DekaBank Deutsche Girozentrale Cuts Stake in Paramount Global (NASDAQ:PARA)

DekaBank Deutsche Girozentrale reduced its holdings in shares of Paramount Global (NASDAQ:PARA) by 8.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 54,198 shares of the company’s stock after selling 5,249 shares during the period. DekaBank Deutsche Girozentrale’s holdings in Paramount Global were worth $580,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. 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 buying an additional 3,803,928 shares during the period. Lingotto Investment Management LLP grew its holdings in Paramount Global by 628.8% during the 2nd 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 in the last quarter. Ariel Investments LLC grew its holdings in Paramount Global by 16.5% during the 2nd quarter. Ariel Investments LLC now owns 14,042,265 shares of the company’s stock worth $145,899,000 after acquiring an additional 1,992,576 shares in the last quarter. Kodai Capital Management LP grew its holdings in Paramount Global by 9.2% during the 1st quarter. Kodai Capital Management LP now owns 6,264,374 shares of the company’s stock worth $73,732,000 after acquiring an additional 527,897 shares in the last quarter. Finally, Bank of New York Mellon Corp grew 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 acquiring an additional 225,191 shares in the last quarter. 73.00% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on the stock. StockNews.com cut shares of Paramount Global from a “hold” rating to a “sell” rating in a report on Thursday, October 3rd. JPMorgan Chase & Co. lowered 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. Benchmark restated a “buy” rating and issued a $19.00 target price on shares of Paramount Global in a report on Friday, August 9th. Guggenheim lowered their target price on shares of Paramount Global from $19.00 to $14.00 and set a “buy” rating for the company in a report on Wednesday, September 25th. Finally, Evercore ISI decreased their price target on shares of Paramount Global from $13.00 to $11.50 and set an “in-line” rating for the company in a research note on Tuesday, July 9th. Nine analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Paramount Global has an average rating of “Hold” and a consensus price target of $12.33.

Paramount Global Stock Performance

Shares of PARA opened at $10.98 on Friday. The company has a 50-day simple moving average of $10.47 and a 200-day simple moving average of $11.12. The company has a quick ratio of 1.15, a current ratio of 1.30 and a debt-to-equity ratio of 0.85. The company has a market capitalization of $7.32 billion, a PE ratio of -1.41, a P/E/G ratio of 1.64 and a beta of 1.74. Paramount Global has a 52-week low of $9.54 and a 52-week high of $17.50.

Paramount Global (NASDAQ:PARA) last announced its quarterly earnings results 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. The business had revenue of $6.81 billion during the quarter, compared to the consensus estimate of $7.21 billion. Paramount Global had a negative net margin of 17.62% and a positive return on equity of 4.88%. Equities research analysts predict that Paramount Global will post 1.61 earnings per share for the current fiscal year.

Paramount Global Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 16th will be paid a $0.05 dividend. The ex-dividend date is Monday, December 16th. This represents a $0.20 dividend on an annualized basis and a yield of 1.82%. Paramount Global’s payout ratio 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.