Janney Montgomery Scott LLC Lowers Position in Paramount Global (NASDAQ:PARA)

Janney Montgomery Scott LLC reduced its stake in Paramount Global (NASDAQ:PARA) by 37.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 119,085 shares of the company’s stock after selling 72,746 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Paramount Global were worth $1,265,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. Allspring Global Investments Holdings LLC raised its stake in shares of Paramount Global by 3.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 24,682 shares of the company’s stock worth $291,000 after acquiring an additional 934 shares in the last quarter. Great Valley Advisor Group Inc. lifted its stake in Paramount Global by 5.3% in the second quarter. Great Valley Advisor Group Inc. now owns 19,940 shares of the company’s stock worth $207,000 after purchasing an additional 1,002 shares during the last quarter. Prestige Wealth Management Group LLC grew its stake in shares of Paramount Global by 13.2% during the second quarter. Prestige Wealth Management Group LLC now owns 8,648 shares of the company’s stock valued at $90,000 after buying an additional 1,011 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Paramount Global by 22.8% in the second quarter. GAMMA Investing LLC now owns 5,742 shares of the company’s stock worth $60,000 after buying an additional 1,067 shares during the period. Finally, B. Riley Wealth Advisors Inc. boosted its holdings in Paramount Global by 8.4% during the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 17,411 shares of the company’s stock valued at $181,000 after acquiring an additional 1,356 shares during the period. 73.00% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

PARA has been the topic of a number of analyst reports. Macquarie reaffirmed an “underperform” rating and issued a $10.00 price target on shares of Paramount Global in a research note on Monday. JPMorgan Chase & Co. lowered their price target 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 reissued a “buy” rating and issued a $19.00 price target on shares of Paramount Global in a report on Friday, August 9th. Wells Fargo & Company upgraded shares of Paramount Global from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $10.00 to $11.00 in a research report on Friday, August 9th. Finally, StockNews.com upgraded shares of Paramount Global from a “sell” rating to a “hold” rating in a report on Monday. Eight equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $12.40.

Paramount Global Stock Up 1.7 %

Shares of NASDAQ:PARA opened at $11.35 on Friday. 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 fifty day simple moving average of $10.60 and a two-hundred day simple moving average of $11.09. Paramount Global has a 12-month low of $9.54 and a 12-month high of $17.50. The stock has a market capitalization of $7.57 billion, a price-to-earnings ratio of -1.38, a PEG ratio of 1.44 and a beta of 1.74.

Paramount Global (NASDAQ:PARA) last announced its quarterly earnings data on Friday, November 8th. The company reported $0.49 EPS for the quarter, beating the consensus estimate of $0.24 by $0.25. The company had revenue of $6.73 billion for the quarter, compared to the consensus estimate of $6.94 billion. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. Paramount Global’s revenue for the quarter was down 5.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.30 EPS. On average, research analysts anticipate that Paramount Global will post 1.78 earnings per share for the current fiscal year.

Paramount Global Announces Dividend

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 given a $0.05 dividend. The ex-dividend date is Monday, December 16th. This represents a $0.20 annualized dividend and a yield of 1.76%. Paramount Global’s dividend payout ratio (DPR) is presently -2.43%.

Paramount Global Company 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.