Paramount Global (NASDAQ:PARA) Position Cut by Welch Group LLC

Welch Group LLC lowered its holdings in shares of Paramount Global (NASDAQ:PARA) by 8.3% during the 4th quarter, Holdings Channel reports. The fund owned 11,102 shares of the company’s stock after selling 1,000 shares during the period. Welch Group LLC’s holdings in Paramount Global were worth $115,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in the business. Blue Trust Inc. boosted its holdings in shares of Paramount Global by 162.8% in the third quarter. Blue Trust Inc. now owns 2,539 shares of the company’s stock valued at $26,000 after acquiring an additional 1,573 shares in the last quarter. Huntington National Bank boosted its stake in Paramount Global by 129.0% during the 3rd quarter. Huntington National Bank now owns 2,771 shares of the company’s stock valued at $29,000 after purchasing an additional 1,561 shares in the last quarter. Kennebec Savings Bank acquired a new position in shares of Paramount Global during the 3rd quarter valued at $47,000. Livforsakringsbolaget Skandia Omsesidigt raised its stake in shares of Paramount Global by 518.3% in the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 4,891 shares of the company’s stock worth $52,000 after buying an additional 4,100 shares in the last quarter. Finally, FNY Investment Advisers LLC lifted its holdings 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 own 73.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on PARA. StockNews.com raised Paramount Global from a “sell” rating to a “hold” rating in a report on Monday, November 11th. Needham & Company LLC reiterated a “hold” rating on shares of Paramount Global in a report on Monday, November 11th. Morgan Stanley raised their target price on shares of Paramount Global from $10.00 to $11.00 and gave the stock an “underweight” rating in a report on Tuesday. Finally, Macquarie reiterated an “underperform” rating and set a $10.00 price objective on shares of Paramount Global in a research report on Monday, November 11th. Six research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $12.58.

Paramount Global Stock Up 1.8 %

NASDAQ:PARA opened at $10.92 on Wednesday. The business’s fifty day moving average price is $10.75 and its 200 day moving average price is $10.72. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.27 and a quick ratio of 1.10. Paramount Global has a 1-year low of $9.54 and a 1-year high of $14.54.

Paramount Global (NASDAQ:PARA) last issued its earnings results on Friday, November 8th. The company reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.25. The company had revenue of $6.73 billion for the quarter, compared to the consensus estimate of $6.94 billion. Paramount Global had a positive return on equity of 5.81% and a negative net margin of 18.89%. The firm’s quarterly revenue was down 5.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.30 EPS. As a group, equities research analysts expect that Paramount Global will post 1.78 EPS for the current fiscal year.

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.