Murchinson Ltd. Sells 50,000 Shares of Paramount Global (NASDAQ:PARA)

Murchinson Ltd. lowered its holdings in Paramount Global (NASDAQ:PARA) by 50.0% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 50,000 shares of the company’s stock after selling 50,000 shares during the quarter. Murchinson Ltd.’s holdings in Paramount Global were worth $520,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in PARA. Atlas Capital Advisors LLC purchased a new position in Paramount Global during the 2nd quarter valued at $35,000. Ashton Thomas Private Wealth LLC bought a new stake in shares of Paramount Global during the 2nd quarter valued at about $43,000. Newbridge Financial Services Group Inc. purchased a new position in shares of Paramount Global during the fourth quarter valued at about $44,000. SageView Advisory Group LLC bought a new position in Paramount Global in the first quarter worth about $56,000. Finally, GAMMA Investing LLC lifted its holdings in 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. 73.00% of the stock is owned by hedge funds and other institutional investors.

Paramount Global Trading Up 0.1 %

Paramount Global stock opened at $10.38 on Tuesday. Paramount Global has a one year low of $9.54 and a one year high of $17.50. The business’s fifty day moving average is $10.80 and its 200 day moving average is $11.33. The stock has a market capitalization of $6.92 billion, a PE ratio of -69.20, a price-to-earnings-growth ratio of 0.57 and a beta of 1.75. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.30 and a quick ratio of 1.15.

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 firm had revenue of $6.81 billion for 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%. On average, sell-side analysts predict that Paramount Global will post 1.57 EPS for the current year.

Paramount Global Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th will be issued a dividend of $0.05 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.20 annualized dividend and a dividend yield of 1.93%. Paramount Global’s payout ratio is -133.33%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Evercore ISI decreased their target price on Paramount Global from $13.00 to $11.50 and set an “in-line” rating for the company in a research report on Tuesday, July 9th. Benchmark reiterated a “buy” rating and issued a $19.00 price objective on shares of Paramount Global in a report on Friday, August 9th. Rosenblatt Securities restated a “neutral” rating and set a $14.00 target price on shares of Paramount Global in a report on Tuesday, June 4th. StockNews.com lowered shares of Paramount Global from a “hold” rating to a “sell” rating in a research note on Saturday, September 14th. Finally, Wells Fargo & Company raised shares of Paramount Global from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $10.00 to $11.00 in a research note on Friday, August 9th. Eleven research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $12.47.

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.