Sumitomo Mitsui DS Asset Management Company Ltd Sells 42,655 Shares of Paramount Global (NASDAQ:PARA)

Sumitomo Mitsui DS Asset Management Company Ltd lowered its stake in shares of Paramount Global (NASDAQ:PARA) by 79.0% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,352 shares of the company’s stock after selling 42,655 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Paramount Global were worth $119,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Blue Trust Inc. boosted its position in Paramount Global by 162.8% during the third quarter. Blue Trust Inc. now owns 2,539 shares of the company’s stock worth $26,000 after purchasing an additional 1,573 shares during the period. Huntington National Bank boosted its position in Paramount Global by 129.0% during the third quarter. Huntington National Bank now owns 2,771 shares of the company’s stock worth $29,000 after purchasing an additional 1,561 shares during the period. Kennebec Savings Bank bought a new stake in Paramount Global during the third quarter worth approximately $47,000. Livforsakringsbolaget Skandia Omsesidigt boosted its position in Paramount Global by 518.3% during the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 4,891 shares of the company’s stock worth $52,000 after purchasing an additional 4,100 shares during the period. Finally, FNY Investment Advisers LLC boosted its position in Paramount Global by 102.4% during the fourth quarter. FNY Investment Advisers LLC now owns 7,224 shares of the company’s stock worth $75,000 after purchasing an additional 3,654 shares during the period. Institutional investors own 73.00% of the company’s stock.

Paramount Global Stock Performance

Shares of NASDAQ PARA opened at $10.64 on Thursday. 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 business has a fifty day simple moving average of $10.73 and a 200 day simple moving average of $10.69. Paramount Global has a one year low of $9.54 and a one year high of $14.54. The firm has a market capitalization of $7.10 billion, a price-to-earnings ratio of -1.29, a PEG ratio of 1.59 and a beta of 1.69.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Morgan Stanley increased their price objective on Paramount Global from $10.00 to $11.00 and gave the company an “underweight” rating in a research report on Tuesday, February 4th. Needham & Company LLC reissued a “hold” rating on shares of Paramount Global in a research report on Monday, November 11th. StockNews.com raised Paramount Global from a “sell” rating to a “hold” rating in a research report on Monday, November 11th. Finally, Macquarie reissued an “underperform” rating and issued a $10.00 price objective on shares of Paramount Global in a research report on Monday, November 11th. Six equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Paramount Global presently has a consensus rating of “Hold” and an average target price of $12.58.

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.