New York Life Investment Management LLC Sells 14,070 Shares of Paramount Global (NASDAQ:PARA)

New York Life Investment Management LLC trimmed its position in Paramount Global (NASDAQ:PARA) by 9.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 140,939 shares of the company’s stock after selling 14,070 shares during the quarter. New York Life Investment Management LLC’s holdings in Paramount Global were worth $1,474,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Charles Schwab Investment Management Inc. grew its stake in Paramount Global by 16.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,394,825 shares of the company’s stock valued at $78,533,000 after buying an additional 1,030,592 shares during the last quarter. Bridgewater Associates LP grew its stake in Paramount Global by 50.7% in the 3rd quarter. Bridgewater Associates LP now owns 328,099 shares of the company’s stock valued at $3,484,000 after buying an additional 110,357 shares during the last quarter. Franklin Resources Inc. grew its stake in Paramount Global by 824.1% in the 3rd quarter. Franklin Resources Inc. now owns 195,690 shares of the company’s stock valued at $2,029,000 after buying an additional 174,514 shares during the last quarter. Wilsey Asset Management Inc. grew its stake in Paramount Global by 16.2% in the 4th quarter. Wilsey Asset Management Inc. now owns 1,902,332 shares of the company’s stock valued at $19,898,000 after buying an additional 265,408 shares during the last quarter. Finally, Principal Financial Group Inc. grew its stake in Paramount Global by 22.3% in the 3rd quarter. Principal Financial Group Inc. now owns 683,401 shares of the company’s stock valued at $7,258,000 after buying an additional 124,740 shares during the last quarter. 73.00% of the stock is owned by institutional investors.

Paramount Global Stock Performance

NASDAQ PARA opened at $11.31 on Tuesday. 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 firm has a market capitalization of $7.54 billion, a price-to-earnings ratio of -1.38, a P/E/G ratio of 1.68 and a beta of 1.69. The firm’s 50 day simple moving average is $10.83 and its 200 day simple moving average is $10.75. Paramount Global has a 1 year low of $9.54 and a 1 year high of $14.54.

Paramount Global (NASDAQ:PARA) last posted its quarterly earnings results on Wednesday, February 26th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.29). The firm had revenue of $7.98 billion for the quarter, compared to analyst estimates of $8.07 billion. Paramount Global had a positive return on equity of 5.81% and a negative net margin of 18.89%. As a group, research analysts expect that Paramount Global will post 1.77 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 Tuesday, April 1st. Investors of record on Monday, March 17th will be given a dividend of $0.05 per share. The ex-dividend date is Monday, March 17th. This represents a $0.20 annualized dividend and a dividend yield of 1.77%. Paramount Global’s dividend payout ratio is -2.15%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on PARA shares. Macquarie reiterated an “underperform” rating and issued a $10.00 price target on shares of Paramount Global in a research note on Monday, November 11th. Needham & Company LLC reiterated a “hold” rating on shares of Paramount Global in a research note on Thursday, February 27th. Morgan Stanley upped their price target on shares of Paramount Global from $10.00 to $11.00 and gave the company an “underweight” rating in a research note on Tuesday, February 4th. StockNews.com upgraded shares of Paramount Global from a “sell” rating to a “hold” rating in a research report on Monday, November 11th. Finally, Guggenheim restated a “buy” rating and set a $14.00 target price on shares of Paramount Global in a research report on Thursday, February 27th. Six equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $12.10.

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.