stock worth $768,000 after purchasing an additional 7,479 shares in the last quarter. 5.98% of the stock is owned by institutional investors.

Paramount Global Stock Up 1.6 %

PARAA stock opened at $22.24 on Friday. The stock has a 50-day simple moving average of $22.44 and a two-hundred day simple moving average of $21.57. Paramount Global has a twelve month low of $13.40 and a twelve month high of $26.34. The firm has a market capitalization of $14.51 billion, a PE ratio of -148.27 and a beta of 1.66. The company has a quick ratio of 1.15, a current ratio of 1.30 and a debt-to-equity ratio of 0.85.

Paramount Global (NASDAQ:PARAA) last posted its earnings results on Thursday, August 8th. The company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.18 by $0.36. The business had revenue of $6.81 billion for the quarter, compared to analyst estimates of $7.55 billion. Paramount Global had a negative net margin of 17.62% and a positive return on equity of 4.88%. On average, equities analysts predict that Paramount Global will post 1.91 EPS for the current fiscal year.

Paramount Global Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 16th will be given a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 0.90%. The ex-dividend date is Monday, September 16th. Paramount Global’s dividend payout ratio (DPR) is -133.33%.

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.