Vestcor Inc Sells 111,307 Shares of Paramount Global (NASDAQ:PARA)

Vestcor Inc decreased its holdings in shares of Paramount Global (NASDAQ:PARA) by 76.9% in the 4th quarter, Holdings Channel.com reports. The firm owned 33,418 shares of the company’s stock after selling 111,307 shares during the quarter. Vestcor Inc’s holdings in Paramount Global were worth $350,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Allworth Financial LP grew its stake in shares of Paramount Global by 140.1% in the fourth quarter. Allworth Financial LP now owns 2,391 shares of the company’s stock worth $25,000 after acquiring an additional 1,395 shares during the last quarter. Huntington National Bank grew its position in Paramount Global by 129.0% in the 3rd 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 last quarter. Rakuten Securities Inc. increased its holdings in shares of Paramount Global by 187.8% during the 4th quarter. Rakuten Securities Inc. now owns 3,094 shares of the company’s stock worth $32,000 after purchasing an additional 2,019 shares during the period. SBI Securities Co. Ltd. acquired a new position in shares of Paramount Global during the fourth quarter valued at about $57,000. Finally, FNY Investment Advisers LLC lifted its stake in shares of Paramount Global by 102.4% in the fourth quarter. FNY Investment Advisers LLC now owns 7,224 shares of the company’s stock valued at $75,000 after buying an additional 3,654 shares during the period. Institutional investors and hedge funds own 73.00% of the company’s stock.

Paramount Global Stock Performance

NASDAQ PARA opened at $11.68 on Tuesday. Paramount Global has a 1-year low of $9.54 and a 1-year high of $14.54. The company has a 50 day moving average of $11.07 and a 200-day moving average of $10.80. 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 cap of $7.79 billion, a price-to-earnings ratio of -1.42, a PEG ratio of 1.68 and a beta of 1.60.

Paramount Global (NASDAQ:PARA) last released its quarterly earnings results on Wednesday, February 26th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.29). The business had revenue of $7.98 billion for the quarter, compared to analyst estimates of $8.07 billion. Paramount Global had a negative net margin of 18.89% and a positive return on equity of 5.81%. On average, equities analysts forecast that Paramount Global will post 1.77 earnings per share for the current fiscal year.

Paramount Global Dividend Announcement

The business 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 of this dividend is Monday, March 17th. This represents a $0.20 annualized dividend and a yield of 1.71%. Paramount Global’s dividend payout ratio (DPR) is -2.15%.

Wall Street Analyst Weigh In

Several equities analysts have commented on PARA shares. Needham & Company LLC reaffirmed a “hold” rating on shares of Paramount Global in a report on Thursday, February 27th. Benchmark restated a “buy” rating and issued a $19.00 target price on shares of Paramount Global in a research note on Thursday, February 27th. Morgan Stanley lifted their price target on shares of Paramount Global from $10.00 to $11.00 and gave the stock an “underweight” rating in a research note on Tuesday, February 4th. Finally, Guggenheim restated a “buy” rating and issued a $14.00 price objective on shares of Paramount Global in a research note on Thursday, February 27th. Six research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $12.10.

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.