LSV Asset Management Sells 350,771 Shares of Paramount Global (NASDAQ:PARA)

LSV Asset Management decreased its stake in Paramount Global (NASDAQ:PARA) by 13.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,164,624 shares of the company’s stock after selling 350,771 shares during the period. LSV Asset Management owned 0.33% of Paramount Global worth $32,015,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. VisionPoint Advisory Group LLC purchased a new position in shares of Paramount Global in the third quarter worth about $25,000. Archer Investment Corp purchased a new position in shares of Paramount Global in the fourth quarter worth about $30,000. Anchor Investment Management LLC purchased a new position in shares of Paramount Global in the fourth quarter worth about $30,000. WFA of San Diego LLC increased its stake in shares of Paramount Global by 635.0% in the third quarter. WFA of San Diego LLC now owns 2,646 shares of the company’s stock worth $34,000 after purchasing an additional 2,286 shares in the last quarter. Finally, Friedenthal Financial purchased a new position in shares of Paramount Global in the fourth quarter worth about $39,000. Institutional investors own 73.00% of the company’s stock.

Paramount Global Price Performance

NASDAQ:PARA opened at $13.47 on Monday. The company has a fifty day moving average of $11.55 and a 200 day moving average of $12.89. Paramount Global has a 52 week low of $10.12 and a 52 week high of $17.50. The company has a current ratio of 1.29, a quick ratio of 1.19 and a debt-to-equity ratio of 0.65.

Paramount Global (NASDAQ:PARA) last posted its quarterly earnings results on Monday, April 29th. The company reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.28. The company had revenue of $7.69 billion during the quarter, compared to analyst estimates of $7.73 billion. Paramount Global had a negative net margin of 0.15% and a positive return on equity of 3.35%. The firm’s revenue was up 5.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.09 EPS. On average, equities research analysts predict that Paramount Global will post 1.32 earnings per share for the current fiscal year.

Paramount Global Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 17th will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 1.48%. The ex-dividend date of this dividend is Monday, June 17th. Paramount Global’s payout ratio is currently -133.32%.

Wall Street Analyst Weigh In

Several brokerages recently commented on PARA. Raymond James reaffirmed a “market perform” rating on shares of Paramount Global in a research note on Tuesday, March 26th. Redburn Atlantic cut shares of Paramount Global from a “neutral” rating to a “sell” rating and reduced their price objective for the company from $17.00 to $11.00 in a research note on Thursday, January 11th. Wells Fargo & Company reduced their price objective on shares of Paramount Global from $15.00 to $14.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 30th. Needham & Company LLC cut shares of Paramount Global from a “buy” rating to a “hold” rating in a research note on Tuesday, April 30th. Finally, Morgan Stanley cut their price target on shares of Paramount Global from $11.00 to $10.00 and set an “underweight” rating for the company in a research note on Tuesday, February 27th. Ten investment analysts have rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Paramount Global presently has an average rating of “Hold” and a consensus target price of $13.58.

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.