Victory Capital Management Inc. Trims Holdings in Paramount Global (NASDAQ:PARA)

Victory Capital Management Inc. trimmed its position in Paramount Global (NASDAQ:PARA) by 26.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 96,465 shares of the company’s stock after selling 35,401 shares during the quarter. Victory Capital Management Inc.’s holdings in Paramount Global were worth $1,024,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. GSA Capital Partners LLP raised its stake in shares of Paramount Global by 46.0% in the third quarter. GSA Capital Partners LLP now owns 87,924 shares of the company’s stock worth $934,000 after purchasing an additional 27,709 shares during the last quarter. Entropy Technologies LP raised its position in Paramount Global by 28.6% during the third quarter. Entropy Technologies LP now owns 71,492 shares of the company’s stock valued at $759,000 after acquiring an additional 15,900 shares in the last quarter. Kennebec Savings Bank purchased a new position in Paramount Global during the third quarter valued at approximately $47,000. State of New Jersey Common Pension Fund D raised its position in Paramount Global by 14.4% during the third quarter. State of New Jersey Common Pension Fund D now owns 231,127 shares of the company’s stock valued at $2,455,000 after acquiring an additional 29,057 shares in the last quarter. Finally, Carson Advisory Inc. raised its position in Paramount Global by 1.9% during the third quarter. Carson Advisory Inc. now owns 54,364 shares of the company’s stock valued at $577,000 after acquiring an additional 1,004 shares in the last quarter. 73.00% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PARA has been the subject of several recent research reports. JPMorgan Chase & Co. reduced their price target on Paramount Global from $12.00 to $11.00 and set an “underweight” rating for the company in a research report on Thursday, August 15th. Macquarie reiterated an “underperform” rating and set a $10.00 price target on shares of Paramount Global in a research report on Monday, November 11th. StockNews.com upgraded Paramount Global from a “sell” rating to a “hold” rating in a research report on Monday, November 11th. Needham & Company LLC reiterated a “hold” rating on shares of Paramount Global in a research report on Monday, November 11th. Finally, Benchmark restated a “buy” rating and issued a $19.00 price objective on shares of Paramount Global in a research report on Friday, August 9th. Eight investment analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $12.40.

Paramount Global Stock Performance

Shares of NASDAQ:PARA opened at $10.77 on Thursday. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.27 and a quick ratio of 1.10. The business’s 50 day moving average price is $10.68 and its 200-day moving average price is $10.95. The firm has a market capitalization of $7.18 billion, a PE ratio of -1.31, a P/E/G ratio of 1.34 and a beta of 1.74. Paramount Global has a 1 year low of $9.54 and a 1 year high of $17.50.

Paramount Global (NASDAQ:PARA) last issued its quarterly earnings results on Friday, November 8th. The company reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.25. The firm had revenue of $6.73 billion for the quarter, compared to analyst estimates of $6.94 billion. Paramount Global had a positive return on equity of 5.81% and a negative net margin of 18.89%. The business’s revenue was down 5.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.30 earnings per share. As a group, equities research analysts expect that Paramount Global will post 1.86 earnings per share for the current fiscal year.

Paramount Global Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.86%. The ex-dividend date is Monday, December 16th. Paramount Global’s dividend payout ratio is presently -2.43%.

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.